CNBC Business News Update - Market Open: Stocks Rebound, Crude Oil Slides On Production Increase, Harley-Davidson To Cut New CEO 8/4/2025

Episode Date: August 4, 2025

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schack, now CNBC. Stocks have opened higher in a partial comeback from Friday's market slump, which came after a much weaker than expected July jobs report and the firing of the head of the Bureau of Labor Statistics by President Trump. The Dow jumping 251 points at 43,833, the S&P 500 adding 42 points or two-thirds of one percent, and the Nasdaq 197 points, or nearly a full percent. National Economic Council Director Kevin Hassett did not directly address President Trump's accusation

that the labor data was rigged, instead focusing on how it is collected and the size of prior month revisions. It's something that has been a work in progress for us at OMB, at CE CEA here at the White House to try to understand why the data have become so unreliable. There's some part of the story about response rates and so on, but I think it's really important now that we get a fresh set of eyes over there to try to modernize the labor data because

it has to be transparent, it has to be reliable, it has to be something that market can make big bets on, and right now it's not. Only one piece of economic data on the docket for today. June factory orders, which will be out shortly. Crude oil is sliding more than 2 percent. That comes after members of OPEC Plus agreed to raise oil production by 547,000 barrels per day in September. Harley-Davidson will be getting a new chief executive officer.

The motorcycle maker has appointed Topgolf executive Arthur Starr as CEO, effective October 1st. He'll replace Jokin Zeitz, who has been CEO since 2020, although the company indicated earlier this year that he was planning to retire. Among stocks on the move this morning, Energizer's shares are up more than 15 percent, after the battery maker reported better than expected quarterly revenue and raised its full year outlook. Peter Schacht now, CNBC.