CNBC Business News Update - Market Midday: Stocks Mixed, S&P 500 Index And Nasdaq Hit Fresh Intraday Records, April Existing Home Sales Disappoint 5/11/26

Episode Date: May 11, 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 markets with fresh record highs today. The S&P 500 index and the NASDAQ building on the records they opened with this morning. We've got the Dow in the red. It's down seven points. Disney shares leading it lower. They're down 3%. But the S&P 500 index is up 23 points and the NASDAQ up 94 points. Checking shares of Nvidia, they're up almost 3%. Micron shares are leading Nvidia and other chipmakers. today. April home sales disappointed. Higher mortgage rates weighing on buyers. Sales of existing homes inched up just two-tenths of a percent. Last month, experts had forecast a much greater rise of 3 percent, and buyers still paid more for that house. This count is based on closing. So that's contracts likely signed in late February in March. The average rate on the 30-year fixed mortgage ended March in the 5.99 percent and then shot up sharply due to the start of the war. with Iran. Now, inventory in April did rise 5.8% from March is still considered tight. That kept upward pressure on prices. The median price of a home sold in April, $417,700, up 0.9% from a year ago, but still

the highest April price on record. CNBC's Diana Oleg. Brent Oil back above $100 a barrel today. U.S. crude hovering around $97 a barrel after President Trump dismissed Iran's response to a U.S. peace proposal in the war. Prices at the pump held steady from yesterday. AAA says the national average for a gallon of regular gas today is sitting at $4.52. Inflation is in focus because tomorrow morning the CPI will be out. The Consumer Price Index for April. The consensus forecast is for inflation heading toward 4%. Economists believe it'll come in at 3.8%. But the White House National Economic Director Kevin Hassett told CNBC's Joe Kernan that some prices have been going down. It is up from where it was when Biden left office. It was lower when he left. It's higher right now.

And the president promised to tackle affordability. The bottom line is inflation is going down at the microeconomic level by a million things that we've done like, you know, fix the avid flu, so egg prices are down, you know, change beef imports so that beef prices go down. drug prices more affordable with Trump RX and so on. But at the macroeconomic level, the driving force right now is the temporary increase of the price of gas. Some dismal inflation sentiment meantime in the National Association of Business Executive Survey. Gregory Deco, he's the name president. He comments nearly half of respondents report a negative business impact from the Iran conflict with nearly one quarter reporting plans to scale back investment and hiring over the next six

months. Overall growth while taking a hit, expect it to soldier on around 2% according to the latest blue chip economic indicators. CNBC senior economics reporter Steve Leesman. Amazon moving prime day from July to June this year. No specific dates yet announced. Disney's Devil Wears Prada 2 film appears to have won the weekend box office for the second week in a row. Jessica Eddinger, CNBC. We never had people in a more gambling mood than now, but that doesn't mean that investing is terrible. CNBC.