CNBC Business News Update - Market Midday: Stocks Plunge, Dow Down 700 as Trump Ends Iran Peace Pause • 7/8/26

Episode Date: July 8, 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. President Trump says the Iran ceasefire is over. The U.S. will hit Iran hard with strikes again tonight. And stocks are plunging on Wall Street this afternoon. Bond yields higher U.S. crude oil up more than 6 percent on pace for its biggest daily gain since last April early in the war with Iran. Checking the major averages, the Dow is down 715 points. Sherwin Williams shares leading the Dow lower. They're down almost 4% Boeing down more than 3% this afternoon. The SP500 index down 47 points. That's a half percent. The NASDAQ down 118 points. It's about a half a percent. Here's a take from High Towers, Stephanie Link on CNBC. We have to wait it out, see what happens. I understand the knee-jerk reaction in the markets, but we could also see a very quick reversal. So I don't think you want to panic. Earnings have actually been much better than expected. I think they're going to be. We get earnings starting next week.

Here's President Trump at the NATO summit in Turkey. I think it's over. I don't want to deal with them, but they're scum. You know what scum is? They're scum. They're sick people. They're led by sick people. And they're vicious, violent people.

And if they had a nuclear weapon, they'd use it. As far as I'm concerned, it's over. Policy experts say Iran is very aware that President Trump's in a political quandary. The axiom that still holds, you know, the price of, you know, gas and groceries, the price of a gallon of milk, the price of a gallon of gas. What we know from polling is it really does matter to voters. You add to the price of health care, the price of housing, affordability, a huge issue going into the midterm elections. So politically, the president has every incentive to extend this negotiating window to come to some sort of, you know, potential, again, another ceasefire.

However, you know, the IRGC may not let him do that. That's Pimco's head of public policy Libby Cantrell on CNBC. Oil is rising. US crude now above $75 a barrel. Energy aspects. Amrita Sen spoke on CNBC. $80 Brent is a very, very critical level to watch out for because that's where the concentration of short positions are.

If we pass through that, we're going to get a pretty significant leg higher. This afternoon, Brent Crude has pushed past $80 a barrel for the first time since late June. And another take from Rapiden Energy's Scott Modell on CNBC. It's going to be uncomfortable. We're going to see clashes. So really we could see a break. And I think the market has positioned itself to think, wait a minute, I thought we were out of the woods here. I thought we were done with this. Maybe we sort of priced him through dropping too soon. Soccer is hotter than ever in the U.S. with the World Cup getting big ratings. And Fox may have competition for the future rights to FIFA World Cup.

matches. Netflix, Disney, and Alphabet's YouTube are all interested in challenging Fox for the U.S. broadcast rights to the next two men's World Cups. That's according to sources who spoke with CNBC. They said executives at various media companies are budgeting between one and a half and $2 billion for the U.S. rights to each tournament across languages. Amazon and Apple could also potentially enter the mix. CNBC's Kelly Evans. Delta Airlines launching basic business fairs, No lounge access. You can't choose your seat. You always earn fewer miles, and there are fees if you want to cancel or make a change. But you get the lie flat seat for the flight. They're on sale now for flights starting in September and select markets. Delta joins United Airlines and cutting up the front of the plane to squeeze more out of flyers. Celebrity entrepreneurs are joining ABC's Shark Tank as guest sharks, including writer, producer and actress Mindy Calling, YouTuber Mr. Beast, and former NFL player JJ Watt. Jessica Eddinger, CNBC.