CNBC Business News Update - Market Midday: Stocks Up On Hopes War Will End Soon, Uber & Disney Climb, Oil Tumbles

Episode Date: May 6, 2026

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jill Schneider. 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 Jill Schneider, CNDC. Stocks sharply higher on Wall Street following a report that the U.S. and Iran are getting close to an agreement to end the war. All the major indexes higher by more than a percent. The Dow up 600 points, the S&P 500, up 86, the NASDAQ higher by 380. According to a report from Axios, an agreement would include a moratorium on nuclear enrichment. An Iranian foreign ministry spokesperson also telling CNBC that Iran was, evaluating a U.S. proposal toward a resolution. President Trump signaled later in the day that a deal was not certain.

Former President of the Council on Foreign Relations, Richard Haas, weighed in on the potential for a deal. The question, again, in all these things, is the terms. And you've got both sides, I think, wanting a deal, the question is, who wants it more and who thinks the time, if they had a hold out, who thinks they could handle the passage of time better? That's essentially where we are right now. Oil prices tumbled as traders paired exposure on hopes the war would end soon. UBS Global Wealth Senior Portfolio Manager Alan Rexchaffen said prices of the pump will ease once the conflict in Iran is resolved.

Once this war ends, we're going to see inflation moderate prices come down. The gasoline price is a real pain point for Americans. We're entering an election season in November. That election season will encourage the government, the officials who are in office to find a way to lower prices. Uber and Disney among the day's big gainers. Uber up 8.5%, Disney climbing 7%. The two companies pointing to a remarkably resilient spending backdrop, with consumers continuing to shell out for rides, food delivery, vacations,

and theme park trips, even as broader concerns about the economy linger. Jill Schneider, CNBC. Get the essential post-market edge, after-hours action, and opportunities. Big earnings, all due in the next few minutes. 4 p.m. Eastern, CNBC.