Market Midday: Stocks Higher, Rate Hike Likely, Mortgage Rates Rise • 9/11/26

Summary

CNBC's midday update covers a broadly higher stock market on the 25th anniversary of 9/11, with the Dow up 537 points and the S&P 500 and Nasdaq each up about 1%. Mike Sani attributes the rally to CPI data matching expectations and clarity on next week's likely Fed rate hike. Consumer confidence weakened sharply, mortgage rates crossed above 7%, and oil remains elevated near $99 amid Middle East tensions, while diesel hit a record $6 per gallon.

• Wall Street marked the 25th anniversary of 9/11 as stocks rallied.
• Dow rose 537 points; S&P 500 and Nasdaq gained about 1%.
• CPI matched expectations at 3.4% year-over-year.
• Consumer confidence fell to 47.8, weakest since May.
• Mortgage rates topped 7%, reaching 7.08%.
• US crude oil traded near $99 amid Red Sea tensions.
• Diesel hit a record national average of $6 per gallon.