CNBC Business News Update - Market Open: Stocks Higher, Job Creation Better Than Expected, Traders Eyeing Iran Developments

Episode Date: May 8, 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, CNBC. Stocks are higher in mid-morning trading. The Dow up 75 points, the S&P 500, up 50 points, on track for its sixth winning week in a row, and the NASDAQ higher by 325 points. Job creation was better than expected in April, the U.S. labor market continuing to defy expectations for a slowdown this year. Non-farm payrolls rose by a seasonally adjusted $115,000 for the month, down from the 185,000 created in an unusually strong march, but better than the 55,000 forecast. The unemployment rate held steady at 4.3 percent. Traders keeping an eye on developments in the Iran war, speaking to

reporters in Rome today. U.S. Secretary of State, Marco Rubio, said the U.S. is expecting a response from Iran sometime today in the proposal to end the war. Former House Speaker Kevin McCarthy spoke with CNBC about the war and where gas prices are headed. I think gas prices will be down. Will they be down to their lowest points? No, but I think it is important is because it's something people feel each and every week. Republicans want about securing the border, the economy, and just the future looking brighter.

You've got to bring those back home, and I think gas prices will be very important by the time the election comes, but I believe they'll be much lower than they are today. Among early movers on Wall Street, Corweave, the cloud infrastructure company, slid 7% as its second quarter revenue guidance disappointed investors. Microchip technology shares rose 3% after the company reported an earnings

and revenue beat in its fiscal fourth quarter earnings report. Shares of Akamai technology surged 27% after the cybersecurity and cloud computing company said a leading U.S.-based frontier model provider company committed to $1.8 billion over seven years for its cloud infrastructure services. CEO Tom Layton spoke with CNBC. We have our infrastructure. We have our infrastructure in 4,300 places, 700 cities in 130 countries. And we've used that for delivering content and for providing security to intercept all the attacks. And now we're using it to support AI. Upwork shares tanked 23% after the company announced a restructuring plan that includes cutting its

workforce by 24%. Jill Schneider, CNBC. Week nights. There are plenty of people who get too enthusiastic right about now. Every time there's a rally, they think that anything they buy. goes higher they actually think their cheese since they lost all this but they're too cocky. Mad Money, Weeknight 6 Eastern, and streaming on CNBC Plus.