CNBC Business News Update - Market Close: Tech Earnings, Oil Pressure Stocks, Mortgage Rates Rise

Episode Date: August 6, 2026

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow 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 Peter Shacknow's CNBC. Higher oil prices and the ongoing volatility of the artificial intelligence trade pushed stocks lower during the Thursday session. The Dow lost 464 points to close at 53,885, a drop of 9 tenths of a percent. The S&P 500 and NASDAQ with much smaller losses. The S&P following 14 points or 2 tenth of a percent. The NASDAQ down 15 points. That's less than a tenth of one percent.

Sentiment was pressured by tech company earnings that, consensus forecasts, but saw growth rates and other metrics that didn't meet some of the loftiest expectations. One example, disc drive maker Western Digital, whose stock fell nearly 13%. Another memory chipmaker Sandisk down 5%. Record revenue, but a guide for roughly flat margins and only modest price hikes when investors really wanted a knockout. Some analysts think Sandus specifically is low-balling, that prices are climbing faster than its guidance, suggests and Sandus actually holds an investor day next week on August 13th, which could potentially reset sentiment. So they're just maybe being a little bit conservative right now.

That's CNBC's Christina Parts in Evelace. Crude oil jumped 4% as traders reacted to reports that Iranian officials might prevent U.S. ships from transiting the Strait of Hormuz. It is just the latest example of oil price volatility in the wake of ever-changing headlines. Rebecca Babin is senior energy trader at CIBC Private Wall. wealth. In the window of trading, you can't be the last one trading the fundamental view when the narrative has shifted. The FCC has voted to rescind a rule that prohibits local TV station owners from reaching more than 39 percent of U.S. households. The move is likely to spark a court case. The only Democrat on the commission, Anna Gomez, says the proposal is illegal and only Congress

is empowered to lift the cap. Mortgage rates continue to rise. Freddie Mac reports the average 30-year fixed mortgage rate rose to 6.69% this week, up from 6.66% the prior week. That is the fifth consecutive weekly rise and the highest rate in just over a year. Peter Schack now, CNBC.