Closing Bell Overtime: Oracle, Adobe, Copper Pulls Back From Record 9/10/26

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Melissa Lee (1:00)

The bell's bringing in to the trading day at the NYSE MSA, the safety company, ringing the bell, not the Nasdaq. Magical Pharmaceuticals closing up the trading day. Welcome to Closing Bell Overtime. We're live from Studio B at the Nasdaq Market site. I'm Melissa Lee along with Mike Santoli. Major averages fall for the fourth straight day to down more than 300 points, a little more than half a percent for the S&P 500 The Nasdaq Composite, the Nasdaq 100 though, losing a percent.

Michael Santoli (1:23)

And today was all about big round numbers. Crude is back above $100 a barrel. That's its eighth straight day of gains, rallying nearly 20 percent over that stretch. The 30-year fixed mortgage rate hitting 7 percent, the highest level since May of 2025 Heating oil hits $5, a new post-Iran War high. The 10-year yield quickly approaching 5 percent, and the chances of a Fed rate hike hit 70 percent.

Melissa Lee (1:48)

And it's not quite a round number, but close. Diesel prices in five stations in California hit $9.99 a gallon, this according to GasBuddy, and the likely reason it didn't get to a nice round 10, the pumps simply can't display it. So maybe actually more than that, and they just can't show it.

Michael Santoli (2:05)

Need some four-digit readouts. Yeah.

Melissa Lee (2:07)

We live in that world. But I mean, I don't know, if we told you all of the sort of factors going on, all those nice round numbers, the PPI, which by the way, the components, the PPI that feed into the PC, all of those got hotter. Yes. Would you have said the markets would land where they did?

Michael Santoli (2:22)

Probably not. I probably would have thought you might see a little more damage. The S&P did kind of probe below its recent range, and you got back to these levels from May and June, but it's trying to continue to localize the damage. Small caps get hit, rate-sensitive stuff gets hit. Also some really flux in the relationships today because oil prices were soaring, energy stocks were down on average. You also had consumer cyclicals, they've been weak for a while. Today, with rates and oil flying, they actually didn't underperform. So I don't know if the market is trying to say, hey, we already did our damage where we needed to. I still think you'd be lucky to get out of this phase with just a 3% pullback in the headline S&P 500

Resolution from CPI obviously is desired tomorrow, one way or the other.

Melissa Lee (3:07)

Yeah, I thought what was interesting in terms of a single stock move, which may sort of be symbolic to the markets is the move in Apple that we saw today, up 3.6%. I mean, this just shows you at more than 30 times forward in this sort of market that is defensive stock. And what they showed yesterday was enough to keep the bulls in the stock even at these valuations.

Michael Santoli (3:25)

I mean, I jokingly compared it to Coca-Cola, which always was an expensive stock because it was never going to go away as a product and Warren Buffett loved it for that reason. And, you know, semis were down today. It's like every day, just a new weather system decides whether semis are up or down. And if semis are down, Nvidia was the biggest downside contributor today, Apple's up.

And Apple added a net quarter of a percent to the S&P 500 kind of on nothing except that it was the opposite of semis. So let's get more on the 10 years climb toward 5% following a 30 year auction and buybacks this afternoon. Rick Santoli in Chicago has it all for us. Rick.