CNBC Business News Update - Market Open: Stocks Higher, Oil Up, Amazon Soars 13% • 7/31/26

Episode Date: July 31, 2026

CNBC Business News Update with Jessica Ettinger - Markets & 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's in the green on this final trading day of July, as tech stocks are continuing to lead a market rebound after Wednesday's plunge. The Dow is the only index on pace for a winning month as of this morning. It's up 189 points. Three-tenths of a percent. Amazon shares are soaring. They're leading that Dow higher out of the gate. They're up more than 13 percent this morning.

The S&P 500 index up 33, almost a half percent. NASDAQ adding 215 points. That's eight-tenths of 1%. The chip makers are in the green this morning, except for Qualcomm, down almost 1%. You've had major pullbacks in the subindexes. We looked at 11 of the 11 gig sectors that comprise the S&P, something like nine of them have already had pullbacks of 10% or more. Something like 70% of the S&Ps already had a pullback of 15% or more in terms of the segment. So you've already had that under the surface, which allows people to reposition. Those that want to get in can buy on the dip. BMO's Carol Schleif on CNBC. Watch shares of Amazon and Apple today. Apple dropping almost 9% out of the gate this morning. Amazon shares

soaring as we mentioned. Investors are picking their AI winners after earnings. And here's a take from CNBC's David Faber and Mad Money host Jim Kramer. Something in Andy Jassy did, CEO of Amazon, which made people very much at ease. He actually talked. about a line of sight, not to profitability, but great profitability, how big it will be, and I felt great after I listened to it. Right. AWS is now a 169 billion annualized run rates business. It had its fastest growth in 18 quarters and the fifth consecutive quarter of accelerating. That's just amazing for a huge business. Meantime, Amazon got $600 million in Trump tariff refund money. Says it's going to pass along.

of that to some of its customers. Berkshire Hathaway set to report quarterly results tomorrow. It has a long track record of Saturday releases, full coverage at CNBC.com. Markets are higher today even with oil, higher U.S. crude back above $85 a barrel, triple aas is a national average for a gallon of regular gas, holding at about $4.10. Exxon and Chevron each out with soaring profits in the last quarter on high oil prices because of the U.S. war with Iran and the virtual closure of the Strait of Hormuz. That's taken about a fifth of the world's oil supply off the market since the end of February. Chevron posted its biggest quarterly profit in six years.

Oil giant Shell's CEO told CNBC that choices are being made in the industry because of the war. The demand on the product side being jet fuel-focused demand in Shell's global portfolio, we increased the production of jet fuel by around 20%. Now that comes at the expense of diesel and gasoline. And today what you're seeing is all the price signals are that we are short diesel and gasoline. That's Shell CEO Wilesowan on CNBC. Bond yields have been volatile. Mortgage rates, too, would be homebuyers heading into the first weekend of August.

Looking for a house are facing the average rate on a 30-year fixed home loan at 6.77% according to Mortgage News Daily. That's the highest in about a year. Universal's Christopher Nolan's The Odyssey is staying in massive screen IMAX theaters a little longer. Movie times are still selling out weeks in advance. There are only 25 screens in the U.S. that can play physical reels of that film at that size and only 41 locations globally. You can get details on these stories and a lot more at CNBC.com. I'm Jessica Eddinger, CNBC.