CNBC Business News Update - Market Open: Stocks Higher, Bond Yields Lower, Weak Job Creation In June 7/2/26

Episode Date: July 2, 2026

CNBC Business News Update with Jessica Ettinger - Current Market Numbers and 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 Eddinger, CNBC. Wall Street shaking off a disappointing June jobs report, eyeing chip stocks on sale after their pullback. Investors are more hopeful that the Fed won't have to raise interest rates that week jobs report, pulling bond yields lower and helping stocks. Major averages higher out of the gate, the Dow up 270 points. Nike shares leading it higher. They're up 4% this morning. The SMT 500 index adding 30 points. NASDAQ up 73 points. Chipmakers are split. Micron up 2%. Intel Broadcom and AMD are all lower. Fewer jobs than expected were created in the U.S. in June. Our June release of the Job, Job, Jobs Report,

headline number comes in light. Changing non-farm payrolls, 57,000. That's about half of what we were expecting. And last month it was revised from 172 down to 1.1. 29. CNBC's Rick Santelli. Here's CNBC's senior economics reporter Steve Leesman with a look at where there's hiring and where there isn't.

Private sector really lame, up just 39,000, retail down seven and a half. Almost all of the jobs coming from the private education and healthcare sector. Leisure and hospitality declining by 61,000. Goldman Sachs thought we might be adding 40,000 in leisure and hospitality because of the World Cup. So something is a miss here with accommodation of food services down 55,000. I don't know if that's a miscount or maybe they fired people earlier, but I don't know. The World Cup is just happening right now.

The unemployment rate ticked lower in June to 4.2% from 4.3, a take from National Economic Council Director Kevin Hassett on CNBC. The data are 100% consistent with what we view as a very strong economy. If the average the last two or three months, I guess the last four months, we've, We've aired on the upside or surprised on the upside three out of the four months, and this one was a little bit below. But on average, you know, we're basically headed straight up. The continuing claims number out today, up for three weeks in a row now. It measures how many people are continuing to claim unemployment benefits, hinting it's taking people longer to find their next job. U.S. crude oil backed where it was before the U.S. launched missiles into Iran at the end of February.

sitting around $67 a barrel today. Jeffreys David Zervos with an optimistic take on CNBC. Oil prices are back to almost exactly where they were in the first week of March when this began in Iran. And we're probably headed lower than that pretty soon. It feels like a decent move with momentum behind it. AAA says the national average for a gallon of regular. $3.83. That's 65 cents a gallon more.

than drivers endured heading into last year's Fourth of July holiday weekend as Americans deal with higher inflation. Ford's sales disappointed in the second quarter, dropping more than 10% after the F-series pickup production issues and weaker EV demand. Apple planning five new iPhones through 2027 as it eyes Chinese-made chips amid a push into foldable iPhones. This is according to a report by Niki Asia. Google will have to pay a $4.7 billion fine to the European Union for antitrust violations. Google had appealed the fine but lost in the top court. Google was accused of abusing Android's mobile dominance to give unfair advantage to its own apps. New in theaters, Universal's minions and monsters, and Sony's shark horror movie thrash. Jessica Eddinger, CNBC.