CNBC Business News Update - Market Close: Stocks Mixed, May Inflation Report Comes Wednesday Morning, Investors Wait For SpaceX IPO 6/9/26

Episode Date: June 9, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. 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 after a whipsaw Tuesday. Stocks popped higher in the morning, plunged in the afternoon, and finished mixed. President Trump stoking fears of an Iran war escalation during the trading day by saying the U.S. must respond to Iran shooting down an American helicopter. The Dow was in the green, up 86 points, led higher by shares of Home Depot, which were up 3.5%. The S&P 500 index down 19. The NASDAQ finished down 250 points on Tuesday. That was just about 1%.

Chip shares sold off. Qualcomm down almost 6%. AMD down 3%. Intel shares dropped 2%. The damage control protocol was engaged. For a while, it did look like it might get disorderly to the downside. In the best case scenario, it's just a rotation. But, you know, the VIX is still at 20.

it's telling you that maybe some of this forced selling and the unwind is not totally complete. CNBC's Mike Santoli. Investors are on hold for the big CPI report on inflation Wednesday morning, which could move the markets, the consumer price index, will be out for May. Investors also on hold for the SpaceX initial public offering coming on Friday. It's issuing shares to the public for the first time. SpaceX about halfway through its IPO road show, but the company plans. to close order books for institutional investors a day early.

In this case, there isn't really a price discussion because SpaceX set one. They said a fixed price of $135 per share. While the price technically could change the sources I've spoken with, say it's highly unlikely. Additionally, I'm told that the company and its advisors have been targeting 30% allocation for retail, but that proportion won't officially be determined until later Thursday. U.S. crude oil under $90 a barrel. the energy secretary said more tankers are moving through the Strait of Hormuz in the Middle East, despite the war with Iran and the U.S. blockade of ships.

I think the biggest risk remains geopolitics, okay? The tape doesn't say that today, but again, if we're talking about triple-digit oil, and we're not, and oil is back today to a level that we think is tolerable for the market, but if that narrative changes between now and call at Labor Day, that will be a bigger risk to the economy. the end of the markets as a whole. Evercore ISI is Julian Emanuel on CNBC. At the pump, AAA said prices held steady with the national average for a gallon of regular around $4.16. Existing home sales surged last month up 3.2 percent, the highest level since December. Surprising many in a sluggish spring housing market, prices hit an all-time high for May. The median price of an existing home sold

in May $429,300 up 1.3% from May of last year, and that is another record high price for May. Now, we did see a nice jump in first-time buyers, 35% of sales up from 33% in April and just 30% a year ago. And that's the highest first-time buyer share since June of 2020. CNBC's Diana Ollick, the current average rate on a 30-year fixed home loan? Almost 6.7% according to Mortgage News Daily. I'm Jessica Eddinger, CNBC.