CNBC Business News Update - Market Open: Stocks Higher, Dow Regains 50k, S&P 500 Index And Nasdaq Hit Intraday Record Highs, Jobless Claims Tame 5/14/26

Episode Date: May 14, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.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 Edinger, CNBC. Wall Street higher out of the gate this morning with a record setting day already as the S&P 500 index in the NASDAQ opened it records and are now building on those. And it's Dow 50,000 today. Out of the gate, the Dow up 384 points as Cisco shares soar up 16% this morning. You've got Nvidia helping the Dow. It's up 2.5%. The P-500 index up 26 points. The NASDAX up 73 points. President Trump has met with China's President Xi. And while President Trump is focused on trade, China's president is focused on something else. When it comes to stability in the relationship, while both sides welcome it, I think they have different visions on what this might mean. And what struck me coming out of today's meeting were the comments by the Chinese side, making it clear. That constructive engagement, particularly on the economic front, is going to be contingent on developments in Taiwan. This was very clearly stated by China.

That's former Deputy U.S. Trade Representative Wendy Cutler on CNBC. More people applied for unemployment benefits last week than expected, but the number is still very tame, as the pre-pandemic weekly average was quarter million. Initial claims 211,000. We're expecting the number around 2.O.O. 205-206. You know, 211 actually is the highest since mid-April. Last month's 200 goes to 199. When we look at 199, consider this, that anything 190 or lower goes back to the 1960s. So these are all unbelievably low numbers. They've been well-behaved. I don't suspect that's

going to change in the future. No higher, no fire. CNBC's Rick Santelli. April retail sales numbers came in as expected, a little disappointing drop from March as Americans face higher prices with soaring inflation. But when auto sales taken out, the number was much more solid. Consumers are still buying what they need, but the summer may get tougher. Just as we got tariffs, which costs were passed on, now we're going to get another leg up, whether it's food or discretionary, and the consumer's going to have to pay up once again, and that's going to be sticker shock. SW Retail Advisors President Stacey Whitlets on CNBC. The Fed will have a new chairman while current chair, Jay Powell, stays on the board of governors.

Kevin Warsh winning Senate approval to be the next chair of the Federal Reserve. The vote was 54 to 45, the most divisive ever for a Fed chair. Pennsylvania Senator John Federman, the only Democrat to support Warsh. Jay Powell's term as chair expires tomorrow, he said that he'll stay on as a Fed governor. He says at least until the investigation to the renovations at the central bank's headquarters is complete. CNBC's Andrew Ross Sorkin. AI chipmaker Sarah Bross will sell stock to the public for the first time today. It could be the biggest U.S. IPO initial public offering so far this year.

Full coverage on CNBC and CNBC.com. CNBC's parent company, Versant Media, shares, popping 10% on strong quarterly results in its first report. as a separate company from former parent Comcast NBC Universal. Today is round one of golf's second major of the year, the PGA Championship. I'm Jessica Eddinger, CNBC. Become a smarter investor with CNBC Pro. Go to CNBC.com slash get pro now.