CNBC Business News Update - Market Open: Stocks Higher, Oil Higher As Trump Threatens Iran, Producer Prices Rise In May The Most In 3 Years 6/11/26

Episode Date: June 11, 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 Eddinger. CNBC. Stocks are rebounding this morning from yesterday's ugly sell-off and a day ahead of what's forecast to be. The biggest initial public offering in Wall Street history, SpaceX, will issue shares to the public for the first time tomorrow. The Dow up 237 points, just about a half a percent. It's being led higher this morning by shares of Caterpillar, which were up two and a half percent. Amgen shares up two and a half percent. The S&P 500 index is now up 30 points. The NASDAQA. up 140 points. That's about a half a percent. Chipmakers in the green this morning. Intel leading the way, shares are up more than 9 percent this morning. Then you've got Micron and Qualcomm, each up 2 percent. AMD up 4 percent, Broadcom, 1 percent. Invidia shares up 8 tenths of 1 percent. Investors are weighing President Trump's comments this morning.

In a true social post, President Trump vowing to hit Iran again tonight and threatening to take Karg Island in the not too distant future along with other Iranian oil assets. CNBC's Joe Kernan, Karg Island is Iran's main oil loading hub for tankers in the Strait of Hormuz. U.S. crude hitting $93 a barrel before pulling back slightly today. Prices at the pump are lower today again. AAA says the national average for a gallon of regular is $4.12. Down is substantial 40 cents per gallon from one month ago. wholesale prices rose in the May producer price index.

PPI for the month of May, headline number up 1.1%. That is much warmer than we are expecting. Now, let's go year over year, take a bigger view on the year over year numbers on headline. What we're looking at there is 6.5. Well, that would be the warmest going back to November of 22, November 22. Not good news there. That's CNBC's Rick Santelli. Now, producer prices can, but not always, indicate where consumer prices are headed down the road as producers often try to pass their higher costs down to consumers.

Now, we don't say that what happens in the producer level translates directly into the consumer level. There's a thing called margins. Perhaps some of the price increase was eaten in margin by the people who were absorbing it, at least at the moment. So the question becomes, is this a sign of things to come? Will it eventually be coming down the road? And the question becomes how long the producers will eat these margins. That's CNBC's senior economics reporter Steve Leesman. The rate of increase of producer prices has hit a three and a half year high. This after the May CPI report on consumer prices showed inflation for Americans now at a three-year high of 4.2%.

More people applied for unemployment benefits last. The last week then expected at 229,000 the most in one week since last February. But the number remains historically low. Hiring has picked up in recent months following a miserable 2025 that saw fewer than 200,000 job gains for the whole year for comparison. About one and a half million jobs were added the year before in 2024. Oracle shares in the tank today, they're down 12%. It reported strong quarterly results last night after the closing bell, but investors aren't so excited about a capital raise. Oracle plans to raise another $20 billion for its AI buildout.

FIFA World Cup matches beginning today. Jessica Eddinger C. NBC.