CNBC Business News Update - Market Close: Stocks Mixed, Dow Gains 500, Ford's Quarter Mixed • 7/28/26

Episode Date: July 28, 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 mixed day for the major averages. The Dow, though, had its best day since the start of July. The Dow was up 537 points, a full 1%. It was led higher by shares of Sherwin Williams, which soared up 8%. IBM shares up 5%. Coca-Cola up 5% as well on strong quarterly results. The S&P 500, Index added 15 points. It was the NASDAQA that was in the red down 55 points, but off its earlier lows. Chipmaker stocks. Only Nvidia had a winning day in that group with a half percent game, but most names, although in the red, were off their earlier lows. A little bit of a selling crescendo in the semis this morning, and they're up off their lows from that. I don't know if that's a major turn. That's CNBC's Mike Santoli. And here's Wells Fargo's Mark Smith, who says chipmaker companies really are on sale. very comfortable with the chip trade because when you look at how these companies are performing, they can't keep chips on the shelves and their earnings are proving it quarter after quarter.

So if you see any correction in chips, I think you have to go ahead in dollar cost average in because this is a long story. AI is proven in companies across the board that are going to be using this and chips are how are you going to get there. So I stay in this trade and continue to dollar cost average in. Companies who shares it fresh all-time highs on Tuesday include General Motors, Coca-Cola, Allstate Johnson & Johnson, Ross, dress for less, general dynamics, travelers, and RTX Raytheon, plus Apple. And you can soon lease an Apple iPhone. It's teaming up with Klarna for this new lease and iPhone program. iPhone lease is starting at 1799 a month. Now, at the end of the 12 or 24-month term, customers can then return the device, start a new lease, or pay extra to keep it. while Clarnock finances the program and takes the credit risk. Leasing, of course, lets Apple reach more customers without cutting hardware prices while pulling upgrades forward.

The smartphone market is on track for its worst year on record. Apple is very much treating this downturn as a chance to gain share. CNBC's McKenzie Seagalos. Ford with mixed quarterly results after the closing bell, the loss was in the electric vehicle division as the company pivots to a next-gen set of EV products. shares were popping on lots of free cash flow in after hours trading. Earnings per share were strong. Visa reported better than expected quarterly results after the closing bell.

Shares tick lower, though, on early reaction in after hours trading. Visa announced it's cutting 7% of its employees as AI reshapes work. Most of the 2,600 people losing their jobs are in technology and product operations. Consumer confidence slipped again. Here's CNBC's Rick Santelli. From the conference board, headline number expected to be slightly above 92. Comes in on the light side.

90.8, so not good news. On Wednesday's watch list, we get earnings from a couple of big names, Microsoft, and Facebook and Instagram parent Meta, plus Qualcomm arm-holding Starbucks, Robin Hood, and Chipotle. Also Wednesday afternoon, the Fed will announce its decision on interest rates. Jessica Eddinger, CNBC.

Dr. Thank you.