CNBC Business News Update - Market Midday: Stocks Rise, SK Hynix Jumps on U.S. Debut; Delta Profit Up • 7/10/26

Episode Date: July 10, 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 Ettinger, CNBC. Major averages all on the green this afternoon now. The Dow up 102 points. Nike shares leading it higher. They're up almost 4%. Shares of Nvidia up more than 3% helping the Dow. The S&P 500 index up 14. The NASDAQ back in the green up 22 points.

Tech investors are now snapping up ADRs of South Korean chipmaker SK Hynix, a trillion-dollar company. It's trading in South Korea. for a long time. Today, it's now offering American depository receipts. Here's CNBC's Christina Parsonabalus. So the shares have opened in the United States, a listing roughly at 172, 173 right now. So that's about 15% higher than the listing price of 149. There is a lot of liquidity in this market for this company. It's well known. It is listed in South Korea first. There are ADRs in Europe as well. It is the leader in high bandwidth memory, so it's an opportunity for U.S. investors to get a piece of that pure play memory maker.

And yes, Micron is a huge competitor built here on U.S. soil, but when it comes to high bandwidth memory and the connection with NVIDIA, that's where S.K. Heinex dominates. So this is an opportunity you're seeing movements, but you can see the demand is there, liquidity is there. President Trump will not sign the housing bill into law to protest Republicans refusing to pass a controversial election. measure known as the Save America Act that purports to cut down on non-citizen voting in U.S. elections, although that's already illegal and happens rarely. CNBC's Carl Kintanilla. The bill is set to become law tonight at midnight, often called the most significant housing reform in a few decades, although the president the other day called it a yawn. The housing bill hopes to lower costs for home buyers and increase some of the supply.

It caps the number of single-family homes that institutional individuals. investors can buy and then rent out. It also removes some red tape for some of the builders. Delta Airlines says higher airfares are going to stay. Even with lower jet fuel prices, the company's CEO says the original 2026 profit goals within reach for Delta. Here's Delta's CEO Ed Bastion on CNBC. It was a challenging quarter. I mean, solid results. Fuel prices up 75%. Added $2 billion to our cost base within the quarter. Our team was able to offset the majority. of that cost speaking to the health of the demand set. The demand for our product is really strong. The demand for air travel is really strong. And as a result of that, we posted a $1.4 billion profit,

9% margins. And to put that in context, we estimate over 60% of the industry's profits this quarter will be Delta, despite only having 20% of the market share. U.S. crude oil sitting around $72 a barrel today back up. After falling down into the 60s last week. The national average for a gallon of regular gas is climbing again. AAA says it's now $3.88 up $0.68 per gallon from a week ago. CNBC's Pippa Stevens with more on oil and the Strait of Hormuz. The refining stock. So that seems like Valero and Marathon Petroleum, hitting record highs this week thanks to the jump in gasoline and diesel futures. A flood of oil has hit the market as ships exited the Strait of Hormuz, sending prices lower. 13 million barrels of previously

stranded crude exited. So all of that is now being flushed out. What we need to see is ships entering. There isn't much spare refining capacity globally, which is why we're seeing still elevated fuel prices. Stock up on forever stamps. If you mail letters or even holiday cards, this Sunday, the first class stamps go up four cents apiece to 82 cents. I'm Jessica Eddinger, CNBC.