Market Open: Stocks Fall, Bond Sell-Off Deepens, Apple Has New CEO • 9/1/26

Summary

CNBC's market open update covers a risk-off start to September, with stocks down, Treasury yields at multi-year highs, and oil spiking after Strait of Hormuz tanker strikes. UBS's Mark Hayefily says he would stay away from the long end of the bond market. The update also covers Apple's CEO transition and Brown-Forman's exposure to the U.S.-Canada whiskey trade battle.

• Stocks open lower on September 1; Dow down 265, S&P 500 down 0.5%, Nasdaq down over 1%, with Nvidia off 2%.
• Bond sell-off continues with the 10-year Treasury yield at 4.78%, its highest since January 2025.
• UBS's Mark Hayefily says he would stay away from the long end of the bond market.
• Fed Governor Michael Bar says he would support a rate increase if inflation does not ease.
• Oil spikes after two tankers are struck in the Strait of Hormuz; U.S. crude above $88 and Brent above $92.
• Apple names John Turnis as its new CEO, replacing Tim Cook.
• Brown-Forman is called a lightning rod in the U.S.-Canada trade war and could face a long road back.