Telling investors not to put their money in the volatile times. Later in the show, nvidia following into the regulatory microscope with the office raid. It is friday, september 29th, 2023. You are watching Worldwide Exchange here on cnbc. Good morning. Im frank holland. Happy friday. Lets start the day with the check on the u. S. Stock futures. Look here. We are in the green. Dow would open up 100 points higher. The nasdaq is. 50 higher. It is early. A big part of the dow move is the premarket with nike popping on the mixed report. Look at nike shares right now up 8 . It is important to note they are down 17 for the year to date. More on that slide coming up in a moment. All this as the markets look to wrap up a rough month for stocks with the s p and nasdaq on pace for their worst month of this year down 4. 5 and 6 . Dow down 3 as well. For the quarter, the averages here down across the board with the dow and s p set to snap win streaks. The nasdaq on pace for the worst quarter since
Trading days of what is shaping to be a weak month in quarter. High pressure this morning after it offered weaker than expected. Sanjay mehrotra will join us later this hour. And a Company Named ryan cohen as ceo. Lets begin with the markets. We mentioned what the yields were doing today. Jim, 50 basis points. I said that we would have the d inversion and that you couldnt really be excited about the stock market until the 20year, which is at 4. 1. It is now at 4. 98. Crosses over the feds fund rate. That would be where you can finally say this market is getting interesting. It is oversold. But we cant seem to find any supply of oil near 100. 100 is supposed to bring out some supply and in the oil companies. But i dont want to give up here because this run has been so bad and it needs to consolidate. Heres what i will come up with. We will have a test, i believe. I actually know the time, 1 43, 1 42. Thats when we bottomed yesterday. Actual time of day. That was yesterday, youre saying.
Into october . Lets bring in joe terranova, of course a cnbc contributor. And thanks for joining us. I wonder whether you think that given the intra day action today, is yesterdays bounce called into question or not . Well, it is end of the quarter. Just look at oil. Oil 95 early. Today settles 2 lower, significant reversal because oil was technically overbought. So there is a lot of dynamics that are playing out in the market. Small caps are back, small caps have been brutal over the last quarter. So a lot of positioning going on. I think that you have to now look forward into q4 and say to yourself is there a a catalyst ahead of us and i think that it would be earnings. I think that is the catalyst that can restore the prevailing bull trend for the equity market. We need technology, which has seen a lot of earnings revisions higher here as you march toward the end of the quarter, and that is somewhat inconsistent to prior seasons. It is going to be technology that is going to have to
If you want to look at what is happening in the u. S. Equities this morning, you will see green arrows dow up 25 points right now you have the nasdaq up 1 the s p is up 4 points it is a complicated month. You have most of the major averages on track for the worst. Dow down the last six of seven sessions a lot of questions about what comes next and comes from the fed. Is a recession coming . Will they land softly . It is an interesting use of the word interesting above 4 6 the inversion widened a bit. We will see what happens today crude Oil Prices Surging to the highest level in over a year we are talking above 93 brent at 96 a barrel. All of these questions mean what does it mean for inflation with energy picking up . The crude is off the highs of the session. Above 95 here. Not brent. It is a tricky time. Do you think it is always tricky. Sometimes we feel calm about things i would say investors have more sense of unease lately that is why you have the pullback in the major averages
Up his sleeve . Im melissa lee, coming to you live from studio b at the nasdaq. On the desk tonight tim seymour, karen finerman, dan nathan, and guy adami. And we start off with a stat we havent seen since the turn of the century. The average rate of a 30year fixed mortgage climbing to its highest level in 23 years. And Monthly Payments are rising at a staggering rate. Cnbcs diana olick has the details. Diana . Reporter melissa, Mortgage Rates have been on a tear, and there appears to be no relief in sight. The average rate at 7. 65 today, according to mortgage news daily, up from 7. 08 just a month ago. And up from 2. 8 two years ago, which was the record low. To give you an idea of what that means to a home buyer today, well, if you were going to buy a 400,000 home with 20 down on your mortgage payment, is now 920 per month more than it would have been just two years ago. Add to that higher home prices and you can see how affordability has just been crushed. Now, we saw it in the pen