CNBC Business News Update - Market Open: Stocks Mixed, SanDisk & Western Digital Slump, Productivity Jumps 8-6-2026

Episode Date: August 6, 2026

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow. 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 Peter Shacknow's CNBC. Stocks are mixed in the early going with the NASDAQ under particular pressure after quarterly results from storage technology companies Western Digital and Sandisk. Both reported better than expected bottom line numbers, but their forecasts did not match the level of growth that investors think should be generated from artificial intelligence. The Dow is up 48 points at 54,0389, but the S&P 500 is a 10th of a percent lower or 8 points, and the NASDAQ down half a percent or 136 points.

Nonetheless, Michael Landsberg, chief investment officer at Landsberg Bennett, private wealth management, thinks the stock rally has some more room to run. I think what's been nice about this rally is we've started to broaden. I mean, what was happening for a while was that seven stocks were really driving returns. You're starting to see now small caps outperforming a large cap, international's outperforming.

So it's not that same if I don't own the seven. I'm not going to make any money. That gives me the ability to think we've got some more legs on this, because the problem was those seven were doing the heavy lifting for a long time and how much of those names can you own. Sandisk, by the way, is down 11% in early trading, while Western Digital is slumping by nearly 16%. First time claims for jobless benefits rose by 1,000 last week to 199,000 according to the Labor Department. That number was lower than economists were anticipating. And non-farm productivity grew by a faster than expected 1.4% rate during the second quarter,

while labor costs rose at a 1.3% rate slower than expected. Among stocks on the move, fitness equipment maker Peloton down 9%. Revenue did top Wall Street forecasts, but active-paying subscribers fell 8.8% over a year ago. Peter Shack now, CNBC.