Closing Bell Overtime: Big Day for Apple, Ternus 9/9/26

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Melissa Lee (1:00)

The bells bring an end to the trading day at the NYSE LabCorp, bringing the Closing Bell and HMH Holding, doing the honors here at the NASDAQ. Welcome to Closing Bell Overtime, we are live from Studio B at the NASDAQ market site. I'm Melissa Lee, along with Mike Santoli. Stocks lower once again as oil and bonds move higher, bond yields, I should say, the Dow losing 400 points, the S&P 500 down about a half a percent. NASDAQ composite off by two-thirds of a percent, third straight day of losses for all those averages.

Michael Santoli (1:25)

WTI rising by 3%, Brent crude topping $100 a barrel, and bond yields moving along with oil. The 10-year yield topping 4.8%, getting to its highest level since November of 2023 But today, MAG-7 and Semi's not quite strong enough to offset that impact from oil and bonds.

Melissa Lee (1:45)

Meta, though, getting an AI boost up 6% on positive reviews for its new model, Apple, right near the flatline following its big iPhone event. More on all of that coming up.

Michael Santoli (1:55)

But we begin with those big moves in the energy markets and the bond market. The 10-year yield getting to its highest level, as we said, in nearly three years. This is the Treasury Department announced the size of its planned Treasury buyback program meant in part to help restrain yields. Rick Santelli joining us from Chicago with all the context. Hi, Rick.

Rick Santelli (2:15)

Indeed, you know, Mike, it's fascinating because as you look at a two-day chart of twos and tens and look at the percentages of yield increase, they're about the same, a little over 1%.

And the reason I do the two-day chart is because if you just look at today, indeed, the 6 billion buyback definitely steepened the curve, which means 10-year yields moved a little more aggressively than two-year. But over a several-day period, that seems to disappear a bit. The point is, is that all yields have been moving up for a variety of reasons, from our economy doing much better in Europe and Asia without as much stimulus, although we have a lot of debt, to what's going on in the Middle East and energy prices. Now, there's a lot of foreign exchange issues going on as well. Let's look at the dollar index. Right now, it's on pace to have the lowest yield close since May. We'll call it four months. And it doesn't end there. We've all been talking about the dollar yen and the intervention that occurred at the end of July. This chart starts in February, and you can see this is the lowest the dollar has been versus the end since then. We'll call it seven months. And you can see on the middle right of that chart where we are basically around 164 You could also see where the intervention hit. The point is conventional wisdom is a dangerous thing, even when it talks about the logic of how interventions don't really work. It certainly seems, though, by looking at that chart, at least for the moment, it did work.

Melissa, Mike, back to you.

Melissa Lee (3:41)

It is interesting, Rick, to think about Treasury Secretary Besant and how he's really taking on two of the deepest, biggest markets in the world by calling himself the house. I mean, not only are we seeing increased buybacks on the Treasury front, but also on the yen front, saying he has asymmetric information when it comes to what the BOJ precisely will be doing. And it seems like he's almost setting up market expectation for something majorly hawkish to come out of not just the decision, but more importantly the speech afterwards.

Rick Santelli (4:10)