Closing Bell Overtime: Markets Look to Inflation for the Next Move 9/8/26

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Melissa Lee (1:00)

The bell is bringing an end to the training day at the NYSC Ion Q, ringing the bell at the NASDAQ, Vertzilla. Welcome to Closing Bell Overtime, live from Studio B at the NASDAQ market site. I'm Melissa Lee along with Mike Santoli. Stocks mostly lowers, continued AI optimism plays tug of war with oil yields and some of the other factors weighing on stocks. The Dow falling 620 points, Amgen a big drag there about 250 points, S&P 500 down two-thirds of a percent, NASDAQ Composite down four-tenths, small loss from the NASDAQ 100

Michael Santoli (1:27)

Oil slightly higher after the latest attacks in the Middle East, Brent crude getting close to $100 a barrel, bond yields slightly higher, the 10-year right around 4.8% and it's a short week but a busy one. Tomorrow is Apple's big event, the first for new CEO John Ternus, plus summer is basically over, now it's conference season, we'll have the latest news from there.

Melissa Lee (1:47)

And while we wait for a read on consumer prices, we will get the technical take on consumer stocks which aren't looking so good of late. But it's amazing, Mike, I've been away for a couple of weeks. Yes, welcome back. We've been sort of churning around. The market's gotten a lot thrown at it between rates and a hawkish Kevin Warsh, et cetera, and we're still within this range that we've been in for the past three months.

Michael Santoli (2:06)

I think the bull case is exactly that, that it's survived and we've sidestepped a lot of decent excuses to back off which would be higher Fed rate hike expectations, the higher yields definitely pressing on some parts of the market, mentioned consumer. Equated consumer discretionary is 9% below its high in a market that's like 2% below its high in the S&P. So I do think those issues are all kind of offsetting currents here that are keeping the market where it is. You know, last week we actually had a little mini pullback toward the bottom end of this range, didn't break it. So we still kind of remain, you know, on the rails, but it was it was sort of heavy today. And what's interesting about the AI trade and we're going to talk about this quick is it just keeps kind of morphing around. It's hard to get a handle on, oh, we buying software today because it's going to be fine. Yeah, so I think that's why it has people's feet moving pretty quickly.

Lots of moves in the AI infrastructure space today. As we suggest, the spending stays strong. Christina Parchinevelis has those details. Christina.

SPEAKER_5 (3:03)

Yeah, that's exactly it. The story across tech is a simple one. The money's still flowing and so is the demand. Start with the equipment and design names. ASML rose about 3% as TSMC, Taiwan Semi and Samsung committed to its most advanced chip making machines. AMD gained after its CFO spoke at a conference that the company now sees a $3 trillion market by 2030 Qualcomm rose after its CFO said, it's already in production with Amazon. Chips specifically headed for AWS data centers with revenue actually starting in December, in the December quarter. So that was bigger news that came in the afternoon. Intel jumped on a Digitimes report. It could raise PC chip prices by another 10% next month. President Trump, of course, also posted on the weekend about the government's stake in Intel.

He had an AI generated image, and so that probably helped shares as well.

Navitas added roughly 5% on backlog. Now stretching into 2027, the power and data center trade just ran just as hot. I say that because I ran up, closing almost 5% higher after clearing a key ERCOT queue in Texas, pulling Applied Digital up with it. Corning popped about 8% on a multi-billion dollar fiber deal with Verizon.