CNBC Business News Update - Market Close: Stocks Gain, Iran Tensions Ease; Home Prices Set Record • 7/9/26

Episode Date: July 9, 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 Eddinger, CNBC. Wall Street opens Friday morning after a winning day for stocks. The AI trade gained steam while Iran tensions cooled for many investors. The Dow was up 139 points. Cisco shares let it higher. They were up almost 4%. The S&P 500 index up 60 points. That was 8 tenths of a percent. The NASDAQ was up 336 points. That was 1.3%. Chipmaker shares, for the most part, all higher. AMD up 5%, Micron up 4%, and Vidia was in the red, down a half a percent. The Carson Group's Ryan Dietrich tells CNBC his firm is bullish on stocks.

June 2nd was our last high for the S&P. We had some weakness. We get all that. But we don't think it's going to be the first year. June was the peak. Just two days ago, the S&P 500 hit an all-time high on the advanced decline line. New York Stock Exchange, Advanced High High hit an all-time high. Last week, small caps, mid-caps, what does that mean? Market breadth historically, price by almost as much as 11 months. So once you hit a new high in breath, you might have a stock market go up for another year. Facebook and Instagram parent meta shares were up 2%. As it gets into the AI coding market to try to take on anthropic and open AI.

It unveiled a major update towards Mews Spark Artificial Intelligence Model and offered pricing details. S.K. Heinex selling ADRs to the public for the first time in the U.S. on Friday, American depository receipts are how foreign-based companies. list and sell in America. It's a highly anticipated offering. Reports say SK Hynix's U.S. listing is more than seven times oversubscribed. The South Korean memory chip giant is selling close to 180 million American depository receipts and could raise about $25 billion, which would make it the biggest ever. S.K. Heinex and its memory chips occupy a critical space in the AI supply chain. It stock and those of other memory firms have skyrocketed over the past year on

surging demand. PepsiCo shares pulled back on disappointing quarterly results. PepsiCo CFOs saying input cost inflation is expected to pick up in the second half of the year. The productivity savings and tariff refunds should offset pressure. Snacks remain the weak spot with revenue down 2%. The consumer is tied in their budgets and that's why we keep investing in affordability. We keep investing in giving the consumers more choices. CEO Ramon LaGuarda International is carrying the company while North America, as you mentioned,

still hasn't fully responded to lower prices and affordability efforts yet. So we're going to have to see how consumers play out. That's CNBC's Brandon Gomez. Disappointing home sales for June, but prices hit a new record high. Here's CNBC's Diana Oleg. The median in June was $440,600 up $1.8 from the year before, and that is the highest home price on record. One quarter of all sales were all cash.

First time buyers made up 33% sales. And the realtor's chief economist, Laura Sun, said, The seesaw in sales that we've been seeing lately shows how sensitive buyers are in changes to mortgage rates, although they're still bumping very high right now. Ohio is CNBC's best state for business this year. And CNBC, Scott Cohen has the list of the worst states for business. Which states bring up the rear this year? Number 46 is West Virginia at 47, Louisiana. Number 48 is Rhode Island with America's worst economy. 49 is Alaska, America's worst education and access to capital, and that brings us to this year's bottom state for business. Hawaii, the Aloha State, has always struggled in our rankings. Its location makes it expensive.

Its infrastructure challenging. On Friday's watch list, we get earnings from Delta Airlines. New in theaters? A-24's The Invite, Warner Brothers horror film Evil Dead Burn, and Disney's live-action Moana. I'm Jessica Eddinger C.NBC. today.