CNBC Business News Update - Market Close: Stocks Mixed, Tech Shares Pull Back, Musk Loses Court Battle Against Altman And OpenAI 5/18/26

Episode Date: May 18, 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 Tuesday morning after a mixed Monday with bond yields hitting their highest in a year. President Trump's saying he will postpone Tuesday's planned attack on Iran as they're negotiating now. At the close on Monday, the Dow was up 159 points. 3M shares let it higher. They were up 4%. The S&P 500 index in the red, down 5. The NASDAQ also lower, down 134 points.

shares of Nvidia were lower. They were down a little more than 1% on Monday. I'm really bullish on the market, but I think one caution that really throws caution to me is where the 10-year treasury yields were headed over the past couple of weeks as they've headed higher. The cost of energy going up is getting to be a real deal that we're going to have to deal with. Inflation still needs to be looked at,

and this 10-year treasury yield going up needs to be looked at. So there is some caution that needs to be taken here. Howard Capitals Vance Howard on CNBC. Companies who shares at fresh all-time highs on Monday include Google Parent, Alphabet, Costco, Valero, Allstate, Palo Alto Networks, J.B. Hunt Transport, Crowdstrike, and Cisco. Elon Musk lost in his federal court case against OpenAI. He had claimed that OpenAI was supposed to stay as a nonprofit and couldn't become a for-profit company. Three weeks of testimony didn't matter in the end. The jury said the lawsuit was just filed too late after the statute of limitations on the claim had long run out.

William Savitt is OpenAI's lead attorney. He spoke with CNBC. We're delighted with the result, of course, and it is remarkable that it didn't take these jurors who have listened to three weeks of intense testimony and reviewed thousands of documents to take less than a couple of hours to reach the conclusion and the right one that Mr. Musk's claims were not viable. President Trump's pick for Fed Chair Kevin Warsh will be sworn into that job on Friday. This week, Chair Jay Powell, is holding over as the Fed chair. President Trump said over the weekend that he's losing patience with Iran, U.S. crude oil topped $106 a barrel on Monday. There's pockets of shortages, but what

happens when we hit tank bottoms? And that's coming any week now. In some products like diesel and distillate, you're there. Motor oils, you're there. Gasoline in the U.S. in July, you're going to be there. So when that happens, the deficit turns into a shortage and you got problems. Abax Markets, co-chairman Jeff Curry on CNBC. Regeneron shares fell Monday after its late stage trial for a melanoma treatment disappointed. Macy's shares were the choice of Berkshire Hathaway as Warren Buffett's firm took a small $55 million stake in the retailer, as revealed in a regulatory filing. Next era energy will buy Dominion Energy. It's a deal between two key players in the race to power up AI data centers across the U.S.

Facebook and Instagram parent meta starting job cuts this week as it moves to use more AI. On Tuesday's watch list, earnings are coming from a big retailer, Home Depot, plus Toll Brothers and Kava, and we get pending home sales numbers. Jessica Eddinger, CNBC. I wake up every day with two missions. How do I make my bosses more money? How do I get some of it? And I'm not apologizing for that to anybody.

Our can't miss conversation with ESPN Stephen A. Smith. Sign up for the CNBC Sport newsletter. Go to CNBC.com slash sport.