CNBC Business News Update - Market Open: Stocks Mixed, Brent Crude Oil Above $100 Per Barrel, Triple A Says Prices At The Pump Hold At $4.52 5/11/26

Episode Date: May 11, 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 Eddinger, CNBC, markets with a mixed picture out of the gate this morning. The S&P 500 index and the NASDAQ each opened at fresh record highs. The Dow is down 71 points, led lower by shares of Nike this morning, down 2%. The S&P 500 index building on its record high. It's up almost one point. The NASDAQ is lower, falling from a record, down 23 points this morning. Brent Oil back above. $100 a barrel today. U.S. crude hovering around $97 a barrel after President Trump dismissed Iran's

response to a U.S. peace proposal in the war. Prices at the pump held steady from yesterday. AAA says the national average for a gallon of regular gas today is sitting at $4.52. Inflation is in focus because tomorrow morning the CPI will be out. The Consumer Price Index for April. The consensus forecast is for inflation heading toward 4%. Economists believe it'll come in at 3.8%. But the White House National Economic Director Kevin Hassett told CNBC's Joe Kernan that some prices have been going down. It is up from where it was when Biden left office.

It was lower when he left. It's higher right now. And the president promised to tackle affordability. The bottom light is inflation is going down at the microeconomic level by a million things that we've done, like, you know, fix the avid flu, so egg prices are down, you know, change beef imports so that beef prices go down, make drug prices more affordable with Trump RX and so on. But at the macroeconomic level, the driving force right now is the temporary increase of the price of gas.

Some dismal inflation sentiment meantime in the National Association of Business Executive Survey. The NAVE industry outlook, three-month expectations in the survey, shows that, 42% are charging more, and that's the most since 2022. 63% see their material costs rising, the conflict in the Middle East, boosting the outlook for inflation for the full year and raising concerns about profit margins. CNBC's senior economics reporter Steve Leesman. Hanta virus cases spark a surge in pharma and biotech stocks after a birdwatching trip by cruise ship passengers brought the deadly virus on board.

Here's CNBC's Dominic Chu. Moderna and Novavax both gaining. This is on top of double-digit gains on Friday related to the latest in the Hanta virus. Modern has said in a statement last week that it has done early-stage vaccine research on the hanta virus, and Novavax has a strong vaccine development program and a history of developing treatments for pathogens like Ebola, MERS, Zika, and others. So keep an eye on that vaccine complex tied to Hanta virus. Coffee futures hit their lowest in a year and a half since November of 2024.

traders now expect a global coffee surplus after big harvests in Brazil and Vietnam. Nintendo shares were tanking on Word it's raising the price for the Switch 2 video game console as it issued a weak sales forecast. Amazon moving Prime Day from July to June this year, no specific dates yet announced. But Amazon is doing a prime pet item sale, which begins this week. Final numbers aren't in yet. but Disney's Devil Wears Prada 2 film appears to have won the weekend box office for the second week in a row. Jessica Eddinger, CNBC.

We've never had people in a more gambling mood than now, but that doesn't mean that investing is terrible. CNBC.