CNBC Business News Update - Market Midday: Stocks Mixed, Job Creation Cooled In June, Americans Pay Up For Beef 7/2/26

Episode Date: July 2, 2026

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit 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, mixed markets this afternoon after a disappointing jobs report for June. The Dow is still in the green. It's up 337 points, a little more than a half percent. Apple shares leading that Dow higher. They're up 4.5 percent. Walmart up almost 3 percent this afternoon. Boeing up almost 3 percent as well. The S&P 500 index in the red down 24 points. NASDAQ, down 276 points. That's 1 percent. chipmaker shares all in the red this afternoon. Well, we've got an economy of tremendous divergence. I mean, the employment report today was a reality check from the real economy. And this is a tortoise of an economy.

Low growth, slow job growth. And we've really got a demographic problem. I mean, there is no growth out of all in the working age population. I mean, according to the household survey, we've actually lost jobs, significant jobs over the last year. So all this excitement around AI and tech. There's a huge tension here between booming tech. and really sluggish everything else. That's J.P. Morgan's David Kelly on CNBC.

Fewer jobs then expected were created in the U.S. last month. Our June release of the Job, Job, Jobs Report, headline number comes in white. 57,000. That's about half of what we were expecting. And last month it was revised from 172 down to 129. CNBC's Rick Santelli. Here's CNBC's senior economics reporter Steve Leesman with a look at where.

there's hiring and where there isn't. Private sector really lame, up just 39,000, retail down seven and a half. Almost all of the jobs coming from the private education and health care sector. Leisure and hospitality declining by 61,000. Goldman Sachs thought we might be adding 40,000 in leisure and hospitality because of the World Cup. So something is a miss here with accommodation of food services down 55,000. I don't know if that's a miscount or maybe they fired people earlier. But I don't know. The World Cup is just happening right now. The unemployment rate ticked lower in June to 4.2% from 4.3. A take from National Economic Council Director Kevin Hassett on CNBC.

The data are 100% consistent with what we view as a very strong economy. If the average the last two or three months, I guess the last four months, we've aired on the upside or surprised on the upside three out of the four months. And this one was a little bit below. But on average, you know, we're basically basically. We headed straight up. Americans are paying record high prices for beef. As we head into the long 4th of July holiday weekend,

they want those burgers and steaks on the grill, no matter what. The U.S. cattle herd herd herd herd herd herd herd liquidation, leaving less beef and higher prices. Now, the average price of ground beef reached $6.75 a pound back in May, up nearly 13% from a year ago. State climbing to 1290 per pound, up 16% percent. and near records. Yet, despite the sticker shock, demand is holding up. Croger told me it continues to see strong demand for stakes, including premium and organic options. And that's because many consumers

still view steak as something worth splurging on for a backyard barbecue, family gathering, or celebration, even if they're cutting back elsewhere. CNBC's Brandon Gomez. EV maker Rivian says demand came in strong in the second quarter. It's raising its full year vehicle delivery outlook. Ford's sales disappointed. in the second quarter dropping more than 10%. It had some production issues with its F-series pickup truck line. New in theaters, Universal's minions and monsters

and Sony's shark horror movie thrash. Jessica Eddinger, CNBC.