Market Close: Stocks Lower, Gas Prices Rise, Mortgage Rates Near 7.2% • 9/14/26

Summary

CNBC's market close update reports U.S. stocks finished lower as AI safety concerns weighed on chipmakers and bond yields rose, with the 10-year Treasury hitting 5% for the first time since 2023. Oil and gasoline prices moved higher after a Saudi pipeline bypassing the Strait of Hormuz was damaged, while mortgage rates approached 7.2%. Bank of America card data offered a mixed read on the consumer, and investors looked ahead to the Fed meeting and August retail sales.

• Major averages closed slightly lower, led by Caterpillar's 4% drop.
• Chipmakers Micron, Intel, and Cerebras fell at least 5% after AI safety warnings.
• The 10-year Treasury yield reached 5%, and traders braced for a possible Fed rate hike.
• Oil rose after a Saudi pipeline bypassing the Strait of Hormuz was attacked and shut.
• Gasoline and diesel prices climbed, with energy supply risks in focus.
• Mortgage rates hit a 1.5-year high near 7.2%, weighing on housing affordability.
• Bank of America card data showed spending growth but mixed transaction trends by sector.
• The Fed begins its two-day meeting, with a decision and retail sales data due Wednesday.