CNBC Business News Update - Market Close: Stocks Higher; SK Hynix Surges, Earnings Season Nears • 7/10/26

Episode Date: July 10, 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 Monday morning after a winning Friday for the major averages. The Dow up 149 points, 3 tenths of a percent. It was lower for the week, however. On Friday, the Dow was led higher by NVIDIA shares, which were up 4 percent. Nike up almost 4%. The S&P 500 Index finished up 31 points. The NASDAQ was up 74 points. Companies who shares hit fresh all-time highs on Friday. include Marathon Petroleum and Phillips 66 and Valero. MetLife, CSX, Norfolk Southern, Penske Automotive, Cloudflare, and MetLife. Investors watching the situation with Iran and whether the peace pause is working,

U.S. crude oil was hovering around $71 a barrel heading into the weekend. We basically ended up in the same place where we started back in March, which is we took off the blockade. Iranian oil tankers are traveling freely. Iran is exporting oil. It's making all the money from that, which basically is funding the regime. Meanwhile, it's lobbying rockets and drones at Western ships and encumbering that ship traffic. And obviously, that's not sustainable. This is why I suggested back in March, we need to do a blockade in the first place. And I think that's what we have to do again.

The Brookings Institution's Robin Brooks on CNBC. Investors are on edge of earnings season in the coming week. Jeremy Siegel tells CNBC, he is not worried that earnings expectations are too optimistic. No, no, I'm not. I mean, certainly, I mean, I'm not going to say for the Meg 7 and some of the tech. I did talk about frothing some of the chips. And, you know, we're talking about, are these ultimately still going to be commodities in the sense that these margins are not going to hold up? I mean, you know, the surge in earnings of the technology is unprecedented. Big names reporting earnings in the coming week include the big banks, plus Netflix, chipmaker Taiwan, Semi, United Airlines, and United Health. South Korean chipmaker S.K. Heinex listed in the U.S. on Friday,

the biggest U.S. IPO for foreign ADRs American depository receipts ever. Here's CNBC's Christina Parts in Evelace. If you're wondering, why all the demand for a company that already lists in South Korea that has ADRs in Europe as well, well, SK. Heenix is the world leader in high bandwidth memory, the memory that feeds all of the AI chips. And it's also, and this is clutch, Nvidia's biggest memory supplier. So there's a strong relationship between both companies. S.K. Heinex finished Friday up 13%. Delta Airlines says higher airfares are staying, even with lower jet fuel prices. The company's CEO tells CNBC, the original 2026 profit goal is within reach.

And here's Delta CEO, Ed Bastion, on CNBC. It was a challenging quarter. I mean, solid results. Fuel prices up 75%. Added $2 billion to our cost base within the quarter. Our team was able to offset the majority of that cost. The demand for our product is really strong. The demand for air travel is really strong. And as a result of that, we posted a $1.4 billion profit, 9% margins. From countdown to come down, as SpaceX shares are now below their $150 debut price from last month on Wall Street sitting at 148. heading into the weekend. On the coming week's watch list, we get the latest on inflation with the June Consumer Price Index. Earning season begins.

Five of the six big banks report on Tuesday. The MLB Home Run Derby Monday night. The All-Star Game is Tuesday night and Universal's The Odyssey will land in theaters next Friday. Jessica Eddinger, CNBC.