CNBC Business News Update - Market Close: Stocks Lower, Dow Notched Intraday Record High Before Pulling Back, GM Reports Lower 2nd Quarter Sales 7/1/26

Episode Date: July 1, 2026

CNBC Business News Update with Jessica Ettinger - Current Market Numbers and Business News With CNBC 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 Thursday morning after a down start to July trading for the major averages. It was also the start of the third quarter in the second half of the year. The Dow hit a fresh intraday record high but could not hang on to those gains. It closed lower. The Dow down 13 points led lower by shares of Caterpillar down almost 7%. The S&P 500 index down 16. The NASDAQ was down 173 points. That was about a half a percent.

Chipmaker shares could not hang on to any gains. I mean, first day of a new quarter and half, it seems like the market is trying to do some deferred maintenance on areas that maybe got a little bit overplayed. You talk about it being a momentum, unwinding. Absolutely is that. CNBC's Mike Santoli. President Trump personally made billions of dollars in his first year of office. Here's CNBC's Megan Cicella from Washington.

President Trump pulled in billions of dollars in income during the first year back in the White House. Now, more than a billion dollars of that was from crypto-related investments alone. There was also more than half a billion dollars from the sale of tokens released by World Liberty Financial, which President Trump co-founded with his sons, $290 million from Mar-a-Lago, Trump National Doral, Bedminster, $86 million from the settlements of legal disputes with media companies. Those included ABC, CBS News, and META. And, guys, there was also more than 370. $70,000 listed in gifts that included 10 tickets to the FIFA men's World Cup and 10 to the Super Bowl.

America's biggest automaker General Motors out with some disappointing second quarter sales numbers. CNBC's Phil LeBoe reports. For the second quarter of General Motors sales here in the United States down 4.2%. That's roughly in line with what most analysts were expecting. Average transaction price, just over $52,000 for all the talk about more affordable vehicles. and yes, GM has some lower-priced entry points for vehicles. The average transaction price remains over 50,000, one of the industry leaders there. Fed Chair Kevin Warsh, speaking at the European Central Bank Forum Wednesday,

on a panel hosted by CNBC's Sarah Eisen. In the U.S., the AI shock is leading to a boom in capital expenditures. We see that first and foremost in demand, but I'm confident we're going to see it in supply at some point, so we're spending most of our time trying to monitor those developments. Is it inflationary? Well, in the near term, we can observe it on the demand side, but it's up to the central bank to decide whether it's inflationary. That's why I'm asking. Whether, in fact, it finds its way into a broader set of goods.

I don't have any news for you on that. The U.S. added a disappointing 98,000 jobs in the private sector in June. That's according to payroll firm ADP. We did see a little bit of a pop in World Cup hiring and leisure and hospitality. but by June, that had kind of gone away. This month, the numbers are good, but we're not seeing that kind of star championship play from education and health care.

It's softer. We're not getting all the broad-based contributions that we saw last month. ADP economist Neela Richardson on CNBC. Trump accounts for kids 18 and under in the U.S. A new savings and investing vehicle. They launch on Saturday the 4th of July. Everything you need to know about them and how to use them is at CNBC.com.

On Thursday's watch list, it is a jobs Thursday. The Labor Department releases the June employment report early because the markets and the federal government will be closed Friday for the observed July 4th holiday. New in theaters Thursday, Universal's minions and monsters and Sony's shark horror movie thrash. Jessica Eddinger, CNBC.