CNBC Business News Update - Market Close: Stocks Mixed, Dow Closes At Fresh Record High, Fewer Jobs Created In June Than Forecast 7/2/26

Episode Date: July 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.

I'm Jessica Eddinger, CNBC. Wall Street opens Monday morning after a mixed Thursday for the major averages. But a record-setting one heading into the July 4th long holiday weekend, the Dow will open Monday at a fresh record high. It was up 594 points on Thursday, 1.1% Apple shares soared, leading the Dow higher, up 4.8%. McDonald's up 4%. Disney shares were up almost 4% on Thursday. The S&P 500 index unchanged.

The NASDAQ was down 207 points. Chipmakers on Thursday, they struggled. Micron and Intel, each down 5%. CNBC Markets Editor Mike Santoli with some caution. Caterpillars down 10% in two days. I just think when things move fast, they can break things and you have record low correlations within the stock market that sometimes sets a scene for something more disorderly.

I'm just on alert for that kind of thing, even though right now the S&P 500 has been stuck in place since the middle of men. Investors are digesting the June jobs report, which saw fewer jobs than expected created last month at just 57,000. That was half what was forecast. J.P. Morgan's David Kelly gave CNBC his take on the economy right now. The employment report today was a reality check from the real economy. And this is a tortoise of an economy. low growth, slow job growth, and we've really got a demographic problem. I mean, there is no growth at all in the working age population.

I mean, according to the household survey, we've actually lost jobs, significant jobs over the last year. So there's a huge tension here between booming tech and really sluggish everything else. There was some curious labor data in the June jobs report, CNBC Senior Economics Reporter Steve Leesman, with a look at where there's hiring and where there isn't. Private sector really lame, up just 39,000, retail down seven and a half, almost all of the jobs coming from the private education and healthcare sector. Leisure and hospitality declining by 61,000. Goldman Sachs thought we might be adding 40,000 in leisure and hospitality because of the World Cup. So something is a miss here.

The unemployment rate for June ticked lower to 4.2 percent, a take from National Economic Council Director Kevin Hassett on CNBC. The data are 100% consistent with what we view as a very strong economy. If the average the last two or three months, I guess the last four months, we've aired on the upside or surprised on the upside three out of the four months. And this one was a little bit below. But on average, you know, we're basically headed straight up. Americans are paying record high prices for beef. They want burgers and steaks on the grill. Even with high inflation.

The U.S. cattle herd has fallen to its smallest size in decades after years of drought, high feed calls. and herd liquidation, leaving less beef and higher prices. Now, the average price of ground beef reached $6.75 a pound back in May, up nearly 13% from a year ago. State climbing to 1290 per pound, up 16% and near records. Yet, despite the sticker shock, demand is holding up. That's because many consumers still view steak as something worth splurging on for a backyard barbecue, family gathering, or celebration, even if they're cutting back elsewhere. CNBC's Brandon Gomez.

Universal with high hopes for the minions over the weekend. Minions and Monsters is the seventh movie in the franchise over 16 years, and it takes on the third weekend of Disney Powerhouse Toy Story 5 at the box office. On the coming weeks watch list, the U.S. plays Belgium in the FIFA World Cup Monday night. The NASDAQ is expected to add SpaceX into the index on Tuesday. We also get earnings from PepsiCo and Delta Airlines in the coming. week. Jessica Eddinger, CNBC.