CNBC Business News Update - Market Open: Stocks Higher, Oil Slides, Jobless Claims Rise Less Than Expected

Episode Date: May 7, 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 edging higher on this Thursday morning as oil prices fall for another day, buoyed by hopes that the U.S. and Iran are closing in on a deal to end the war. The Dow is up 74 points. The S&P 500 up just four points and the NASDAQ up about 50. Initial jobless claims rose less than expected last week. Productivity and unit labor costs came in beneath estimates. That's according to new economic data released this morning.

Constellation Research Chairman Ray Wang thinks this test. Rally has legs. We're in the third inning of a nine-inning race in AI. We got the infrastructure pieces in place. That's why the chips are hot. The chips will then come back and, you know, plateau. And then we're going to be looking at what's happening in the software layer. And then we're going to be looking at all the other layers after that at the edges. Shares of DoorDash popped 10% after the food delivery giant issued rosy guidance for orders in its second quarter. Peloton shares jumped nearly 4% after earnings beat Wall Street expectations on revenue, but fell slightly short on earnings.

Shake Shack tumbled 17% after the burger chain's first quarter results fell short of expectations and it reported an operating loss. McDonald's posted a beat on both the top and bottom line, sending shares 3% higher. Whirlpool lost 18% after the maker of household appliances slashed guidance for the full year. Sports company Fanatics is announcing its extension of its partnership with FIFA. CEO Michael Rubin spoke about it with CNBC. This is something that we've had a dream and vision of doing for probably five plus years.

Nothing more important than global football. And when you think about the biggest events in the world, nothing more important than the World Cup. And FIFA and fanatics coming together to take over the collectibles business starting in 2013. There's not a more important global partner for us to add to the mix than FIFA. Layoff announcements rose in April spurred by AI-related cuts. That's according to Challenger grade. and Christmas. Jill Schneider, CNBC.