CNBC Business News Update - Market Open: Stocks Mixed, Starbucks Won’t Buy Chipotle, Tech CEO Warns on AI • 10/12/26

Episode Date: October 12, 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.

CNBC Business News Update. Market Open. I'm Jessica Eddinger. Wall Street's mixed out of the gate this morning. The bond markets closed on this Columbus Day holiday. Earning season unofficially starts tomorrow. We're going to get quarterly results from the big banks. But this morning, the Dow is up 149 points. Sales Force shares leading it higher. They're up almost 4%. The S&P 500 index is up eight points. The NASDAQ down four points. The chipmaker shares are mostly in the market. the red this morning, cerebris systems down 4%. Micron down 3%. Starbucks is not buying Chipotle. CNBC Mad Money host Jim Kramer chatted with the Starbucks CEO Brian Nicol over the weekend. Nickel used to run Chipotle. And an FT report moved the stocks a little bit last week, not happening.

Here's CNBC's David Faber with Kramer. Can confirm that Starbucks is not going to buy Chipotle. They're not interested in do it. They're going to stay laser focused. Brian says he's got great momentum at Starbucks. Importantly, plenty of room for growth. And what's going to do is look forward to sharing fourth-goal results, including fiscal year 27 guidance later this month.

So let's just put that to bed, move on. They're in the middle of their turnaround. It's going really well. And the key question that I got, by the way, when I initially heard it, was like, really? Was why would you get in the way of something like that? Yeah, I mean, I don't want to spend too much time with it. There's just two companies,

but I do know that Brian Nichols say, look, our turn is real. And the numbers are real. And we don't want to derail anything. Oil is ticking higher today. The global benchmark Brent crude, now above $106 a barrel. As doubt grows over a possible supply boost from President Trump's energy ceasefire, Ukraine's President Volodomir Zelensky says his country's ready to agree to an energy ceasefire, but warns Russia has to do the same.

This is Kepler's Matt Smith on CNBC. Take the ceasefire with a grain of salt, right? It needs both of them to be in. otherwise it is just a declaration by President Trump rather than an agreement. The thing to bear in mind that if we are to see more diesel flowing from Russia, and energy ceasefire needs to be in place because the Ukrainians have been relentlessly striking their refineries there. We believe their refinery runs are down about 25% last month versus where they were.

The numbers that have been touted that Russia could be pushing out here somewhat unrealistic. And here's a note from CNBC's Brian Sullivan. The price that we show on the screen is accurate for oil trading. Reality is this. A ship was just chartered from Houston to China for $76 million. That's $38 a barrel, so add that to 90. So I would say the actual price of a barrel of crude oil right now is probably about $125.

$77 million for a 2 million barrel ship from Houston to China, 76 million for a similar ship to South Korea. normal pre-war cost is 7 to 10 million. So we're 10x. There are global travel warnings today after Iran-back Houthi militants attacked an airport in Saudi Arabia's capital, Riyadh, with an American killed in one attack. President Trump said over the weekend the U.S. may join Saudi Arabia in its retaliation against the Houthis. A big tech CEO with a fresh AI warning. Here's CNBC's Morgan Brennan.

Microsoft CEO calling for a quote, emergency break for AI in a post on X this weekend. Satcha Nadella calling for advanced systems to be built with containment and independent controls that lets authorize people pause or shut a model down mid-task. Nadella's comments, the latest by a tech leader, about insufficient AI safety protocols and moving to change that. Jessica Eddinger, CNBC.