CNBC Business News Update - Market Close: Stocks Higher, Yields Slip, Beige Book Highlights Data Centers • 9/2/26

Episode Date: September 2, 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.

CNBC Business News Update Market Close Wednesday. I'm Jessica Ettinger. Wall Street will open Thursday morning after a winning Wednesday for the major averages. The Dow finished up 295 points. That was a half percent. InVIDIA shares led the Dow higher. Those shares up 3 percent on Wednesday. American Express shares up almost 2%. The S&P 500 index was up 35 points. The NASDAQ was up 118 points. on Wednesday. Companies who shares hit fresh all-time highs Wednesday include oil names, Marathon Petroleum, Phillips 66, and Valero, plus Johnson and Johnson and tractor maker, Deer. You do have this

nice little rally today. You have an interesting mix of obviously Nvidia and Dell. In general, I think it's sort of uncomfortably trendless at the moment. Nobody's really quite sure if we need a broader pullback or if the internal weakness that we've seen in areas like consumer cycles and industrials was enough to take the edge off. That's CNBC's Mike Santoli. The Fed's beige book on current economic conditions is out. It shows data centers are impacting the economy. Manufacturing activity picked up across most districts. Why there was demand for defense orders as well as data centers. Residential construction declined, but hey, commercial construction on the way up. Why? Well, data centers again. CNBC senior economics reporter Steve Leesman. The yield on the U.S. 10-year Treasury had

its highest level since November of 2023, touching 4.818 percent. Before pulling back on Wednesday, the 10 year is the main benchmark for your mortgage, your auto loan and your credit card debt. Here's a take from Yardinney researches, Ed Yardinney on CNBC.

Bond yields, actually around the world, are kind of back to where they were before the great financial crisis. They're back to normal. The abnormality was central bankers rigging their short-term and long-term interest rates with quantitative easing. between the great financial crisis and the great virus crisis.

So maybe these rates have normalized. U.S. crude oil closed above $90 a barrel on Wednesday. WTI hitting fresh highs back to July 24th, even though the energy secretary Chris Wright told CNBC that the most oil flowed through the Strait of Hormuz since the start of the Iran war earlier this week. A record since the conflict began. over 17 million barrels of oil flowed through the Strait of Hormuz on ships on Monday.

Is Iran trying to challenge that? Yes. Are there challenges? Yes. Diesel 13 cents below the record from 2022. Diesel powers trucks, trains, ships, and agriculture equipment. And high diesel costs often can trickle down to consumer costs. Canada's Alberta province premier tells CNBC she'd like to see immediate talks between President Trump

Canadian Prime Minister Carney to try to end the U.S. Canada trade war. Well, at this point, I really do think it's the president and the prime minister calling each other and saying this has gone a little bit far. I know that there's been trading of barbs, but let's just see if we can get this on track. I hope that happens. September 8th is when things really ramp up. We don't have very many days for that conversations to take place. That's why I'm urging it to happen quickly because I don't think anyone wins a terror for. Alberta premiered Danielle Smith on CNBC. One dollar Donald Trump gold coins are now in circulation, making the president the first living person featured on American currency in more than a century his faces on the front.

On Thursday's watch list, earnings are coming from Campbell's Victoria's Secret and Lulu Lemon, and we find out how many people apply for unemployment benefits last week. Jessica Ettinger, CNBC.