CNBC Business News Update - Market Midday: Stocks Lower, Dow Falls From Record, Chip Makers Struggle 7/7/26

Episode Date: July 7, 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, Wall Street is in the red this afternoon. The Dow falling from the record high it opened with. It's down 147 points now, Caterpillar shares leading it lower this afternoon. They're down 5%. The S&P 500 index is now down 23 points. The NASDAQ down 202 points, 3 quarters of 1%. Chipmaker shares are struggling. Only one of the majors is even in the green. and Vidia up a half a percent. I think a lot of us questioned that that one day rebound was evidence that maybe a near-term bottom had been put in place. I think more de-leveraging as it relates to the momentum factor is what lies ahead for all of us. I think it's semis. I think it's memory. That's Verdes Investments Joe Taranova on CNBC. There are companies whose shares hit record highs today,

including Electronic Arts, Young Brands, Coca-Cola, Allstate Bank of America, MetLife, Johnson and Johnson, Eli Lilly and American Electric Power. SpaceX shares are down 5% on this day one of being included in the NASDAQ index. Oil is back above $70 a barrel this afternoon after strikes against tankers in the Strait of Hormuz by Iran. The price of oil is one thing, but products made from it, well, that's another. Here's CNBC's Kelly Evans with again Capitals John Kilduff. Crude oil is recovering much more rapidly than I think then was expected. It's the refined products out of the equation that continues to bedevil this market and consumers.

Right, jet fuel, maybe gasoline. Those are areas where things are still sticky. Shoppers are hunting for bargains and searching for back-to-school deals earlier than ever as high inflation busts family budgets. PWC expects families to have to spend about $922 on average on back-to-school. this year, that's up 50% from last year. After several years of a seller's market for real estate, it's getting a little more balanced out there. Here's CNBC's Diana Oleg. In the second quarter of this year, 44% of real estate agents in CNBC's housing market survey said they were seeing a balanced market between buyer and seller. That share is up from 30% in the third quarter of last year. Now,

agents also report that sellers are not fighting them as much on the price, which, which they were in previous quarters. That resulted in fewer price cuts. Home prices are still slightly higher on a national level than they were a year ago, but lower in some major markets. Overall, however, agents have become much less optimistic about sales in Q2. Just 19% of respondents said they expect sales to improve in the near future. And that's down from a high of 65% at the end of last year. On this 7-7 day, July 7th, for some, it's a lucky day. Jackpot tonight, more than a half billion dollars. Jessica Eddinger, CNBC.