10AM Hour: Remembering 9/11, Oracle Earnings Reaction, Situational Awareness Returns to Public Markets 9/11/26

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Sara Eisen (0:58)

Good Friday morning. Welcome to Squawk on the Street. I'm Sara Eisen with Carl Quintanilla and David Faber. We are live at Post 9 of the New York Stock Exchange on this 25th anniversary of the September 11th attacks. We're going to have coverage throughout the next two hours for you, including a conversation with Social Security Administration and IRS Chief Frank Bisignano, who is also a founding member and board leader of the 9-11 Memorial and Museum. We'll also be hearing from former Goldman Sachs CEO Lloyd Blankfein with his recollection of that day.

I mean, it's a tough one here, always. Here's a check on where we stand in the market right now. Following this morning's big inflation read, the market's up. S&P 500 up a full percent. The Nasdaq also up 1.9 percent. Read on inflation in line with expectation, but bond yields, you know, they're coming back off, but the expectations for Fed rate hikes next week did shoot a little bit higher on that a little bit hotter core CPI readings, especially month to month.

Carl Quintanilla (1:58)

Yeah, 90, 92 percent odds of a hike next week. Meantime, you miss his crossing. Let's get to Rick Santelli for that.

Rick Santelli (2:03)

Morning, Rick.

Good morning, Carl. Yes, these are sub-preliminary reads. They will change in a couple of weeks. Headline number, expecting 51, comes in very, very light. 47.8. That's the weakest since May of this year. If we look at current conditions, 50.9, also less than expectations. Also sequentially lower than our final read last month. 50.9, well, it's better than it had been running earlier, but 50.9 is still the weakest since June. If we look at what lies ahead, expectations, a big miss. 45.8. We're looking for 51 51.5 is our last final read. 45.8, well, that's the weakest since the all-time weakest that I had going back into the late 70s at 44.1, and that was in May as well. One-year inflation, 4.6. It ticked up four basis points from 4.2 expected, and it's up six-tenths of, from 4% to 4.6. This is really something. And I will point out that these numbers on University of Michigan have been much weaker than other confidence numbers and much stronger on the inflation front. 4.6 equals June. Find a higher number here at 4.8 in May. Remember, these numbers are on the high side. Five-to-ten year, 3.4. Hotter than expected, 3.4 is the warmest since 3.9 also in May.

The market is not paying much attention to this number considering, but yields are going up a bit. And of course, you pointed out, as expected for CPI, and back to you, Sara and the gang.

Carl Quintanilla (3:45)

Rick, appreciate that, Rick Santelli. In just a moment here, at 10.03 Eastern Time, we will observe a moment of silence. This one marks the time that United Flight 93 crashed into a field near Shanksville, Pennsylvania. Passengers and crew members on that flight fighting back against the hijackers.

Thank you.

Driscoll. We will have much more coverage of the 25th anniversary of 9-11, still ahead today when we talk to two people who have their own compelling stories from that data share, including IRS and Social Security head Frank Bisignano, and former Goldman Sachs CEO, Lloyd Blankfein. Very important that the street and the country pay attention to this day because of, so remember years ago we were bringing kids who were born that day, they were in kindergarten, then they were in high school, and for a lot of young people it is only in the books, and it's important to tell the story out loud.

David Faber (5:40)

Yeah. They're all grown up now. It is amazing to think a quarter century has passed since that horrible day.

Carl Quintanilla (5:46)

Meantime, Sara brought us some of the internals on CPI and the reaction out of bonds. Gasoline was about a third of the gain.