Market Midday: Stocks Lower, Bond Yields Higher, Mortgage Rates Hit 13-Month High • 7/23/26

Summary

CNBC's midday market update with Jessica Ettinger covers a broad sell-off on Wall Street driven by escalating Iran war tensions and rising bond yields. The 10-year Treasury yield hits 4.7%, a high since President Trump took office, pushing mortgage rates to a 13-month high. Despite the decline, several stocks reach all-time highs, including Travelers, CSX, and General Dynamics. Airline CEOs from American and Southwest report strong demand and no resistance to higher fares, with Southwest’s new bag fee generating $1 billion annually. Oil prices jump above $92 for WTI and $100 for Brent.

• Major averages decline: Dow down 510 pts, S&P 500 down 90 pts, Nasdaq down 546 pts.
• 10-year Treasury yield hits 4.7%, highest since January 2025, amid Iran war fears.
• Mortgage rates reach 6.85% for 30-year fixed, a 13-month high.
• All-time highs: Travelers, Quest Diagnostics, CSX, Norfolk Southern, Union Pacific, General Dynamics, PACCAR, United Rentals.
• Micron shares buck the chip sell-off, up 3.5%.
• American Airlines CEO reports record revenue performance, strong demand with 60% of Q3 revenue booked.
• Southwest Airlines CEO says no resistance to higher fares, bag fees worth $1 billion per year.
• Oil surges: WTI above $92, Brent above $100 on Iran conflict escalation.