CNBC Business News Update - Market Close: Dow Closes At Record High, Palantir Posts Strong Quarter • 8/3/26

Episode Date: August 3, 2026

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit CNBC.com For More. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Ettinger. CNVC. Wall Street opens Tuesday morning with a winning start to August trading, a record high close for the Dow, big tech jumping. Investors are hoping U.S. talks with Iran to end the war are real. The Dow was up 693 points, 1.3 percent. Boeing shares leading the Dow higher on Monday up 8%. The S&P 500 index, up 110 points. That was 1.5%. And the NASDAQ was up 1.5%. And the NASDAQ was up 540 points 2%. Palantir shares popping after the closing bell, 7% higher on first reaction to quarterly results. Snap with better than expected quarterly results after the bell.

Its shares soared 9% and on semi-shares, up 2% on its results after the bell. 25 states sued the federal government Monday in the court of international trade, taking on President Trump's latest. tariffs. President Trump posting that the oil companies are making too much money they should lower gas prices. U.S. crude ticked back above $80 a barrel on Monday. Kepler's Matt Smith tells CNBC that as time goes on, oil prices are going to climb. Coming into the sixth month of the

conflict here where the trade has essentially been closed, we've had inventories being drawn down as well, we've got those refineries dialing back. Those things can't happen forever. You know, China's staying out of the market. It is going to come back in at some point. That will rise all prices While inflation-weary Americans continue to endure $4 gas, White House National Economic Council Director Kevin Hassett told CNBC, the inflation numbers are fantastic for the last couple of reports, and he points out the cost of housing. One of the metrics of shelter costs that I find most interesting is that they're going down pretty rapidly in places like California because everybody's leaving. And so when we look at the aggregate numbers, the fact that it's actually, even though they're high prices in California, it puts downward pressure. out inflation because shelter costs are such a big share of inflation and everybody's leaving the state.

Meantime would be home buyers are facing even higher mortgage rates and a dramatically bigger monthly payment. The difference between where we were at the start of the spring housing market at 5.99% at the end of February and where we are now, it's pretty stark. For someone buying a $450,000 home with 20% down, they would pay close to $200 a month more now than they would have at the end of February. That's CNBC's Diana Olik. And here's a take from CNBC's Kelly Evans. Remember when mortgage rates dipped below 6%. That was back in February. And it was very brief because then came the Iran war. And a new Fed chair being pressured to raise rates, at some point we have to start asking, are we going back over 7%. Water systems across the U.S. are on high alert for cyber attacks. Seven states reporting attacks so far.

Iran is suspected. Here's Chertoff Group's head of cyber security. security, Adam Isles on CNBC? Beyond the seven states, we know that in some states like Minnesota, we've seen 30 municipal water systems impacted. Michigan's reported nine. Cyber tradecraft by Iran, not a new thing. Here, if you just take Minnesota and Michigan alone, you're talking about, you know, almost 40 systems. We know from SISA and the FBI, they're stealing these things called project files for disruption. Petco has launched Howell-Oween. Retail Dives. as Halloween costumes are now on sale for dogs, cats, guinea pigs, and bearded dragons. On Tuesday's watch list, all eyes on earnings coming from SpaceX,

plus Caterpillar, McDonald's, Merck, Pfizer, Amgen, and AMD. We get the latest on-job opportunity and labor turnover, plus we get durable goods orders. These are things made to last a long time like washing machines and airplanes. Jessica Eddinger, C&B.C.