Closing Bell: The NFL's Growth Strategy, Debate on AI Safety Heats Up 9/10/26

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Scott Wapner (1:00)

All right, guys, thanks so much. Welcome to Closing Bell. I'm Scott Wapner, live at Post9. Here at the New York Stock Exchange, this Maker Breakout begins with rates, the Fed, oil and stocks, and whether they're all on a collision course in the weeks ahead. We'll ask our experts over this final stretch what's really at stake for these markets now. In the meantime, I'll show you the scorecard with 60 to go in regulation today. It's all playing out as you see. In the stock market, we're red across the board. The PPI came in a little lighter, but July got revised higher, and some of the internal components that play into the PCE were hot.

All playing a role in the markets today. Most sectors, as you see, are negative. Let's talk Apple shares, though. They're a big winner today following its big iPhone event. Highs of the day, better than 3%.

We're also watching Oracle. It's red ahead of its earnings in overtime. That's a critical report. We'll have a report ahead of just what to expect there. It does take us to our talk of the tape. Road ahead for stocks as potential potholes loom large. Let's welcome in our headliner today, the Wharton School Professor, Finance Wisdom Tree Chief Economist, Jeremy Siegel. Welcome back. It's nice to see you.

Jeremy Siegel (2:04)

Good to see you, Scott.

Scott Wapner (2:05)

So what do you make of what's transpired here? You know, oil's up, yields are up, the 10-year 490

Is that what's at play today?

Jeremy Siegel (2:16)

Well, let me tell you, I would not want to be Kevin Warsh next week.

It's damned if you do, damned if he doesn't.

If he does raise rates, which I think the market really is saying you need to, President Trump can throw a fit. I mean, he said, if you don't lower rates, I'm going to throw a fit. So if he raises rates, and if he doesn't, you can see. Well, listen, one of the things we always have said, the market tests new fed chairs. And I think this is the test for Kevin Warsh. The market, 10 years moving towards five. The futures are all signaling you should raise. I think he would love to be able to hold off until after the midterms and try to keep some confidence with Trump. But it's a very, very difficult situation.

Scott Wapner (3:18)

What's he going to do? What do you think he's going to do?

Jeremy Siegel (3:22)

Oh boy, I'm right on the border line.

I think he's going to bite the bullet and raise rates. Because if he doesn't raise rates, I think there might be four or five or maybe six descents, which would be unprecedented. Now, let's say we are going to get the CPI tomorrow. That might give him some comfort. There's a few more days of some data there. Waller has put a line in the sand saying, well, if it's 0.2, I might say it's okay to keep the rates. If it's 0.3, maybe then we got to raise the rates. But we've taken a look at the commodity indexes, of course, what's going on in oil and most importantly, what's going on in the bonds. They say, you just have to raise rates. And so I think that's the bottom line.

Scott Wapner (4:14)

Okay, if you're right and they do, what's the market going to do?

Jeremy Siegel (4:19)

Well, I think the market will first shutter and you'll see a sell off. And if, as I expect, that long bond reacts positively, saying, okay, the Fed is credible at fighting inflation, we're going to get a recovery in the stock market. So I think that it'll be a first kind of a cold shower. Oh, wow. But we needed that. And let's get it over with.