CNBC Business News Update - Market Midday: Stocks Mixed, Amgen Drags The Dow Lower, US Crude Oil Drops On Iran Peace Proposal 5/1/26

Episode Date: May 1, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. 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. Markets have turned mixed this afternoon on Wall Street to start May trading. The S&P 500 Index and the NASDAQ have hit fresh intraday record highs. But the Dow is now down 22 points. Amgen shares. Pulling it lower, they're down 5% on disappointing quarterly results. Apple shares still higher up 4% on its results. The S&P 500 index up 42.

The NASDAQ is up 292. more than 1%. Shares of NVIDIA have turned higher now. They're up three-tenths of 1%. U.S. crude oil pulling back to $101 a barrel this afternoon. CNBC's Carl Kintania now. Crude oil prices volatile today. A report says that Iran has sent a new proposal to Pakistani mediators. On the quarterly earnings front, bottom line beats for both Exxon and Chevron. Exxon's net income declined 45% from a year ago, while Chevron's tumbled 36, heard by oil shipment disruption due to the war. Here's Exxon's Darren Woods talking this morning on Squawk.

Our expectation is over time. We'll see prices respond to that unprecedented disruption. Once the straight opens up, it'll take one to two months for the flow to reestablish itself. And then within that time, it's going to take transit time to get the barrels out of the Persian Gulf. And two, the customers are going to, it usually takes about a month of transit time. So there will be a time where it takes for the market to recover. time. Prices at the pump are soaring again today. AAA says the national average for a gallon of regular rows another nine cents overnight, sitting at $4.39 a gallon. CNBC's Becky Quick spoke with

the CEO of Pilot, a truck stop chain that's a subsidiary of Berkshire Hathaway. Adam Wright says it's all about value for drivers right now with gas prices so high. In fact, the national average for diesel is now more than $2 higher than this same time a year ago. A dollar increase in diesel prices. That could cut a trucker's gross take-home pay in half. And you go $2. Now you're kind of breaking even at best, and then close to losing money.

So how do we make sure we can extend credit, get them fueling faster, and be there for them in those ways? And then for consumers, we have an app that gets you 10 cents off a gallon of gas. And so how do we focus on making sure we can provide value at the pump? and then provide compelling reasons to come inside the store. Mortgage rates are higher heading into another spring home buying weekend.

The average rate on a 30-year fixed home loan pushing six and a half percent again, according to Mortgage News Daily. New in theaters for the weekend, Disney's The Devil Wears Prada 2. Jessica Eddinger, CNBC. The new era in Omaha begins. Newly mented CEO Greg Abel takes the helm at the Berkshire Hathaway annual meeting. Becky Quick and Mike Santoli with full coverage. Watch live Saturday starting 9.15 a.m. Eastern. Only on CNBC.com.