CNBC Business News Update - Markets Midday: Stocks Rally After Weak Jobs Report, SpaceX In Orbit, Lyft In The Fast Lane 8-7-2026

Episode Date: August 7, 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 Shack now, CNBC. Stocks are holding on to early gains following a weaker-than-expected July employment report, with the tech-focused NASDAQ having a particularly strong day. The Dow is up by 85 points at 53,970. The S&P 500 adding 46 points or 6 tenths of a percent, and the NASDAQ 1.5 percent higher were 331 points. The U.S. economy lost 23,000 jobs last month compared to forecasts of an 83,000 job gain.

The idea that this makes the Fed less likely to raise interest rates is helping market sentiment, but Gabelli Funds Growth Equity's portfolio manager John Belton says investors should be more focused on the bottom line. I think things have gone a little bit better than fine this earning season. I think this has been one of the best earnings seasons I can remember. I think earnings growth for the S&P 500 up something like high 20s on an underlying basis, better than expected. And I think for tech, it's been kind of a simple. similar story, some of the best earnings we've seen in a few years at least.

Among stocks on the move today, Lyft is up by more than 4%. The ride-sharing company's earnings were slightly short of estimates, but revenue was stronger than forecast. Lyft CEO David Risher says the company is focused on ridership growth. Lyft had its highest active rider quarter ever, highest bookings ever. We're growing above 20% right now. So what I always like to think about is, you know, we're going to do about a billion rises this year, which is amazing.

People going to work and going to the gym and going to concerts and so. but people do 160 billion rides in their cars in the U.S. And so so much more to go. And so we keep looking at huge growth and sort of investing against that big future. SpaceX is rallying 12% as the lockup expiration on insider-held stock did not wind up pressuring the share price. The rocket and internet company is up for the fourth time in five days. And the leading gainer in the S&P 500 is Airbnb soaring 16% after reporting a blowout quarter and raising its revenue forecast. NBC.