CNBC Business News Update - Market Close: Stocks Mixed, Dow Falls 500 Points As Cease Fire With Iran Ends, Oil Spiked 7/8/26

Episode Date: July 8, 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, CNVC. Wall Street opens Thursday morning after the ceasefire with Iran collapsed. Markets did finish mix. The NASDAQ made a slight turnaround in late-day trading. The Dow was down 576 points. That was 1%. It had been down 800. So this was a bit of a recovery. American Express shares led the Dow lower Wednesday down 3.5%. The S&P 500 indexed down 21 points. The NASDAQ in the green up 51 points. Some of the chip and tech names helped out. Market remains in bend but don't break mode. You had this little selling squall.

Market always looks for something to grab hold of today. It was, I guess, short-term oversold. Semiconductors managing to hold things together. CNBC's Mike Santoli. Here's a take from High Tower's Stephanie Link on CNBC. We have to wait it out, see what happens. I understand the knee-jerk reaction in the markets, but we could also see a very quick reversal.

So I don't think you want to panic. Earnings have actually been much better than expected. I think they're going to be. We get earnings starting next week. SpaceX shares closed below their debut price at $148 in a two-day slide after joining the NASDAQ 100 index. Here's what President Trump said at the NATO summit in Turkey. I think it's over.

I don't want to deal with them, but they're scum. You know what scum is? They're scum. They're sick people. They're led by sick people. And they're vicious, violent people. And if they had a nuclear weapon, they'd use it. As far as I'm concerned, it's over. Policy experts say Iran is very aware that President Trump's in a political quandary. You know, gas and groceries, the price of a gallon of milk, the price of a gallon of gas. What we know from polling is it really does matter to voters. You add to the price of health care, the price of housing, affordability, a huge issue going into the midterm elections. So politically,

the president has every incentive to extend this negotiating window to come to some sort of, you know, potential, again, another ceasefire. However, you know, the IRGC may not let him do that. That's Pimco's head of public policy, Libby Cantrell, on CNBC. Oil rose Wednesday, U.S. crude, topped $75 a barrel up 5% before pulling back slightly. Its biggest daily gain since last April early in the war with Iran. Here's a take from Rapid and Energy's Scott Modell on CNBC. It's going to be uncomfortable and we're going to see clashes. The market has positioned itself to think, wait a minute, I thought we were out of the woods here. I thought we were done with this. Maybe we sort of priced in crew dropping too soon. Soccer is pretty hot in the U.S. The World Cup getting big ratings

and Fox may have some competition for future rights to FIFA World Cup matches. Netflix, Disney and Alphabet's YouTube are all interested in challenging Fox for the U.S. broadcast rights to the next two men's World Cups. That's according to sources who spoke with CNBC. They said executives at various media companies are budgeting between one and a half and two billion dollars for the U.S. rights to each tournament across languages. Amazon and Apple could also potentially enter the mix. That's CNBC's Kelly Evans. Waymo starting driverless rides in four more cities in the coming weeks, San Diego, Las Vegas, Tampa, and Denver.

guest Shark Tank Sharks this season includes celebrity entrepreneurs like actress Mindy Kaling, also a producer and writer, YouTuber Mr. Beast, and former NFL player JJ Watt. On Thursday's watch list, we get earnings from PepsiCo, we find out how many people applied for unemployment benefits, and we get existing home sales numbers. I'm Jessica Eddinger, CNBC.