Here’s what CNBC TV’s producers were watching as the Dow Industrialians slid just over 400 points, and what’s on the radar for the next session. Brian Niccol is live on ‘Squawk Box’ Thursday morning. Niccol, CEO of Starbucks, joins the team in the 8 a.m. ET hour. Shares have gained 30% since he took over, but the stock is down 9.5% from the Aug. 13 high.

Starbucks recently surged 30 percent following his appointment as CEO, yet remains 9.5 percent below its August 13 peak. Meanwhile, Freeport-McMoRan trades down 5 percent from its recent high after CEO Kathleen Quirk joined Morgan Brennan’s studio for the 4 p.m. episode of ‘Closing Bell: Overtime.’

Economic fundamentals show widening spreads. Jobless claims came in at 8:30 a.m., while the Dow Jones consensus projects initial numbers near 205,000. Inflation gauges remain pressuring consumer spending; the producer price index settled at 0.4 percent month-to-month against year-over-year expectations of 5 percent. Treasuries reflect uncertainty—2-year yields climbed to 4.434 percent, approaching records from July 2024, while 10-year yields rose to 4.857 percent, revisiting November 2023 highs. Short-term bills trade at 3.9 percent, and corporate bond ETFs present attractive yields ranging from Fidelity’s FCOR at 4.74 percent to State Street’s higher yield fund at 6.76 percent.

Energy markets deliver bright spots amid stagnation elsewhere. Brent crude toppled above $100 a barrel, with West Texas Intermediate rising alongside, marking gains exceeding 20 percent over the prior month. Leading energy players show mixed trajectories: ConocoPhillips reached a four-year high, up 3 percent in September and 45 percent year‑to‑date. Marathon Petroleum surged 146 percent from its 52‑week low—a remarkable comeback that placed the stock at an all‑time high. Chevron enjoyed a strong performance touching its all‑time high during Wednesday’s session, advancing 3.7 percent this month and 3.7 percent in the nine weeks concluded. Phillips 66 also broke previous benchmarks, nearly doubling its value in the past twelve months. Valero followed suit, climbing to an unprecedented eight‑fractional‑point gain over the same period.

Retail and consumer discretionary sectors under stress. McDonald’s fell 25 percent from its March benchmark, descending into a seven‑month trough. Nike continues its steep decline, down 51 percent from its October peak—that erosion extends backward to support levels from June 2014. Heavy industry faces headwinds too; Apple products see modest recovery, reflecting broader macro pressures not captured in these headlines alone.

The broader picture shows the tech giants maintaining strength despite broader market turbulence. Intel Pacific reached a 52‑week swing high, confirming resilience in the computing hardware bloc. The net effect across equities suggests cautious optimism tempered by energy‑driven momentum, underscoring why Thursday’s market may witness significant movements.

Here’s what CNBC TV’s producers were watching as the Dow Industrialians slid just over 400 points, and what’s on the radar for the next session. Brian Niccol is live on ‘Squawk Box’ Thursday morning. Niccol, CEO of Starbucks, joins the team in the 8 a.m. ET hour. Shares have gained 30% since he took over, but the stock is down 9.5% from the Aug. 13 high.

< p>Starbucks recently surged 30 percent following his appointment as CEO, yet remains 9.5 percent below its August 13 peak. Meanwhile, Freeport-McMoRan trades down 5 percent from its recent high after CEO Kathleen Quirk joined Morgan Brennan’s studio for the 4 p.m. episode of “Closing Bell: Overtime.”

Economic Overview

The broader economy continues to feature volatile signals. Jobless claims reported Monday showed underlying weakness, prompting traders to monitor employment metrics closely. Dow Jones analysts expect the initial claim count to hover near 205,000, reflecting persistent labor market questions.

Inflation Indicators

Wage‑price pressures remain visible in the PPI (Producer Price Index), which recorded 0.4 percent month‑to‑month, trailing year‑over‑year growth forecasts of 5 percent. This divergence highlights divergent views on monetary policy effectiveness.

Treasury Market

Long‑term rates climb as investors assess fiscal deficits and interest rate expectations. The 2‑year treasure now trades at 4.434 percent, edging toward the July 2024 milestone. Ten‑year rates reach 4.857 percent, returning to the November 2023 mark. Three‑month bills stay firm at 3.9 percent, reflecting short‑term liquidity preferences.

Corporate Bonds

Aggregate yields across the spectrum showcase opportunities. Fidelity’s FCOR offers a 4.74 percent payout, while State Street’s higher‑yield basket jumps to 6.76 percent. iShares’ high‑yield fund (HYG) sits at 6 percent, adding to a diversified fixed‑income landscape ahead of potential rate moves.

Energy Surge

Oil dynamics dominate headlines. Brent crude breached the $100 barrier on Wednesday night, with WTI mirroring strong gains exceeding 20 percent in a single quarter. Geopolitical factors and OPEC+ supply cuts contributed to the upward sprint.

Major Energy Companies

• ConocoPhillips: Hit a four‑year high, moving up 3 percent this month and 45 percent year‑to‑date.
• Marathon Petroleum: Surged 146 percent from its 52‑week low—a historic return that pushed the stock to all‑time highs.
• Chevron: Touched an all‑time high Wednesday, rising 3.7 percent in September and continuing robust gains.
• Phillips 66: Reached its best valuation since the 2013 IPO, nearly doubling value within the past twelve months.
• Valero: Climbed to an unprecedented level, gaining nearly 5 percent over two days and about 8.4 percent through mid‑September.

Consumer Discretionary Declines

Key retailers face pressure. McDonald’s slipped 25 percent from its March benchmark, now resting at multi‑month lows established in late summer 2024. Nike continues its downward spiral, down 51 percent from its October highpoint, stretching back to June 2014 support levels.

Technology’s Resilience

Contrastingly, technology titans show momentum. Intel Pacific (INTCPX) achieved a 52‑week climbing move, illustrating enduring investor confidence in computing platforms despite broader market jitters.

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