CNBC Business News Update - Market Open: Stocks Lower, Chip Stocks Slide, Inflation Hits 3 Year High, Bill Gates on Capitol Hill 6/10/26

Episode Date: June 10, 2026

The CNBC Business News Update with Jessica Ettinger features market numbers & news with CNBC expert analysis and sound from top business names. Updated throughout the business day. 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. Inflation sores. Wall Street's in the red out of the gate this morning. President Trump said Iran will pay the price and adds that they've taken too long to agree to a pea steel. Oil prices are jumping today, but U.S. crude oil still below $90 a barrel. The Dow falling 282 points down a half a percent being led lower by shares of Salesforce, which are down 2%. The S&P 500 index down 37 points. That's a half a percent. That's a half a percent. And so. The NASDAQ down 160 points. That's a half percent. This has become a market that's a bit jittery. I think this is a very shaky market, much more driven by tech, that could potentially signal that we're in the midst here of a tech correction or a tech pullback. J.P. Morgan's Gabriella Santos on CNBC chipstock, semi-names continuing their slide today. Micron down 2.5%. Qualcomm down 2, Broadcom down 3.5%. AMD is down. down 1% and Vidia down just to half percent this morning. Inflation popped in May to its highest year-over-year pace in three years.

Our May read on the consumer price index, it heated up. It comes in exactly as expected, up half of 1% year-over-year perspective. 4.2, 4.2 expected, that's what we received. However, that's not necessarily good news that matched expectations because in the rear of your mirror was 3.8. percent. 4.2 would be the warmest since April of 23. CNBC's Rick Santelli, and here's CNBC Senior Economics Reporter, Steve Leesman. The overall numbers are not good. The headline number, not good, headed to 4-2, and the core number headed to 29. Not a good number. New vehicle prices declining by 0.3%.

Not sure why that was, and medical care commodities down 7.10s. Food at home also doing a little better. Microsoft co-founder Bill Gates on Capitol Hill. He's set to provide some closed-door testimony and face some questions from House Oversight about his friendship with sex offender Jeffrey Epstein. I'm glad to be here voluntarily to testify to help with the committee's work. I'll start with an opening statement in the hearing room. I hope my testimony is helpful to the work, important work of the committee to find justice for the victims. Thank you.

I'm not much sure what we can add to it at this point. Senator Elizabeth Warren calling for SpaceX to delay Friday's debut on Wall Street. This is a letter to the Securities and Exchange Commission asking the commission to delay Friday's SpaceX IPO, citing investor protection concerns, citing a number of factors, including the company's valuations. She says market analysts have raised concerns about the math underlying SpaceX's target valuation, government structure saying publicly traded companies are meant to be accountable to their shareholders. The SpaceX IPO will flip this model on its head with shareholders providing billions of dollars in new capital with no accountability measures for Mr. Musk or company leadership. CNBC's Aiman Javvers.

Some investors are not interested in the SpaceX initial public offering at all. IPOs in general are kind of like playing a lottery ticket. Many will play. Few will win. You know, no one forces you to swing at pitches day to day as they come to the IPO window versus in the secondary market. You have ample opportunity to evaluate businesses. Smead investors, Cole Smead on CNBC. Cracker barrel shares popping today on a better forecast.

Nike shares slipping on a downgrade by RBC. Pet retailer, Chewy shares were higher on better than expected quarterly results. Jessica Ettinger, CNBC.