CNBC Business News Update - Market Close: Stocks Mixed, The S&P 500 Index And Nasdaq Close At Fresh Record Highs, US Crude Oil Heads Into The Weekend At $102 Per Barrel 5/1/26

Episode Date: May 1, 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 Monday morning after a mixed start to May trading for the major averages with U.S. crude oil going into the weekend above $100 a barrel. The Dow was lower Friday, down 152 points, 3 tenths of a percent. Amgen shares let it lower. They were down more than 4%. The S&P 500 index up 21 and the NASDAQ on Friday up 222 points, almost 1%. The S&P 500. index in the NASDAQ each closed Friday at new all-time highs. They've each notched five winning weeks in a row now. Turns out April was a great month for stocks. Second best April ever for the S&P 500, at least come back to 1950. I looked at the best 10 Aprils ever the next month. Mays has been higher nine out of those 10 times. I don't think you should sell a May and go away this year. The Carson Group's Ryan Dietrich on CNBC. Investors are starting to think about how high per-barrel

prices might linger as the U.S. war with Iran continues pushing consumer prices for everything higher down the road. It seems like every week that goes on, we think that oil is going to stay higher. You look one year out on oil, and it's 75 to 80. I mean, it was 55 to 60 before the year. So one year out, we're up 20, 25 percent. We talk about fertilizer, food, and all that. Wharton Professor Jeremy Siegel on CNBC. Meantime prices at the point. Trump's soared this past week. AAA says an average gallon regular in the U.S. up 35 cents in just one week. The national average price per gallon on Friday hit $4.39. CNBC's Becky Quick spoke with the CEO of Travel Center chain pilot. Adam Wright. He says truckers are really being hurt by prices, along with

consumers. His stores are trying to provide some value. The national average for diesel is now more than $2 higher than this same time a year ago. And so when you think about a dollar increase in diesel prices that could cut a trucker's gross take home pay in half and you go $2. Now you're kind of breaking even at best and then close to losing money. So how do we make sure we can extend credit, get them fueling faster and be there for them in those ways? And then for consumers, we have an app that gets you 10 cents off a gallon of gas. And so how do we focus on making sure we can provide value at the pump and then provide compelling reasons to come inside? the store. New Berkshire Hathaway CEO Greg Abel presiding over his first shareholders meeting in Omaha

over the weekend. Warren Buffett taught the world how to invest and now he's going to teach the world how to transition. The succession strategy is moving forward. Greg Abel is putting all of his salary into buying Berkshire Hathaway. That's a huge commitment. So we're very impressed with Berkshire Hathaway and we're very impressed with Greg Abel. And we're very impressed with Greg Abel. And We're very excited to see what he does next. Our 360 partner Barbara Goodstein on CNBC. Full coverage of the Berkshire meeting at CNBC.com. On the coming week's watch list, earnings will be in from Disney and McDonald's,

and next Friday is a jobs Friday with the Labor Department's April employment report on tap. Jessica Eddinger, CNBC. Breaking earnings news. Pfizer, advanced micro devices, the Walt Disney Company, McDonald's, market reaction, expert analysis. Strategies for your portfolio. All next week on CNBC and streaming on CNBC Plus.