CNBC Business News Update - Market Midday: Stocks Rally, Iran Peace Hopes Grow, Oil Falls • 8/3/26

Episode Date: August 3, 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 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, August is a winning month so far for the major averages. Stocks are rallying this afternoon on Wall Street. The Dow up 537 points. That's 1%. It's above 53,000 this afternoon. Google Parent Alphabet shares leading the Dow higher. They're up 5%.

Boeing shares up almost 5%. The S&P 500 index up 99 points. That's 1.3%. and the NASDAQ is up 522 points more than 2%. Chipmaker's shares are mixed this afternoon. Investors waiting for quarterly results coming after the closing bell from names like Palantir Snap and on semi, SpaceX reports quarterly results tomorrow. Its shares are up 2% this afternoon.

Its post-IPO plunge, though, has set a tense backdrop for Elon Musk's company. SpaceX shares. are down about 17% from their debut on Wall Street with its initial public offering in June. Tyson Foods mixed quarterly results there. Beef sales fell 3.9% in the last quarter, partly offset by a 12% increase in average selling prices. Here's CNBC's Becky Quick. Tyson is cutting its annual profit forecast, warning that losses in its beef business would widen as tight cattle supplies are keeping livestock costs elevated. water systems across the U.S. are on high alert for cyber attacks.

Seven states with attacks so far. Iran is suspected. Here's Chertoff Group's head of cyber security, Adam Isles, on CNBC. Beyond the seven states, we know that in some states like Minnesota, we've seen 30 municipal water systems impacted. Michigan's reported nine. Cyber tradecraft by Iran, not a new thing. Here, if you just take Minnesota and Michigan alone, you're talking about, you know, almost 40 systems. We know from SISA and the FBI, they're stealing these things called project files. A project file is like the brain of an industrial computer. Why are they stealing

these things? They're stealing them for disruption. Part of what's happening in at least some of these systems is they're shutting down of the alarm logic. Oil prices dropping today on U.S. Iran war optimism with U.S. crude down below $80 a barrel falling more than 6%. Triple A says the national average for a gallon of regular gas is holding at about 409. And while inflation-weary Americans continue to endure $4 gas, White House National Economic Council Director Kevin has said tell CNBC that the inflation numbers are fantastic for the last couple of reports. And he points out the cost of housing. One of the metrics of shelter costs that I find most interesting is that they're going down pretty rapidly in places like California because

everybody's leaving. And so when we look at the aggregate numbers, the fact that it's actually, even though they're high prices in California, it puts downward pressure on inflation because shelter costs are such a big share of inflation and everybody's leaving the state. Would be homebuyers looking at houses over the weekend facing some of the highest mortgage rates in a year. Mortgage news daily today with the average rate on a 30-year fixed home loan eyeing 7% sitting at 6.83%. The U.S. stepped in to prop up the Japanese yen. The first currency intervention in 15 years, analysts pointed to concerns about U.S. Treasury markets and the stability of Japan's financial system. The yen fell to its weakest level

against the dollar in nearly 40 years. You can get more on these stories and the day in business at CNBC.com. I'm Jessica Eddinger, CNBC.