CNBC Business News Update - Market Midday: Stocks Mixed, Coca Cola Shares Up 6%, UAE Leaves OPEC, Oil Higher 4/28/26

Episode Date: April 28, 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 Mix this afternoon. Bond yields their highest to in three weeks. Gas prices soared overnight. The Dow's in the green this afternoon up 102 points, thanks to Coca-Cola shares, which are up more than 6% on strong quarterly results. The S&P 500 index down 48. The NASDAX down 321 points. The 6% gain for Coke is not something you typically see, and it's boosting all the other, especially beverage makers, but, consumer staples as well, I guess, on word that consumers are still paying for their premium brands. Sure. And they're resilient. CNBC's Sarah Eisen. The CEO of the World's Biggest Bank by Market Cap, J.P. Morgan Chase is Jamie Diamond,

warning that there's some kind of bond crisis ahead as global debt risks build. He points to geopolitics, oil prices, and widening deficits as a potentially dangerous mix that could trigger market stress. The United Arab Emirates will leave OPEC, the Organization of Petroleum Exporting Countries, this Friday, May 1st. The UAE is the third largest producer in OPEC behind Saudi Arabia and Iraq. It's a shock announcement. It comes after the UAE was the target of missile and drone attacks for weeks by fellow OPEC

member Iran. The UAE's withdrawal may weaken the oil group. This is Germany's chance. says the U.S. is being humiliated by Iran. Peace talks remain uncertain. Oil prices climbing. U.S. crude soaring above $101 a barrel. Prices at the pump. Popped six cents today to the highest national average for regular in more than four years. AAA says $4.17 a gallon, not seen for American drivers since March of 2022. Memorial Day is four weeks from Monday. We're heading into summer demand drive. driving season, which is set to kick off from Memorial Day. The longer the flows are not normalized

through the straight, the higher pricing we're going to see. Of course, oil accounts are more than 50% of the input costs for gas. But then there's also a lot of things on top of that. And given tankers are now having to travel much further distances, those product prices are rising even faster than oil itself. CNBC's PIPA Stevens. Unlike some companies that may be trying to curry favor with President Trump by not applying for tariff refunds. General Motors expects the Trump tariff refund. After the first wave of tariffs last year were ruled illegal by the Supreme Court, the carmaker raised its guidance for this year, and it's waiting for that half-billion-dollar tariff refund. Shares were up 5 percent. CNBC's Phil LeBoe asked, General Motors CFO Paul Jacobson on CNBC,

if people are changing what they buy because of the high gas prices. Many believe we're going to see higher gas prices for longer. And we do know that people across the board in the United States are moving towards smaller SUVs, trucks, etc. Have you had to adjust your outlook in terms of saying, look, we're not going to sell as many full-sized trucks and SUVs? No, actually, our truck sales are strong. You know, despite challenged inventory levels, light duty pickup trucks, we're up 8% year over year. So we're still seeing steady demand. I'm Jessica Eddinger, CNBC.

Central Bank's key interest rate is expected to hold steady. But could the Iran War stall future cuts? Wednesday at 2 Eastern and streaming on CNBC Plus.