CNBC Business News Update - Market Open: Stocks Mixed, S&P 500 Index And Nasdaq Slide From Record Highs, Gas Prices Hit 4 Year High 4/28/26

Episode Date: April 28, 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. Wall Street mixed out of the gate this morning. The S&P 500 index and the NASDAQ each opened at new record highs for the second straight session. Bond yields are at their highest in three weeks. Gas prices soared in the U.S. overnight. The Dow up 146 points is being led higher this morning by shares of Coca-Cola, which are up almost 6% on strong quarterly results. The S&P 500 index down 27. The NASDAQ down 203 points. Shares of NVIDIA are lower by 2.5% this morning. German Chancellor Friedrich Mers says the U.S. is being humiliated by Iran as peace talks remain sketchy and uncertain. Oil is climbing. U.S. crude soaring above $101 a barrel. Brent at 112. Here's CNBC Mad Money host Jim Kramer on. rising oil prices. This thing is really starting to have an impact.

We're starting to see companies saying, listen, we're having a good quarter. But if it doesn't come down, we won't. This has to break. I mean, if you're an American company, you're like sitting there saying, okay, okay, that was good. That was good. We actually did okay. We had a lot of inventory. We did okay.

But when is this ending? Prices at the pump. Meantime popped six cents overnight to the highest national average for regular in four years. AAA says it's now $4.17 a gallon. The Iran War peak had been $4.16 a gallon back on April 9th. Unlike some companies that may be trying to curry favor with President Trump by not applying for tariff refunds, General Motors expects the Trump tariff refund. After the first wave of tariffs last year were ruled illegal by the Supreme Court, the carmaker raised its guidance for this year, and it's waiting for that half-billion-dollar tariff refund. Shares were up 5 percent. CNBC's Phil LeBoe asked General Motors CFO Paul Jacobson on CNBC.

If people are changing what they buy because of the high gas prices. Many believe we're going to see higher gas prices for longer. And we do know that people across the board in the United States are moving towards smaller SUVs, trucks, etc. have you had to adjust your outlook in terms of saying, look, we're not going to sell as many full-sized trucks and SUVs? No, actually, our truck sales are strong. You know, despite challenged inventory levels, light duty pickup trucks were up 8% year over year. So we're still seeing steady demand.

The Fed started a two-day meeting on interest rates. Today, it's widely expected to hold them steady. When the announcement comes tomorrow afternoon, inflation's been rising away from the Fed's 2% target. 2019 before the pandemic, Americans enjoyed a 1.7% inflation rate. It's sitting at 3.3 right now. Open AI reportedly missed revenue targets and shares of Oracle and other chip stocks were falling today. UPS out with quarterly results that beat forecasts, but shares were lower in early trading. Spotify shares tanking 12% on weaker than expected operating income guidance for this current quarter. I'm Jessica Eddinger, CNBC.

The central bank's key interest rate is expected to hold steady. But could the Iran war stall future cuts? Wednesday at 2 Eastern and streaming on CNBC Plus.