CNBC Business News Update - Market Close: Stock Rally Comes To Abrupt Halt, Microsoft Rises On Ackman Investment, Starbucks Cuts Corporate Jobs 5/15/2026

Episode Date: May 15, 2026

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow 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 Peter Shack now, CNBC. The S&P 500 did finish the day with a seventh consecutive weekly gain, just barely, but that might be the only piece of statistical good news to come out of the Friday session. The market's recent rally came to an abrupt halt amid concerns about higher oil prices, inflation, and the highest treasury yields in a year. The Dow fell 537 points to close at 49,0526. The S&P 500 slid 1.5.5.10 slid 1.5.0.0.0.0.0.0. The S.0.0. The S.000 7. 7. The NASDAQ lost 410 points or 1.5%. Marta Norton, chief investment strategist at Empower, thinks a tech-based rally could continue, but other areas of the market may have a tough time keeping up. When we look at the broader market and we're looking at sectors outside of IT, some of those areas are okay. They're not that well-priced. They have some earnings momentum.

We see that in this earnings season. So you could expect maybe some continuation there, but I don't know if we're looking at a market that can really go wild across the board, at least as we look at conditions today. Several well-known stocks bucked the market trend and moved higher today, including Microsoft up 3% after Bill Ackman said his investment company, Pershing Square, would soon reveal details of a stake in Microsoft, which he calls fundamentally undervalued.

Starbucks was up about 1% as it announced a consolidation of regional offices, which will involve 300 white-collar job cuts. Private equity firms Blackstone and CDR are among those exploring possible bids for Magnum Ice Cream, the parent of Ben & Jerry's and other ice cream brands. That's according to sources who spoke to Reuters. The stock jumped nearly 9% today. Peter Shack now, CNBC.