CNBC Business News Update - Market Midday: Stocks Mixed, Dow Hits Fresh Intraday Record High, President Trump Personally Made Billions In Term Year One 7/1/26

Episode Date: July 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. A fresh intraday record high for the Dow this afternoon on this start of July trading. Stocks had all been lower earlier for the major averages. And look at this change. The Dow soaring up 385 points, Salesforce shares leading it higher. They're up 5%. Nike up 4% on strong quarterly results from last night. The S&P 500 Index in the green now up 18.

The NASDAQ's still in the red. It's down 64 points this afternoon. The chipmakers are mixed. Qualcomm's the only one really in the green up a half a percent. Companies who shares hit fresh all-time highs today include electronic arts, travelers in all state, quest diagnostics, Davita, Snap-on, Well Tower, and Palo Alto networks. President Trump personally made billions of dollars in his first year in office. Here's CNBC's Megan Cicella with the Office of Government Ethics, new report on his disclosed income. President Trump pulled in billions of dollars in income during the first year back in the White House. Now, more than a billion dollars of that was from crypto-related investments alone. There was also more than half a billion dollars from the sale of tokens released by World Liberty Financial, which President Trump co-founded with his sons, $290 million from Mar-a-Lago, Trump National Doral, Bedminster, $86 million from the settlements of legal disputes with media companies. Those included ABC, CBS News, and META. And guys, there was also more than $370,000 listed in gifts that included 10 tickets to the FIFA Men's World Cup and 10 to the Super Bowl.

America's biggest automaker, General Motors, out with some disappointing second quarter sales numbers. Here's CNBC's Phil LeBoe. For the second quarter of General Motors sales here in the United States down 4.2%. That's roughly in line with what most analysts were expecting. Average transaction price, just over $52,000 for all the talk about more affordable vehicles. and yes, GM has some lower priced entry points for vehicles. The average transaction price remains over 50,000, one of the industry leaders there. Shears of Facebook and Instagram parent meta popping as the company is making a cloud push.

It wants to sell its excess AI compute power capacity to other companies. Fed Chair Kevin Warsh spoke today at the European Central Bank Forum. Here's CNBC's Sarah Eisen with Fed Chair Warsh. In the U.S., the AI shock is leading to a boom in capital expenditures. We see that first and foremost in demand, but I'm confident we're going to see it in supply at some point. So we're spending most of our time trying to monitor those developments. Is it inflationary? Well, in the near term, we can observe it on the demand side, but it's up to the central bank to decide whether it's inflationary.

That's why I'm asking. Whether, in fact, it finds its way into a broader set of goods. I don't have any news for you on that. The U.S. added a disappointing 98,000 jobs in the private sector in June, fewer than in May, according to payroll firm ADP. We did see a little bit of a pop in World Cup hiring and leisure and hospitality, but by June, that had kind of gone away. What I was excited about last month was there did seem to be a broad-based acceleration. This month, the numbers are good, but we're not seeing that kind of star championship play from education and health care. It's softer. We're not getting all the broad-based contributions that we saw last month.

That's ADP economist Neela Richardson on CNBC. This is a holiday shortened week. The Labor Department, instead of releasing the June jobs report on Friday morning, federal holiday. So the June jobs report comes out tomorrow morning. Jessica Eddinger, CNBC.