CNBC Business News Update - Market Close: Stocks Higher, Nvidia Reports Strong Quarter, Oil Prices Fall 5/20/26

Episode Date: May 20, 2026

The CNBC Business News Update with Jessica Ettinger features market numbers & news with CNBC expert analysis and sound from top business names. Updated throughout the business day. Visit https://www.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 Thursday morning after a Wednesday rally on hope that the Iran war may end soon. Oil pulled back, bond yields eased. The Dow soared 645 points. Goldman Sachs led it higher. Those shares were up more than 5%. The S&P 500 index added 79 points. That was 1%. The NASDAQ was up 399 points, 1.5%. Companies who shares at fresh all-time high. Wednesday include Valero, Williams Company's CSX, CrowdStrike, and eBay. President Trump's saying that negotiations with Iran are in the final stages. Not everyone's on board. You know, the Iran conflict now on its 12th week, I think is going on a lot longer than most market participants expected. And frankly, it's in terms of our base case, we're starting to feel a little extended on our base case with regard to the effect. And, you know, I think it's going to continue at this point.

Guggenheim's Anne Walsh on CNBC. NVIDIA reported strong quarterly results after the closing bell on Wednesday. It's raising its dividend and it's starting a share buyback program. And NVIDIA stock ticked lower in after hours trading on first reaction. Well, I think unfortunately it's just become a complacency with investors that this has become the norm for NVIDIA, a beat by $2.5 billion and a raise and guidance by $3.5 billion. and just unfortunately with the kind of run the stock has had, just doesn't surprise to the upside the way it has in the past.

Typical profit-taking, as we've seen with NVIDIA, time after time, quarter after quarter. That's benchmarks Cody and Cree on CNBC. OpenAI may file confidentially to become a publicly traded company as early as Friday, according to the Wall Street Journal. Into it, cutting 17% of its workforce. Walmart reporting quarterly results Thursday, Jay Rogers, Niffin Worldwide, CEO Jan Niffin tells CNBC, even wealthier people are now going to Walmart.

I'm not big on Target, but I am very big on Walmart, the best retailer in America. And Target has gotten better, and we've seen it in the stock price. But Walmart's taking that $100,000 customer. Americans are now paying the highest prices at the pump since the start of the U.S. war with Iran. AAA says the national average for a gallon of regular is $4.55. cents and drivers might want a brace to pay even more past Memorial Day. Here's CNBC's Carl Kintania. Gas buddy, which does a pretty good job of monitoring retail gasoline prices. It says you're probably looking at $4.80 a gallon for the summer. On Thursday's watch list, as we mentioned, earnings are

coming from Walmart plus deer, advance auto parts Ralph Lauren, and Take 2 Interactive. We find out how many people applied for unemployment benefits last week. And after more than 30 years, years the late show is ending. CBS declaring it too expensive to keep producing. Jessica Eddinger, CNBC. I wake up every day with two missions. How do I make my bosses more money? How do I get some of it? And I'm not apologizing for that to anybody. Our can't miss conversation with ESPN's Stephen A. Smith. Sign up for the CNBC Sport newsletter. Go to CNBC.com slash sport.