Error in knitting - extra stitch

Hi! I was hoping someone might be able to look at the pic of my knitting and help me rectify this mistake. Looks like I have an extra stitch where the magic loop sticks out. Any ideas how I can fix it? Thanks!

Is it an extra stitch or is the yarn just not pulled tightly where the cable loops out? If it’s the latter you can avoid it by making sure the cable is close to the needle where the loop comes out:

I like the yarn you’re using. What is it?