CNBC Business News Update - Market Close: Stocks Higher, S&P 500 Index And The Nasdaq Each Close At Record Highs, US Crude Above $101 Per Barrel 5/5/26

Episode Date: May 5, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. 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 Wednesday morning after a record setting Tuesday for stocks with the S&P 500 index and the NASDAQ, each notching fresh record highs on strong quarterly results from a number of companies plus a surge in chip stock shares. The Dow up 356 points led higher by shares of Caterpillar, which were up 3%. The S&P 500 index, up 58 points, closing at 7,000. 259. The NASDAQ was up 258 points, closing at 25,000, 326. Shares of Invidia were down 1% on Tuesday. The U.S. is at war. Oil prices are high. Chip stocks are storing and the B word is being thrown around Wall Street. Some kind of early bubbleish readings are starting to show up. Renaissance macro says the semis as a group have now gone up by more than 100% over two years from a 10-year high. That's their strict definition of getting into the bubble zone. Of course, we were way above that in 2000, but, you know, don't lose sight of it, I guess, is the lesson. CNBC's Mike Santoli.

Intel sort up 12% on Tuesday hitting a new all-time high on a report that it's in talks to make chips for U.S. made Apple products. Other companies who shares hit fresh all-time highs on Tuesday include Amazon, Caterpillar, Cisco, plus Google Parent Alphabet, Chipmaker, AMD, Out with mixed quarterly results after the closing bell, a strong outlook. Shares were slightly higher in after hours trading on initial reaction. U.S. crude oil closed above $101 a barrel. The national average here for gasoline is approaching $4.50 a gallon. You know, as oil prices tick higher, $5, $10 higher, that's going to be reflected through into incremental increases at the pump. Kepler's Matt Smith on CNBC.

16 U.S. states already have gas at an average of $4. 50 cents per gallon, according to AAA. Smith adds that jet fuel supplies. Now, there's a problem. It is a series of dominoes that are falling here. And so jet is the first one to go. Just in the last couple of weeks, we've seen 12,000 flights being canceled. That's two million seats. Spirit Airlines has filed a wind-down budget of about $217 million the cost to dismantle it with jet fuel prices doubling because of the U.S. War with Iran. Spirit became. the biggest U.S. airline collapse in a generation. More newly built homes sold in both February and March after a dismal January for the home builders. To move homes, it turns out the builders

lowered some of their prices. Median price of a newly built home sold in March, $387,400. That is down 6.2% year over year. So builders obviously pulling down prices a bit to try and ease that affordability for homeowners. CNBC's Diana Oleg. Disney reports. quarterly results Wednesday, former NBC cable president, Tom Rogers on CNBC. Disney's the streaming side of its business when it comes to revenue now exceeds the traditional side. That's a big milestone. Engagement and viewing has kind of stalled. The number one show on Disney Plus is bluey, not a Disney production. The new CEO, Josh Tomorrow, needs to really make a statement about what is the core of Disney that he's going to focus on. Also on Wednesday's

watch list aside from Disney earnings, we get results from Uber, Marriott, Novo Nordisk, and Warner Brothers Discovery. We also get new jobs data from payroll firm ADP and McDonald's puts dirty sodas on menus. Jessica Edringer CNBC. The all new morning call. I'm Morgan Brennan, and this is your morning call. 5 a.m. Eastern, CNBC.