CNBC Business News Update - Market Close: Stocks Mixed, Tech Slips on OpenAI Revenue Report, Oil Pessimism • 10/8/26

Episode Date: October 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.

CNBC Business News Update. I'm Jessica Ettinger. Wall Street opens Friday morning after a mixed Thursday for the major averages on Wall Street oil spiked. Bond yields were higher, but the Dow finished in the green up 52 points. Home Depot shares leading it higher. They were up 3%. The S&P 500 index was down 36 points. That was about a half a percent. The NASDAQ down 345 points, 1 and a quarter percent.

Shipmaker shares. In the red, tech tumbled on concern about OpenAI's revenue. A report said it may be $20 billion less annually than previously signaled. Open AIs a private company may be an accounting issue, but other companies connected to Open AI, like NVIDIA, Corweave, Oracle, and more saw shares dip on that report. Starbucks reportedly interested in buying Chipotle. Starbucks shares tick lower on the FT report. Chipotle shares ticked higher.

Starbucks CEO Brian Nicol used to be the CEO of Chipotle. It's something he's credited with turning around. Oil prices spiked 3% on Thursday. As of Thursday afternoon, the storm Issa E.S. in the Gulf on pace to be the first hurricane of the season to make U.S. landfall. And here's Ackyweather's Bernie Reno on CNBC. From an oil standpoint, when you look at the track of ECE as an eyeball, it looks to me like it's going to impact about 15 to 3%. 20% of those oil rigs. Oil up also on new Middle East strikes, and the market's starting to think President

Trump will not end the war. Here's Repetans, Bob McNally on CNBC. This very optimistic view with a pure taco move, this crisis is going to end, and we're back to the glutted market we all saw in mid-February. This is starting to ebb. People aren't believing it anymore, and I think the reality is sinking in. And another oil take from Cornerstone Analytics, Michael Rothsch, on CNBC. We're in the eighth month of this war. Most people believed, and they were adamant in

discussions about it going back seven and a half months ago, that there was no way the conflict could last more than two weeks, like at the most. And here we are looking at two and a half billion barrels of forfeit oil supply, and the number essentially keeps expanding every day. Meantime, little relief is expected at the pump for U.S. drivers ahead of election day, according to speculators on prediction market, Calci. They've placed more than 80% odds that gas prices will be above $4 a gallon on November 3rd. AAA said the national average for a gallon of gas on Thursday was $4.36. CNBC has a business relationship with Calci.

Microsoft and Adobe have been suspended from the U.S. Green Card Labor Program in a government foreign worker crackdown. Vice President J.D. Vance, criticizing Mike. Microsoft specifically pointing to 6,000 job cuts last year, and then he said they replaced those workers with people on H-1B visas. Consumers keep spending, but they are stressed now. Here's CNBC senior economics reporter Steve Leesman with the new CNBC National Retail Federation Retail Monitor numbers. CNBC NRF Retail Monitor, which uses exclusive real credit card spending data from Affidity Solutions for September. And they show the consumer remaining in there.

But showing some stress from high interest rates at oil prices. Overall sales, they include retail and restaurants, X Auto and Gas, grew 0.28% on the month. About a 10th below our long run average, but a bit higher than last month. Not bad, but not great either. Overall, the consumer soldiers on. On Friday's watch list, we get earnings from Delta Airlines. We get the latest on consumer sentiment. New in theaters, Universal's horror film, Other Mommy, and Sony's The Social Reckoning.

Jessica Eddinger, CNBC.