CNBC Business News Update - Market Midday: Stocks Rise, Dow Gains 600; Apple to Lease iPhones • 7/28/26

Episode Date: July 28, 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, CNVC. Wall Street's all in the green this afternoon. The Dow is higher by 635 points, led higher by shares of Sherwin Williams up 8%. Coca-Cola, up 5%. The S&P 500 index, up 31. The NASDAQ's now in the green, up 30 points. A couple of the chipmakers have turned green, including NVIDIA and Broadcom. Why do I feel comfortable that this is not some inflection point for the market? where fundamentals are shifting. Think about the S&P 500. 12% of the S&P 500 index today is recording a new 52-week high.

It's not your technology names. Yes, Apple is participating, but it's your JPMorgan. It's your Visa. It's your target. It's your best buy. So we're seeing that momentum is shifting and going to in other different directions. Ferdist Investments Joe Taranova on CNBC. Consumer confidence slipped again.

Here's CNBC's Rick Santelli. From the conference board, headline number expected to be slightly above 92. Comes in on the light side, 90.8, 90.8. So not good news. Visa, cutting 7% of its employees in what's called an efficiency push as AI reshapes work. Most of the 2,600 people losing their jobs are in technology and product operations. Fast fashion retailer Sheehan says it's under investigation by the Federal Trade Commission. It's preparing for a Hong Kong IPO.

The company reported a loss in the last quarter. USA Today says Sheehan is blaming America's tariffs and trade policies with China. Apple will start to lease iPhones $17 a month after passing a soft credit check. Customers will be offered a one or a two-year lease on an iPhone. There will be a similar option for an Apple Watch or a two- or three-year lease available for Macs and iPads. The Fed meeting on interest rate. investors surveyed believe the Fed's going to hold interest rates steady. After day two of its meeting, tomorrow, we'll find out tomorrow afternoon. Coca-Cola shares hitting a record high on strong

quarterly results. It raised its full-year forecast. Same over at UPS, but Boeing posting a bigger loss than expected, and it's blaming the costs for the next-gen Air Force one jets. It took losses on the two Boeing 747s that will be delivered to the government in two years. Jet Blue, renaming its classes of service from flexible economy to basic first. It's gearing up to launch a first class cabin later this year. They're going to call it Blue First, and of course the fares will be hired to go along with the added service. Jessica Eddinger, CNBC.