CNBC Business News Update - Market Open: Stocks Lower, Oil Prices Jump, OpenAI's ad business soars

Episode Date: August 31, 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 opening lower on this last trading day of the month after combat resumed between the U.S. and Iran for the first time in a month. The Dow down 300 points more than half a percent. The S&P 500 lower by 20 points. The NASDAQ down 70. Oil prices jumped after the hostilities resumed. That's also pushing energy stocks higher in early trading. Halliburton shares added 2.5 percent.

Chevron was up 2 percent. Valero Energy and Occidental preempts. petroleum also added 2% each. ExxonMobil rose more than 1.5%. Utility company PG&E sunk 16% after California lawmakers blocked a proposal that would have limited the amount of money individuals could seek from utility companies whose equipment ignited wildfires. After the legislative results, several Wall Street analysts downgraded the stock. OpenAI today announcing its advertising business has hit $1 billion in annualized revenue run rate. That's a milestone the company is touting as proof of its, quote, diversified business model.

The AI company is gearing up for what is expected to be a massive IPO and is under pressure to justify its $852 billion valuation to investors. Insurance broker Aon slipped 1.8% in early trading after the company announced it will buy rival U.S.I insurance services from KKR for $17 billion. Aon's CEO, Greg Case, spoke about the merger with CNBC. We're bringing content insight into a, into the middle market in a way that we believe it's going to help them make better decisions. Every day these companies are trying to defend the house, protect their assets, but also grow and build the house.

And that opportunity in the very dynamic 200,000 company market is really what we're excited about. Shares of Pinterest were off more than 3% in early trading after the company on Friday revealed that CFO Julia Brow Donnelly will leave at the end of October. Jill Schneider, CNBC.