CNBC Business News Update - Market Close: Stocks Mixed, Dow At New Record High, SpaceX Shares Soar Again 6/16/26

Episode Date: June 16, 2026

The CNBC Business News Update with Jessica Ettinger features market numbers & news with CNBC expert analysis and sound from top business names. Updated throughout the business day. 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 with the Dow at a fresh record high, and it closed above 52,000 for the first time. After a mixed day for the markets, bond yields were lower the 10-year under 4.5%. U.S. crude oil fell. Investors are hopeful that the war with Iran is closer to being over as President Trump promises the Strait of Hormuz will be open fully on Friday. The markets. The Dow in the green up three. 328 points, about a half a percent, led higher by shares of JPMorgan up 3%. The S&P 500 index was in the red, down 42 points. The NASDAQV fell 307 points. That was more than 1%.

Chipmaker shares pulled back. You had Intel down 8%, AMD, down 7%, and Micron down 6%. President Trump says the straight of whore moves will fully open on Friday. When the U.S. signs a memorandum of understanding with Iran, a peace pause for 60 days to negotiate the end of the war. First and foremost, thankfully, he's got some semblance of a path to a deal because the urgency that the White House is facing on this is pretty existential. I've been with investors for the last 48 hours, at least knowing that there is a pathway to get to an agreement by Friday. Suggest to me that the White House knows that they need to move quickly on this. They need to get the straight reopen, and that is the name of the game here.

Data partners, Henrietta Trays on CNBC. And here's TD Banks, Jeff Solomon, with little Walmart warning and more. The Walmart news, we are concerned about the consumer spend. We are concerned about consumer staples, right? It is really expensive to run your household for the vast majority of Americans. By the way, I think that has knock-on effect into the midterms. I think the president is super focused on the midterms, super knows that he needs to get the war in the rear-view mirror because it is not

a popular war with Democrats or Republicans. Oil prices are falling, which should help prices at the pump down the road helping the U.S. consumer. AAA saying the national average for a gallon of regular is still above $4, although it's been falling. Before the U.S. sent missiles into Iran, it was $2.98. SpaceX shares stored up another 10% Tuesday leapfrogging Amazon in market cap. That's the company's value based on the per share price and how many shares are out there. And SpaceX jumped Microsoft, at least briefly, on the top U.S. companies list. Here's CNBC's Sarah Eisen and David Faber. There it is. There we go. It just happened as we speak. Cross Microsoft's market cap. Two days and 31 minutes of trading has a more highly valued than Microsoft. More highly valued

than Microsoft. Yes. And now they're approximate market caps. But that is. Saggering. Carvana, known for dominating used car sales in the U.S., has bought seven new vehicle franchises since last year, primarily selling Stalantus names like Chrysler, Dodge, Jeep, and RAM. New car dealers, though, were watching Carvana, which could significantly disrupt, if not reshape, the entire business. On Wednesday's watch list, the Fed will announce a decision on interest rates. It's expected to hold them steady. Earnings are coming from CarMax. We get retail sales numbers for May, as well as pending home sales numbers. Jessica Edringer, CNBC.