CNBC Business News Update - Market Midday: Stocks Higher, Nasdaq Hits Intraday Record, Gas Prices Approach $4.50 in US 5/5/26

Episode Date: May 5, 2026

The CNBC Business News Update with Jessica Ettinger features market numbers & news with CNBC expert analysis and sound from top business names. Updated throughout the business day. 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. Major averages all higher on Wall Street this afternoon. Investors focused on some strong earnings reports. The Dow is up 270 points. Caterpillar shares leading it higher. They're up more than 3%. The S&P 500 index up 58 points. The NASDAQ up 250 points more than 1%. The NASDAQ hitting a fresh intraday record high today. It's not that the market isn't paying attention to the war right now. I think that. The focus, maybe rightly so, has been on earnings season, which has been quite strong. Schwab's Lizanne Saunders on CNBC. Intel Shears soaring 14% to a record on a report of Apple Chip talks with the company. US crude oil holding above $100 a barrel today.

The national average here for gasoline is approaching $4.50 a gallon. You know, as oil prices tick higher, $5, $10 higher, that's going to be reflected through into incremental increases at the pump. That's Kepler's Matt Smith on CNBC. 16 U.S. states already have gas at an average of $4.50 per gallon today or more, according to AAA. And Smith notes that jet fuel supplies are a problem. It is a series of dominoes that are falling here. And so jet is the first one to go. Just in the last couple of weeks, we've seen 12,000 flights being canceled.

That's 2 million seats. So you're not getting jet fuel out of the Middle East because they are the large exporters of the stuff. More newly built homes sold, both in February and March after a dismal January, as builders lowered some of their prices. Median price of a newly built home sold in March, $387,400. That is down 6.2% year over year. So builders obviously pulling down prices a bit to try and ease that affordability for homeowners. Because in March, when people were out shopping for these homes, that's when the war hit and mortgage rates shot up. CNBC's Diana Oleg. Disney reporting quarterly results on Wednesday. Former NBC cable president, Tom Rogers, said this on CNBC.

Disney's done something the other traditional media companies have not done, and the streaming side of its business when it comes to revenue now exceeds the traditional side. That's a big milestone. Engagement and viewing has kind of stalled. The number one show on Disney Plus is bluey, not a Disney production. The new CEO, Josh DeMorrow, needs to really make a statement about what is the core of Disney that he's going to focus on. Newly purchased series I bonds, I for inflation, are paying interest of 4.1⁄4% through the end of October, up from 4.03% offered through the end of last month. The 4.26% yield is currently higher than assets like Treasury bills or most money market. funds. There are downsides to iBonds, though. There's a full story up now at cnBC.com. Jessica Eddinger, CNBC. Get your ticket to CNBC Pro Live. Redefine financial success with strategies from some of CNBC's top wealth advisors. Get your ticket now at CNBC events.com slash wealth for women.