CNBC Business News Update - Market Midday: Stocks Rally, Chip Stocks Rise, Starbucks Turnaround On · 7/30/26

Episode Date: July 30, 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, the rally continues this afternoon on Wall Street after yesterday's stock sell-off, led by Microsoft shares and chipmakers. The Dow popped back up. It had faded a bit with its rally, but it is back up 366 points. That's 7 tenths of a percent. Microsoft shares now up almost 16 percent after strong quarterly results. The S&P 500 index up 90. That's one and a quarter percent. The NASDAQ up 605 points, almost 2.5%. The NASDAQs now in the green for the week. Chipmaker shares are mostly higher, and boy, are they soaring microns, 16%. Intel, 13% AMD is up 13%.

The only thing I see in the red in terms of big name chipmakers would be Qualcomm down 2% this afternoon. Everybody's been waiting for this moment when it seemed like positioning got cleared out. We already kind of punished the semiconductors, the hypers, the hyperscalers, and the momentum stops enough, and maybe we have a cleaner view. That's CNBC's Mike Santoli. Oil prices were even ticking lower as fighting escalates in the U.S. Iran War.

U.S. crude oil hovering around $83 a barrel. Prices at the pump, according to AAA, national average for a gallon of regular holding around 410 a gallon. Investors waiting for sandwich chain jersey mics to issue shares to the public, the IPO today, initial public offering indicated at $23 to $24 a share. Full coverage of that at CNBC Television and CNBC.com could be the second biggest restaurant IPO of all time. Investors are weighing slower U.S. economic growth coming in even worse than expected, a weak pace of one and a half percent in the second quarter and in the latest GDP report on gross domestic product. Inflation came in well above the fed's target of 2% for June. That inflation number is the personal consumption expenditures

number buried in the GDP report. Year over year PCE. That is coming in at 3.7, largely as expected. You know, June numbers are already considered old. What's going on with the MOU, of course, being violated around July 7th. Crude oil reached its lowest level before the MOU was violated, and that was what, about $68, $68.5.5 in September future. So we're about $15 higher. CNBC's Rick Santelli. Starbucks customers, not too worried about inflation at all. Shares were up 2% today and 26% year-to-date.

A turnaround at Starbucks is on. CEO Brian Nichol tells CNBC as stores get upgraded and refurbished. More people like to come in, and then they're buying add-ons. We're really happy about the way the growth is showing up. You know, it's in transactions. And then we're also getting a nice pickup in the mix where people are using more modifiers like our cold foam, or adding an extra shot of espresso, or, you know, moving into our food. Sony's Spider-Man, a brand new day in theaters tonight.

The Hollywood reporter saying it's aiming for the year's biggest debut on one of the top grossing openings ever. More on all these stories at CNBC.com. I'm Jessica Eddinger, CNBC.