25 Years Later 9/11/26

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Katie Kramer (1:03)

I'm CNBC producer Katie Kramer, and this is Squawk Pod. Twenty-five years since the September 11, 2001 terrorist attacks.

Joe Kernen (1:12)

We're going to look at how America and Wall Street have changed.

Katie Kramer (1:16)

Changed, but never forgotten. Tom Michaud, CEO of Stiefel Company KBW, sits with us today by happenstance. He lost a third of his colleagues in 2001

Tom Michaud (1:25)

The best way to honor those who were killed that day is to remember all the resilience, goodwill and unity that existed after 9-11.

Katie Kramer (1:36)

Plus, in a new era, how we can unite today in the face of artificial intelligence that's alarming the technologists actually building it.

Andrew Ross Sorkin (1:44)

When President Xi Jinping comes to America, how much of a priority is this issue going to be?

Katie Kramer (1:49)

AI warnings, admissions and even dismissals from leaders, including President Trump and Nvidia's Jensen Huang.

That's all coming up today. It's Friday, September 11th, 2026 Squawk Pod begins right now.

Rebecca Quick (2:05)

Good morning, everyone. Welcome to Squawk Box right here on CNBC. We are live from the NASDAQ market site in Times Square. I'm Becky Quick, along with Joe Kernen and Andrew Ross Sorkin.

It's been a down week for the markets. The Dow has actually seen its worst week since all the way back to March. But if you put it in perspective, it was only off by 2.5% this week. And we are still less than 5% from the Dow's all time high. S&P is only 2.8% from its all time high. The NASDAQ down by about 4%. If you're looking at the NASDAQ 100, which of course is the bigger tech companies, it's off by about 5.8%. But we have not seen the drastic pullback some have anticipated. We have seen three days in a row, four days in a row now of down. And you're looking, I think, at four out of the last five weeks being lower as well. Energy prices do continue to climb. If you're watching what we've been taking a look at with WTI, actually this morning, they're off by 3%, back below $100 at 99.41. Brent is at just below 104

Diesel prices have seen the real pain here. They're topping $6 a gallon for the first time ever. That's according to AAA. This has all been happening as diesel and refined products have had a harder time, not only with what's been happening with the Gulf, but also with Russia, with Ukraine and the war there and the strikes that they've been doing. Regular unleaded gas prices rising to $4.30 a gallon and then treasury yields, if you're looking over the last week, have been significantly higher.

Joe Kernen (3:29)

It was crappy. The auction yesterday was bad. Oil moved over 100 When it was all of a sudden, in midday, I was like, whoa.

We're headed to October. Tom Lee says, was predicting, and we thought he was crazy at the time, a 10% to 15% sell off and then a rebound by the end of the year or above 8,000.

And then I was looking at the VIX, and VIX kind of quiet, but after all is said and done, it was down about 6 tenths of a percent, the S&P and the Dow. And then today, it's like up about 5 tenths or 4 tenths of a percent. It's just, but we got the CPI. And just because it hasn't happened yet, doesn't mean it's not going to happen. And I just get scared because of it. If it goes 10 to 15, when it's down 15, people are going to think it's going 20 to 30

Rebecca Quick (4:19)

Yeah, and just looking at what's happened to yields over the last week, take a look at those treasury yields one more time.

Joe Kernen (4:25)

Over five yesterday on the 10 year.