CNBC Business News Update - Market Close: Stocks Lower, Oil Near $72; 1 in 7 Florida Homes on Market • 7/7/26

Episode Date: July 7, 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 Wednesday morning after a Tuesday in the red for the major averages with the Dow pulling back from a record high. Chip stocks pulled back from their rally. The yield on the 30-year bond popped over the 5% mark. The 10-year yield moved above 4.5%. Some investors were spooked as President Trump renewed his threat to take Greenland at the NATO summit. The Dow was down 130 points, led lower by shares of Caterpillar, which were down 3%. The S&P 500 index lost 33 points, about a half a percent, and the NASDAQ was down 302 points. It was a little more than 1%. The only chipmaker in the green was Nvidia. It's hard to get two barriers, if I say, markets on half a percent, and 10 percent of the

S&P 500 stocks made a new 52-week high today. That is what happened. So you can give credit to the market for spreading it out and trying to kind of marshal the defenses. I still think it's a little bit too erratic and too twitchy. CNBC's Mike Santoli. The selling started overseas in South Korea. Samsung with a good report, but not good enough for many investors. There were companies who shares hit fresh all-time highs Tuesday, including electronic arts, Coca-Cola, Allstate Bank of America, MetLife, Johnson & Johnson, and Eli Lilly. oil back up to near $72 a barrel after strikes against tankers in the strait of Hormuz.

The U.S. revoked the waiver for Iran to sell its oil. The attacks show how fragile the U.S. Iranian peace pause really is. Late-day bomb for oil up more than 5%. So we're talking about the waiver that had been issued on June 22nd. It was in effect for 60 days until August 21st. And it was more sweeping than prior waivers. It would have allowed for sales of Iranian oil into the U.S. as well. Now, a White House official did say that the MOUs,

was entirely performance-based and that Iran would only reap the benefits if they exhibit good behavior. And they said that Iran's actions in the strait are, quote, wholly unacceptable. This does come after we saw three vessels hit in the strait. That's CNBC's Pippa Stevens. The price of oil is one thing, but products made from it? Well, that's another. Here's CNBC's Kelly Evans with again Capitals John Kildoff. It's the refined products out of the equation that continues to bedevil this market and consumers. Right. Jet fuel, maybe gasoline, Those are areas where things are still sticky. AAA says the national average for a gallon of regular is holding at $3.79.

65 cents a gallon more than this same time last year. Once upon a time, people wanted to retire and move to Florida these days. Maybe not so much. Instead, people there are trying to get out. Florida, parcel labs had some data last couple of days. The percent of active listings that have a price cut is well above the national rate. Yeah, and it also shows that there are so many homes for sale in Florida that one in seven homes in Florida for sale, according to Parcel left. CNBC's Diana Ollick with Carl Keentania, one in every seven homes in Florida on the market.

Of course, all real estate is local. It's not everywhere in Florida. You've got this issue of the costs are going up, higher insurance prices. People are moving out of the state. And so there are parts of Florida that are really softening, but it goes, you know, market to market. Tampa isn't kind of having the big problems right now. Miami's still seeing an influx of buyers. Back in 2020 as the pandemic took hold, people picked up and moved to Florida. And so much demand sent home prices soaring. But now some of those same people are leaving. They're still trying to make back the pandemic price they paid for that property, many with no luck.

On Wednesday's watch list, earnings are coming from Levi Strauss. We get the latest on consumer credit. The Fed will release the minutes from its last meeting and sunbacker. Kelly is on media CEOs attending and maybe doing some deals. Jessica Eddinger, CNBC.