CNBC Business News Update - Market Open: Stocks Mixed, Dow Adds to Record; Oil Rises on Hormuz Strikes • 7/7/26

Episode Date: July 7, 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, major averages mixed out of the gate on Wall Street this morning. Chip stocks pulling back from yesterday's rally. That Dow opened at a fresh record high this morning, above 53,000. It is building on that. The Dow up 126 points. Johnson and Johnson shares leading the Dow higher. They're up almost 3%. Salesforce up almost 3%. The S&P 500 index in the red by 15 points. The NASDAQ down, 92 points. The major chip makers all in the red, some profit taking maybe. Investors are watching. It's day one for SpaceX as a part of the NASDAQ index. It is down two and a half percent this morning. U.S. crude oil, higher on reports that Iran is attacking commercial ships in the Strait of Hormuz. Well, we know that the Iranians are going to do this, I think, persistently going forward here in terms of creating mischief, trying to express their frustration over the negotiation.

process and maybe the lack of progress at times. But it's really nothing to get too upset about. And oil prices are up modestly off some pretty decent lows of late as the whole system, you know, slowly here recovers. That's again Capitals John Kilduff on CNBC. Rivian shares were struggling as the company selling 75 million more shares to raise some capital. Amazon raising capital by issuing bonds to help fund some of its AI build out. Toyota moving a plant from Mexico to Texas as President Trump touts his tariffs as doing the trick. Toyota announcing its investing $3.6 billion to move to Tacoma pickup truck production from a plant in Mexico to San Antonio, Texas. The president on Truth Social calling it, in his words, a really big deal, tariffs at work.

CNBC's Kelly Evans. Gambling companies pretty upset that prediction markets like Kalshi and Poplar, Mali Market have taken some betting away. Former New Jersey Governor Chris Christie now works for the American Gaming Association. And he spoke on CNBC. These guys are not regulated in any way. And so what they're doing is they're out there, you know, marketing to 18-year-olds, telling them this is an investment.

You know, betting is not an investment. It's betting. And, you know, all the predictive markets have called it sports betting at one time. another. And for them, it's about 90% of their business. So I have no problem with Cal She or Polymarket in the sports betting business. But be regulated, pay your taxes, don't market to teenagers. CNBC has a business relationship with Calci. The New York Fed survey of consumer expectations will be out later today on how people expect prices for food, gas, housing, and education to behave. America's moguls are starting to arrive in Sun Valley, Idaho for the

Allen & Company Media Conference. Jessica Eddinger, CNBC.