CNBC Business News Update - Market Midday: Stocks Lower, Oil Higher, 10 Yr Treasury Yield Hits 1 Year High, US Gasoline Supplies Could Hit "Tank Bottoms" In July 5/18/26

Episode Date: May 18, 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's in the red this afternoon. The Dow down 20 points. Caterpillar shares leading it lower. They're down 2.8%. The S&P 500 index is down 26 points. The NASDAQ falling 200 points today, three quarters of a percent.

NVIDIA is a drag. Those shares down 1.5% this afternoon. Companies who shares at fresh all-time highs today include Google Parent Alphabet, Echo Star, Williams companies, J.B. Hunt Transport, Crowdstrike and Cisco. Bond yields are higher. The yield on the 10-year Treasury, 4.63%, the highest in more than a year. The reality of the situation of higher oil prices, and the long as they stay high, the more, it implicates a really higher inflation environment that the bond market is really starting to price in,

and really has it really steeped into equities. Globalts, Keith Buchanan on CNBC. Watch those mortgage rates. Today, they could tick higher. The average rate on a 30-year fixed home loan heading into the weekend was 4.65% according to Mortgage News Daily. President Trump said over the weekend he's losing patience with Iran, U.S. crude oil topping $106 a barrel today. There's pockets of shortages. But what happens when we hit tank bottoms? And that's coming any week now. In some products like diesel and distillate, you're there. Motor oils, you're there. Gasoline in the U.S. in July, you're going to be there. So when that happens, the deficit turns into a shortage and you got problems. That's Aback's markets co-chairman Jeff Curry on CNBC. AAA says the national average

for a gallon of regular holding around $4.51. Next Terra Energy buying Dominion Energy and a deal between two key players in the race to power AI data centers across the U.S. Homebuilders feeling a little better about their business in the latest sentiment survey from the National Association of Home Builders. The NHB cited rates as well as rising gas prices and economic uncertainty related to the war in Iran, which all continue to dampen buyer demand. The survey also found fewer builders cutting prices in May. CNBC's Diana Oleg. Watchmaker, swatch is hot. The New York Times says there's been a shopping frenzy for Royal Pop pocket watches. People are forming lines at swatch stores again. Jessica Eddinger, CNBC. I'll wake up every day.

day with two missions. How do I make my bosses more money? How do I get some of it? And I'm not apologizing for that to anybody. Our can't miss conversation with ESPN Stephen A. Smith, sign up for the CNBC Sport newsletter. Go to cnbc.com slash sport.