CNBC Business News Update - Market Open: Stocks Mixed, Iran Jitters Ease, Continuing Jobless Claims Rise • 7/9/26

Episode Date: July 9, 2026

CNBC Business News Update with Jessica Ettinger - Markets & Business News With Expert Analysis From Top Business Names. Visit 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. Wall Street mixed this morning. Some investors shaking off overnight air strikes by the U.S. upon Iran after President Trump declared the ceasefire with Iran over yesterday. Then he said Iran called after the strikes to make a deal. The Dow is down 55 points this morning. IBM shares leading it lower. They're down more than 3%. The S&P 500 index in the green up 22. The NASDAQ up 130 points. That's a half percent. Most of the chipmakers are higher this morning. You have Micron up 7 percent, AMD up 6 percent, Intel up 5 percent. Invidia looks like the lone big chip maker in the red.

It's down 1 percent this morning. Fewer people applied for unemployment benefits last week. $215,000. That's actually very close to expectations. If you look at the first week in June, we had $230,000. That was a high watermark of the year. going all the way back to December of last year. And basically, we've had a string now in the two teens. These are historically very, very low. That's CNBC's Rick Santelli. Continuing claims, though,

hit 1.8 million. This is the number of people who continue to collect unemployment checks week after week, and that's the highest level since March. It hints that people are having a tougher time finding their next job. CNBC senior economics reporter Steve Leesman now on how City believes the Fed may soon see the job market. The report this morning from City thinks that the Fed is about to flip in its concern. Being more concerned about inflation, they think the weak job market is the one that is going to be bothering them pretty quickly. Saying the unemployment rate dropped from 4-3 to 4-2, but only due to a 0.3 percentage point decline in the participation rate. Absent that, the unemployment rate would stand at 4-6 for sure if the unemployment rate would stand at 4-6 for sure if the unemployment

rate was 4-6, I can say to you, the Fed would be talking a lot more about the employment side of the mandate. Ohio is America's best state for business in this year's CNBC analysis after a year's long rise for that state. PepsiCo shares were pulling back after an early morning pop in the pre-market on better than expected quarterly results. Oil slightly higher today, U.S. crude above $73 a barrel. Here's a take on gas prices from Sanky researchers Paul Sanky on CNBC. U.S. gasoline demand has stayed high. So although people are saying headline, despite ED penetration, etc. And you know, if you look at gasoline as a share of income or, you know, really the extent to which it's still on the front pages, what you've seen is

actually here, you know, if you think about $4 gasoline, which is not even where we're at right now, in Germany it's eight, you know, so there's a lot more pain in the countries and really the U.S. gasoline price is structurally cheap. Blaming gouging is flat nonsense. And anyone who blames gasoline price gouging as the reason for high gasoline prices just reveals their ignorance about oil and I'll leave it there. Today's national average for a gallon of regular, according to AAA, $3.84. That is up five cents a gallon from yesterday. Today is expected to be the busiest flying day of the entire summer, according to the FAA, even more than July 4th. Today, the FAA says, are people coming home still from their July 4th vacations and so many people starting vacations?

The middle of July is often when people go. And it notes that there are school districts across the country that have moved their start days earlier into August, pushing more families to travel in mid-July instead of later in the summer. Everybody's at airports today. I'm Jessica Eddinger, CNBC. Thank you.