CNBC Business News Update - Market Close: Stocks Lower, Chip Stocks Sold Off Again, US Crude OIl Closed At Its Highest In 3 Weeks, Gas Prices Hit 4 Year National Average High 4/28/26

Episode Date: April 28, 2026

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I'm Jessica Eddinger, CNBC. Wall Street opens Wednesday morning after a down day for stocks. Bond yields were higher. Oil closed at its highest in three weeks on Tuesday. An Open AI reportedly missed revenue targets. Shares of Oracle and other chip stocks fell again. The Dow was down 25 points led lower by shares of Sherwin Williams. They were down 3%. That paintmaker uses a lot of oil. The S&P 500 index down 35 points. The NASDAQ down 200. 123 points. Invidia shares dropped one and a half percent. Two days into this pullback in the most overheated part of the market, which is semis, market has kind of handled it relatively well,

I'd argue. Clearly, market is not too disturbed. CNBC's Mike Santoli. The United Arab Emirates leaving OPEC on Friday. It's a shock announcement. That's the Organization of Petroleum Exporting Countries. UAE was the third biggest oil producer in OPEC. It had been the target of missile and drone attacks for weeks by fellow OPEC member Iran. Oil climbed Tuesday. U.S. crude soaring above $101 a barrel before pulling back slightly. Prices at the pump popped six cents on Tuesday to the highest national average for gasoline in more than four years. AAA says 417 a gallon not seen for American drivers since March of 2022 Memorial Day is four weeks from Monday. We're heading into summer demand driving season, which is set to kick off from Memorial

day. The longer the flows are not normalized through the straight, the higher pricing we're going to see. Of course, oil accounts are more than 50% of the input cost for gas, but then there's also a lot of things on top of that. And given tankers are now having to travel much further distances, those product prices are rising even faster than oil itself. CNBC's PIPA Stevens. Consumers are shaking off Iran war worries and high gas prices. Confidence ticked higher. April read on consumer confidence. The headline number expected to be Under 90, it comes in stronger than expected. 92.8, 92.8 is the high watermark of the year.

In the same data, the present situation index did edge lower, based on consumers' assessment of current business and labor market conditions. And other data show people really are still feeling crummy about the economy. The surveys and the polls, they don't look great. There was a new Gallup survey with Axios. Americans say they feel worse off financially that at any point, point in the last 25 years, 55% of respondents, they surveyed more than 1,000 Americans, basically around April, said that their financial situation is getting worse.

That's CNBC's Sarah Eisen. The Super Bowl of Earnings on tap for Wednesday. Four magnificent seven stocks report after the closing bell and all at about the same time, Facebook and Instagram parent meta, Amazon, Alphabet, and Microsoft. Get the popcorn out when the hypers report. I think Amazon, Google, Microsoft, I think you'll see beats across the board when it comes to cloud. That is so

important because that's the fuel in the engine. Wed Bush's Dan Ives on CNBC, and on Wednesday's watch list, earnings are coming from more names, like Chipotle, Mattel, MGM Resorts, and Ab V. And the Fed releases a decision on interest rates. Jessica Eddinger, CNBC. The central bank's key interest rate

is expected to hold steady, but could the Iran war stall future cuts? Wednesday at 2 Eastern and streaming on CNBC Plus.