CNBC Business News Update - Market Midday: Stocks Higher, SpaceX Shares Fall, President Trump Speaks At G7 6/17/26

Episode Date: June 17, 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 in the green on Wall Street. For the moment, the Dow is up 198 points. It hit a fresh record high today. Goldman Sachs shares leading it higher. They're up more than 2%. The S&P 500 index is up four points. The NASDAQA up nine points. Chipmaker shares are mixed. Invitya's in the red by a tenth of a percent. Companies who shares hit fresh all-time highs today include Hilton, William Sonoma, Bank of America, Goldman Sachs, J.P. Morgan, Morgan Stanley, applied materials and Caterpillar. Just before 10 a.m. Eastern today, SpaceX shares did something they've never done before since they became public last Friday. They fell. We're going to continue to keep... Oh, my God. Space is not allowed? Get someone on the phone. What's happening there? Let me get someone.

Yeah, that can't be. That's the first time ever, by the way. CNBC's David Faber with Mad Money host Jim Kramer, SpaceX, falling 3% this afternoon. investors evaluating Kevin Warsh as the new Fed chair. The Fed's expected to hold interest rates steady today. Investors focused on the commentary. President Trump says the U.S. will go right back to dropping bombs if he doesn't like the Iran deal. Speaking at the G7 meeting in France, the president noted the Memorandum of Understanding to be formally signed on Friday is not final.

It's a 60-day peace pause that does not address Iran's nuclear program. It's supposed to allow for negotiation. Based on just reading this the available memorandum of understanding, I mean, you can't have a lot of confidence. This deal is giving away a lot of U.S. leverage. I mean, it's paying a very high price to get the straight of Hormuz open. And there isn't going to be a lot of leverage left to deal with the nuclear questions. And the language in the memorandum of understanding isn't very good. I mean, it's not even using kind of a standard language that's been developed to, say, a country,

shouldn't develop or test or manufacture or produce nuclear weapons. It just uses the word produce. And we know from experience that that creates loopholes. And countries have exploited that. Iran included. Institute for Science and International Security President David Albright on CNBC. Oil is higher after President Trump threatened to bomb Iran if Tehran doesn't behave in America's Strategic Petroleum Reserve, barrels of oil that are tucked away. for emergencies, including war, it's now sitting at a 40-year low. Now, the SPR is now at 340 million barrels, and it's now sitting at its lowest level since 1983. Going into this report, diesel inventories at a 29-year low. Gasoline was at an 11-year low. Now exports lower than the peak we

saw back in April, but still trending well above the about 10.5 million barrels per day that we exported last year. Refinery utilization is now at 96. point seven percent. The refiners are running at full steam here. Clearly want to watch here now with the SPR at its lowest since the 1980s. CNBC's PIPA Stevens. Retail sales for May shot higher boosted by soaring gas prices in the highest inflation in three years as consumers paid more for just about everything. Do remember there's an inflationary element, of course, in retail sales we need to pay attention to. Headline number, expected to be up six tenths of a percent, comes in stronger, up 9 tenths of a percent, knowing that gas prices were up about what?

7% in May, which is a couple of percent more than they were up in April. So gas station sales are going to boost this number, and indeed they did. CNBC's Rick Santelli. On Thursday's watch list, we find out how many people applied for unemployment benefits last week. U.S. Open Golf begins in Southampton, New York. Jessica Eddinger, CNBC.