CNBC Business News Update - Market Midday: Stocks Mixed, Chip Stocks Pop, President Trump Touts Dell At White House 7/6/26

Episode Date: July 6, 2026

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger. 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. The Dow's back in the green as are all major averages this afternoon. Earlier today, the Dow topping 53,000 for the first time before, pulling back. It's up 38 points now being led higher by shares of IBM, which are up 3.5%. The Dow at 52.940. The S&P 500 index is in the green this afternoon, up 57 points, 3 quarters percent. The NASDAQ up 337 points. That's one and a third percent. Chipmaker shares are popping. AMD up more than 7 percent. Qualcomm up more than 6 percent this afternoon. What you're seeing today is nothing more than a rebound. I think it has to prove itself out this momentum rebound specifically as it relates to semiconductors and memory names. It is leading to a de-leveraging in particular for systematic funds and quant funds.

They are beginning to reduce exposure significantly as it relates to technology. The effect of that brings elevated volatility on the other side. Ferdist investments Joe Taranova on CNBC. President Trump plugging Dell computers. At the first ever, White House opening bell ringing, sending shares of Dell up 5%. The president celebrated what was the first joint bell ringing of the New York Stock Exchange and the NASDAQ and also the first remote ringing of that bell. A number of cabinet officials in attendance, some CEOs as well, Michael and Susan Dell,

we're in there, Jeff Brecher of Intercontinental Exchange. And at one point, the president was celebrating the $6.25 billion that the Dells are donating to the Trump accounts. And then he promoted the company. Go out and buy a Dell computer. He's not doing it for that. But I'll bet his business, Brad, has gotten even bigger. The president's talking with reporters for over an hour.

CNBC's Megan Cassella in Washington. Microsoft cutting nearly 5,000 jobs. It's streamlining its Xbox unit and planning to sell for gaming studios. Investors are watching shares of SpaceX as the company will enter the NASDAQ index tomorrow. They're down 4 tenths of 1% this afternoon. After the closing bell tonight, index funds tracking the NASDAQ 100 will have to start buying SpaceX stock, whether they want to or not. There are more than $800 billion in assets that directly. track the NASDAQ 100, more than half of which from Invesco's QQ. JPMorgan estimates that there will be

about $4.3 billion worth of forced purchases flows into SpaceX by funds that have to reflect its weighting in the composite before it officially appears there tomorrow. That's CNBC's Leslie Picker. Cheers of French luxury giant LVMH. We're getting a boost from the celebrity wedding of the year. The company's fashion house, Christian Dior, now has an edge over its rival, Chanel, for the most coveted celebrity endorsements. Buzz around luxury giant LVMH follows the wedding of Taylor Swift and Travis Kelsey at New York's Madison Square Garden over the long weekend. The couple reported to have worn Christian Dior.

Dior is one of the famous brands owned by LVMH, along with others like Louis Vuitton and Mark Jacobs. The couple's shoes coming from Christian Louis Vuitton. Swift said to have worn jewelry from Cartier. CNBC's Andrew Ross Sorkin. The FIFA World Cup sending prediction market volumes, soaring to record highs. It was forecast to be the biggest gambling event in history. Dune Analytics says Kalshi has consistently managed volume of more than a billion dollars a day

since the soccer tournament began. Back on June 11th, Kalshi and CNBC are business partners. General Mills, which makes Cheerios and many consumer food products, is planning to cut $3 billion in costs over the next four years. Food Dives says the plan is to return the company. to profitable growth. With high inflation and more Americans watching their wallets, over-the-top weddings are less popular this summer, even after the Taylor Swift, Travis Kelsey extravaganza in New York City over the holiday weekend. Bachelorette parties are no exception. Multi-day destination getaways, coordinated outfits, scheduled activities, and multiple meals are out. Penn State Sociology Professor Beth Montemuro tells CNBC Make-It that

expensive multi-date destination parties are starting to wane. You can get more on the day in business at CNBC.com. I'm Jessica Eddinger, CNBC.