CNBC Business News Update - Market Open: Stocks Higher, S&P 500 Index And Nasdaq With New Intraday All Time Highs, Oil Pulls Back On Iran Peace Proposal 5/1/26

Episode Date: May 1, 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 Ettinger. CNBC, Wall Street is higher out of the gate this morning on this first trading day of May, a winning April in the books. Both the S&P 500 Index and the NASDAQ each opened this morning at new all-time highs, and they're building on them. Let's start with the Dow. It's up 133 points being led higher by shares of Salesforce up 4%. Apple shares up 3.5% this morning on quarterly results.

The S&P 500 index is up 39 points. The NASDAQ up 1.000. 187 points. Shares of Nvidia are in the green today up 1 and a quarter percent. With a third of the year behind us, here's a look at year-to-date performance for the major averages. The Dow is up 3 percent. The S&P 500 index up 5 percent. The NASDAX up 7 percent. Apple out with better than expected earnings and revenue for the quarter. The company seeing strength across its product lines with the exception of the iPhone,

with sales just missing estimates. CNBC's Morgan Brennan. And here's a take from Tengler's Nancy Tengler on CNBC. I thought it was a great quarter all the way around. I'm not sure why the stock isn't up more, but that's this earning season, isn't it? Where you can deliver beat, beat and raise and still underperform. U.S. crude oil pulled back to $102 a barrel. CNBC's Carl Kintania now. Crude oil prices volatile today. A report says that Iran has sent a new proposal to Pakistani mediators On the quarterly earnings front, bottom line beats for both Exxon and Chevron. Exxon's net income declined 45% from a year ago,

while Chevron's tumbled 36, heard by oil shipment disruption due to the roar. Here's Exxon's Darren Woods talking this morning on Squawk. Our expectation is over time. We'll see prices respond to that unprecedented disruption. Once the straight opens up, it'll take one to two months for the flow to reestablish itself. And then within that time, it's going to take, you know, transit time. to get the barrels out of the Persian Gulf and two, the customers are going to, it usually takes about a month of transit time. So there will be a time where it takes for the market to recover.

Meantime, prices at the pump are soaring again today. AAA says the national average for a gallon of regular rows another nine cents overnight, sitting at $4.39 a gallon. CNBC's Becky Quick spoke with the CEO of Pilot, a truck stop chain that's a subsidiary of Berkshire Hathaway. Adam Wright says it's all about value for drivers right now with gas prices so high. In fact, the national average for diesel is now more than $2 higher than this same time a year ago. A dollar increase in diesel prices that could cut a trucker's gross take home pay in half. And you go $2. Now you're kind of breaking even at best and then close to losing money.

So how do we make sure we can extend credit, get them fueling faster, and be there for them in those ways? And then for consumers, we have an app that gets you 10 cents off a gallon of gas. And so how do we focus on making sure we can provide value at the pump and then provide compelling reasons to come inside the store? Mortgage rates are higher heading into another spring home buying weekend. The average rate on a 30-year fixed home loan pushing 6.5% again, according to Mortgage News Daily. Anheuser-Busch turning 150 years old this year with marketing that's dovetailing the USA 250 celebration marketing

themes that play on the brand's long American founding in history, according to Fast Company. New in theaters for the weekend, Disney's, The Devil Wears Prada, too. Jessica Eddinger, CNBC. The new era in Omaha begins. Newly mented CEO Greg Abel takes the helm at the Berkshire Hathaway annual meeting. Becky Quick and Mike Santoli with full coverage. Watch live Saturday starting 9.15 a.m. Eastern. Only on CNBC.com.