Market Close: Stocks Mixed, 30-Year Mortgages Hit 7.2%, Gas Nears $4.50 • 9/18/26
Speakers
Mike Santoli
— Senior Markets Commentator
Tom Kloza
— Chief Energy Advisor, Gulf Oil
Leo Pareja
— CEO, eXp Realty
Mustafa Suleyman
— CEO, AI, Microsoft
Jessica Ettinger
— Anchor, CNBC
Summary
CNBC business news update recaps a mixed Friday for stocks, with the Dow lower while the S&P 500 and Nasdaq gained and only the Nasdaq notched a weekly win. Mike Santoli describes a resilient but narrow market, with mega-cap support holding the index up and semiconductors rallying 5% over two days but still 20% off highs. The Fed's rate hike pushed the 10-year Treasury yield back above 5% and 30-year mortgage rates to 7.2%, pressuring first-time homebuyers. AI safety and liability were discussed with Microsoft's Mustafa Suleyman, while Tom Kloza warned that refinery problems are causing gasoline price spikes; upcoming earnings and data include Costco, Darden, KB Home, AutoZone, General Mills, new home sales, and consumer sentiment.
- Stocks closed mixed Friday; Dow fell, S&P 500 and Nasdaq rose, only Nasdaq won the week.
- Mike Santoli says the index is held up by narrow mega-cap support and lacks momentum.
- Semiconductors rallied 5% over two days but remain about 20% below highs.
- The Fed raised rates, pushing 10-year Treasury yields above 5% and 30-year mortgages to 7.2%.
- High mortgage rates are pressuring first-time homebuyers, according to Leo Pareja.
- Microsoft's AI chief discussed AI liability and product safety.
- Tom Kloza highlighted refinery outages driving up gasoline prices, with a challenging outlook.
- Upcoming watch list includes Costco, Darden, KB Home, AutoZone, General Mills earnings and consumer data.
Ideas
Narrow mega-cap support keeps index afloat.
Mike Santoli says the S&P 500 is surviving rather than thriving, with the index flattish on the week because just enough mega-cap names have revived to support it. The market lacks broad momentum and is rotating day to day, so the setup is worth monitoring for whether narrow leadership can continue to hold the index up.
Semis rally but remain 20% off highs.
Mike Santoli notes semiconductors have rallied about 5% over two days, but the group remains around 20% below its highs. That makes the rally a potential rebound within a larger drawdown rather than a full recovery, so the sector is a watch item for whether the bounce can extend.
Refinery outages keep gasoline prices elevated.
Tom Kloza says the fuel market has zero tolerance for refinery problems. Outages at the Exxon Mobil Joliet, Illinois plant and Valero Port Arthur, Texas refinery have already pushed Chicago gasoline prices up 40-60 cents a gallon. He expects this to remain daunting and challenging going forward, implying continued upside risk to gasoline prices.
