CNBC Business News Update - Market Open: Dow Higher, 10-Year Yield Hits Highest Since Nov. 2023, Oil Up • 9/2/26

Episode Date: September 2, 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.

CNBC Business News Update Market Open. I'm Jessica Eddinger, Wall Street, in the green as investors buy yesterday's sell-off. The yield on the 10-year Treasury hit its highest level this morning since November of 2023, touching 4.81 percent. That 10-year is the main benchmark for mortgages, auto loans, and credit card debt. You've got the Dow up 248 points. It's being led higher by shares of Salesforce up 2 percent. Johnson and Johnson up 2% this morning.

The S&P 500 index up 8 points, the NASDAQ up 2 points. We're entering into this part of the year. Earnings is over. All the good stuff is over. We're kind of moving back to the macro. Of course, you've got potential rate hike on the table this year. You've got midterms, which has its own history of tending to have market sell off prior to that. So seasonally week set up, that doesn't mean anything.

It could always surprise us, but that is the positioning we're looking at. See's Amy Wolf Silverman on CNBC. Disappointing job creation numbers from ADP for August. Here's CNBC Senior Economics Reporter Steve Leesman. Total private payrolls for ADP up 38,000. And that's versus an estimate of 53,000 jobs by industry. There it is, education and health services, as always, up by a 45,000 leading the way,

Legion of hospitality in the second position of 16,000. Construction OK, professional business services down 16,000. And manufacturing, taking a big hit, we'll have to look into that a little bit more. The government's August jobs report will be out Friday morning. Full coverage on CNBC TV, CNBC.com, and the CNBC app on your phone. Uber cutting more than 3,000 people as it eliminates 10% of its workforce globally. The most oil flowed through the Strait of Hormuz on Monday since the U.S.

launched missiles into Iran back in February. U.S. Energy Secretary Chris Wright spoke with CNBC. Monday was our record ever since the conflict began. Over 17 million barrels of oil flowed through the Strait of Hormuz on ships on Monday. If you add the bypass export pipelines, more than left the region in the pre-conflict. So is Iran trying to challenge that? Yes. Are there challenges?

Yes. But this is the United States Navy and President Trump taking the one card out of Iran's hands, which is to try to hold the world economic cost. The U.S. military set up a shipping corridor along Oman's coast that tankers from its Gulf allies are starting to use. Often at night, with their transponders turned off to reduce the risk of attack. Meantime, Chevron will expand Venezuela operations doubling production there through a $7 billion investment. U.S. crude oil today nearing $90 a barrel. AAA today says the national average for a gallon of regular gas popped up to $4.

12 cents. The White House getting ready to slap tariffs on semiconductors. Commerce Secretary Howard Lutnik spoke with CNBC at the G20 meeting in North Carolina, U.S. tariff rates under President Trump already highly above historical averages, even after the Supreme Court's ruling that struck down President Trump's expansive reciprocal tariffs. Mortgage rates are eyeing 7% again for a 30-year fixed home loan. The average rate today, according to Mortgage News Daily, 6.89%. That's the highest in more than a year since June of 2025. JetBlue adding first class seats to domestic flights. Blue first passengers will board in Group 1, get bigger seats that recline more. They can choose meals and cocktails on the seat back screen. Amenities include a snooze kit and blanket for overnight trips. Jessica Eddinger, CNBC.