Market Close: Stocks Fall As Oil Hits Highest Since May, Mortgage Rates Hit 7% • 9/10/26

Summary

CNBC's market close update covers a four-day stock slide, rising oil and gasoline prices, and the return of 7% mortgage rates. Commodity strategists warn that oil and broad commodity strength could keep inflation elevated. Existing home sales slowed further while home prices remained firm, and markets await the August CPI report.

• Major averages fell for a fourth straight day, with the Dow down 316 points and IBM leading declines.
• WTI crude oil moved back above $100 for the first time since May, lifting gasoline and diesel prices.
• Jeremy Seagull said gasoline futures signal another 20-30 cent rise and diesel is at records.
• Jeff Curry called the move a broad commodity supercycle with soybeans and copper strength, warning inflation may be underestimated.
• 30-year mortgage rates crossed 7% as 10-year Treasury yields topped 4.9% on oil-driven yield pressure.
• Existing home sales fell 2% in August, but median prices still rose 1.6% year-over-year.
• PPI rose 0.4% month-over-month and 5.4% year-over-year; August CPI is due Friday morning.