Market Midday: Stocks Fall, 7% Mortgage Rates Are Back, Gas Prices Surge • 9/10/26

Summary

CNBC's midday update reports a broad stock selloff as rising Treasury yields revive the TARA trade, while oil's eight-day surge pushes US crude above $100 and mortgage rates back to 7%. Existing home sales are sluggish but prices keep rising, and bank CEOs say US consumer credit remains healthy despite high gas prices. PPI rose in line with expectations, with CPI due the next morning.

• Major averages fall for a fourth straight day, with the Dow down more than 300 points and the S&P 500 and Nasdaq down about half a percent.
• The 10-year Treasury yield tops 4.9%, reinforcing the idea that bonds are an alternative to stocks.
• US crude oil rises above $100 a barrel and gasoline prices climb, with oil up for eight straight days.
• The average 30-year fixed mortgage rate crosses 7%, first since May 2025.
• Existing home sales fall 2% in August while inventory reaches the highest in over a decade and prices still rise.
• Wells Fargo and Bank of America CEOs say consumer spending and credit quality remain strong.
• August PPI rises 0.4% month-over-month and 5.4% year-over-year, with August CPI due the next morning.
• Netflix airs its first international NFL game from Melbourne, Australia.