CNBC Business News Update - Market Midday: Stocks Mixed, Strait Of Hormuz To Be Fully Open Friday, SpaceX More Valuable Than Microsoft 6/16/26

Episode Date: June 16, 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 Mixed this afternoon. The Dow building on the record high, it opened with. It's up 506 points, just about 1%. JPMorgan shares leading the Dow higher this afternoon. They're up 3 and 3 quarters percent. The S&P 500 index down 8 points. The NASDAQ is down 94 points. Many of the chipmaker shares have been pulling back today. after soaring Intel is down 5%. Micron down about 3%. Invidia shares down about 1.5%. But companies whose shares hit fresh all-time highs today include Caterpillar, William Sonoma, Morgan Stanley, Northern Trust, State Street, DeVita, applied materials, and micron. Investors are hoping that the end of the war with Iran is in sight. The devil is always going to be in the details, but the markets are telling you that the worst of the distress is behind us, the president is starting to focus on

the midterms and getting the oil price down and getting the stock market up are two things that make a lot of sense at this point. Evercores, Julian Emanuel on CNBC. President Donald Trump saying the Strait of Hormuz will be fully open Friday, speaking at the G7 meeting in France. Strait is already partially opened, as you know, they're doing the hunting. for a couple of mines that they've already found. But it's essentially ships are starting to go out now. On Friday, it'll be completely open. Friday's formal signing between the U.S. and Iran is a memorandum of understanding

a peace pause that will pause the war for 60 days to allow for negotiations to end it. Oil prices are lower this afternoon. U.S. crude hitting $77 a barrel a three-month. low. The day before the U.S. launched missiles into Iran back at the end of February, oil was trading just $10 lower at $68 a barrel. And that day, the national average for a gallon of regular gas was $298. AAA says today it's $4.4.4 falling steadily for the past week. SpaceX shares soaring up another nearly 10% this afternoon at leapfrogged Amazon in market cap. That's the company's value based on the per share price and how many shares are out there. SpaceX also jumped Microsoft

on the top U.S. companies list. Here's CNBC's Sarah Eisen and David Faber. There it is. There we go. It just happened as we speak. Cross Microsoft's market cap. Two days and 31 minutes of trading has a more highly valued than Microsoft. More highly valued than Microsoft. Yes. And now they're approximate market caps. But that's that. is staggering. Builders started construction on fewer new homes in May than expected. The home builders still have a large inventory of unsold single-family homes. Stock trading app Robin Hood says it's cutting 10% of its workforce to streamline. McDonald's bringing back the fried apple pie dessert next week for a limited time. It was replaced with a baked version back in 1992. Jessica Eddinger, CNBC.