CNBC Business News Update - Market Midday: Stocks Lower, President Trump Says Iran Strikes Will Happen Today, Inflation At 3 Year High 6/10/26

Episode Date: June 10, 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 stocks dropping this afternoon on Wall Street. Inflation is soaring President Trump threatening Iran. We're going to hit them again hard today in case you miss it. In case you don't turn on your television set. And we'll see what happens with the deal. We were really close to a deal, but they keep tapping us along. They keep playing us for suckers. The Dow down 626 points, 1.5%.

Caterpillar shares leading it lower. They're down almost 6%. The S&P 500 index is down 73 points, that's 1%. And the NASDAQ is down 350 points. That's 1.3%. I don't see a rotation last couple of days into other sectors. I see a rotation from green to red. The inflation numbers, that got it off to a bad footing.

But then we heard about escalation of the war in Iran. And that's not going to settle any time soon. Short Hills Capitals, Steve Weiss on CNBC. U.S. crude oil popping back up over $90 a barrel this afternoon. Chip names are lower today. Micron down 3%. Broadcom and AMD down 4%. Qualcomm down 6.5%. Inflation hit its highest in three years in the May CPI report,

the Consumer Price Index. Here's IBM Vice Chairman Gary Cohn on CNBC. Look, we're 4.2%, which in itself is a problem. But then when you take the other side of the equation, which is wages, wages are not keeping up with inflation. So we are losing purchasing power in the country. The bottom Americans, which is the vast, vast majority, 80 plus percent of Americans are losing consumptive ability every day. So as prices go up and wages don't keep up, they're losing the ability to purchase. And I think we have to think seriously about that in what it means. Amazon's trucking expansion to businesses beyond its own network sparked to sell.

off in freight companies today. Old Dominion freight line down 6%. FedEx freight down 5%. Amazon's been spinning out more of its in-house logistics offerings for others to access. Senator Elizabeth Warren calling for SpaceX to delay Friday's debut on Wall Street. This is a letter to the Securities and Exchange Commission asking the commission to delay Friday's SpaceX IPO citing investor protection concerns, citing a number of factors, including the company's valuations. She says market analysts have raised concerns about the math underlying SpaceX's target valuation. Governance structure saying publicly traded companies are meant to be accountable to their shareholders. The SpaceX IPO will flip this model on its head with shareholders providing billions of

dollars in new capital with no accountability measures for Mr. Musk or company leadership. CNBC's AIMN Javers. Some investors are not interested in the SpaceX. initial public offering at all. IPOs in general are kind of like playing a lottery ticket. Many will play. Few will win. You know, no one forces you to swing at pitches day to day as they come to the IPO window versus in the secondary market.

You have ample opportunity to evaluate businesses. Smead investors, Cole Smead on CNBC. Jessica Ettinger, CNBC.