CNBC Business News Update - Market Open: Stocks Fall, Oil Surges as Trump Threatens Iran • 7/29/26

Episode Date: July 29, 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, Wall Street is in the red. Out of the gate oil is surging after a surprise Iranian attack on U.S. forces in the Middle East overnight. The Dow down 391 points. Sherwin Williams shares leading the Dow lower. They're down three and a half percent. The S&P 500 index is down 10 points. The NASDAQ falling 20 points. Chipmaker shares mostly in the red, but micron ticking higher so are shares of Intel. U.S. crude oil. jumping almost 7% after President Trump said the U.S. will hit Iran hard after the surprise attack last night. Investors are waiting for a Fed decision on the direction of interest rates at 2 Eastern. According to the CME's Fed Watch tool, there is a more than 70% chance of a hold, despite a rebound in the price of oil and gas as tensions in the Middle East rise. That's CNBC's Steve Sedgwick in London, and investors do want to hear what new Fed Chair, Kevin Warsh says after the announcement on rates is made. Here's CNBC's Carl Kintanilla, David Faber, and Jim Kramer.

The president's message, just because I don't know if anyone was actually murdered out of the Fox. You can't play it. You can't play it. Oh, I didn't know that. Yeah, you can't play it without getting fined twice. We're not, we're cable. The FCC doesn't regulate us.

We can play it. You're trying to beat me. We can play it. I do wonder what you think Mr. Warsh is going to and the committee is going to choose to done and or how they're going to communicate. they communicate at all if he does today. I would say, look, if we have another quarter of elevated oil, it's going to start going right through, and you're going to see four or five, maybe six percent inflation.

And I think you have to say something about that. U.S. crude oil back up to nearly $85 a barrel. Americans are paying a penny less on average today for gas. AAA says prices at the pump for a gallon of regular sitting at 409 a gallon today. The NASDAQ is in correction, down at least 10% from a recent high. Here's Fairlead strategies Katie Stockton on CNBC. We have a down draft already of more than about 10%. So we're at that point where it's in correction territory in our work.

We'd already seen the same loss of momentum that the S&P is now suffering. So it doesn't really bode well, of course. Maybe it doesn't need to be as dramatic for the S&P 500. Bond yields ticking higher ahead of the Fed decision. Afternoon, mortgage rates have ticked lower this week. Mortgage News Daily says the average rate today on a 30-year fixed home loan is six and three-quarters percent. Big name quarterly reports coming after the closing bell, Microsoft, and Facebook and Instagram parent meta. OpenAI's rogue agent compromised an account at a second tech firm after it got into AI firm Hugging Face.

It went over to modal labs, according to a modal executive and a source familiar with the matter. This is being reported by Reuters. BMW cutting 8,000 jobs in Germany. The company has about 150,000 employees worldwide. You can get more on the day in business at CNBC.com. I'm Jessica Eddinger, CNBC.