CNBC Business News Update - Market Close: Stocks Plunge, Dow Down More Than 900 Points, Trump Threatens More Iran Attacks, May Inflation Pops To 4.2% 6/10/26

Episode Date: June 10, 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 Thursday morning after an ugly Wednesday sell-off for stocks. Inflation soars. President Trump threatens Iran. Oil prices jumped. The Dow had its worst day since the end of March, which was about four weeks into the now four-month Iran War. The Dow was down 953 points. Almost 2%. Caterpillar shares let it lower. They were down more than 6%. The S&P 500 index down 119 points that was 1.5%. The NASDAQ down 509 points that was almost 2%. Major averages are still in the green year to date. They're lower, though, for the week and the month. The NASDAQ has lost 7% over five trading sessions.

The S&P 500 index is down about 4.5% from its recent all-time high. I don't see a rotation last couple days into other sectors. I see rotation from green to red. That's Short Hills Capital Steve Weiss on CNBC. The Carson Group's Ryan Dietrich is a little more optimistic. Let's just remember. It wasn't that long ago. We're talking about the S&P 500, up nine weeks in a row.

You know, up almost 20% in two months. And we've all heard the stats and the figures. It's not perfect, but I think it's still a healthy consolidation. Chipmaker shares tanked on Wednesday. Qualcomm down more than 6% micron and advanced micro devices, is each down almost 5%. Invidia down 3%. Broadcom was down 5%.

Oracle shares fell. In after hours trading after quarterly results, it's raising more money to build out data centers and some investors didn't like that. There were companies that hit new all-time highs on Wednesday, including T.J. Max and Marshall's parent T.J.X.

companies, Coca-Cola, and MetLife. Gold is back to where it was last Thanksgiving. Down 3% today. sitting at just under $4,100 an ounce. U.S. crude oil popping back up over $90 a barrel amid threats from the U.S. to Iran. Most estimates say that we have lost between a billion and $1.2 billion of oil from the market because of this war. We are still losing significant volumes every single day. How does this end?

If it ends with Iran exercising operational control over the Strait of Hormuz, charging a transit fee like they are doing now, you are not going to normalize anywhere across the pre-crisis levels. It really matters how does this end along with when does it end? RBC's Halima Croft on CNBC. Inflation hitting its highest in three years in the May Consumer Price Index report. Here's IBM Vice Chairman Gary Cohn on CNBC. He's the former director of the National Economic Council.

Look, we're 4.2%, which in itself is a problem. But then when you take the other side of the equation, which is wages, wages are not keeping up with inflation. So we are losing purchasing power in the country. The bottom Americans, which is the vast, vast majority, 80 plus percent of Americans, are losing consumptive ability every day. So as prices go up and wages don't keep up, they're losing the ability to purchase. And I think we have to think seriously about that and what it means. On Thursday's watch list, we get the latest on inflation at the wholesale level with the producing. or price index. Earnings are coming from Adobe, and we find out how many people applied for

unemployment benefits last week. I'm Jessica Eddinger, CNBC.