CNBC Business News Update - Markets Midday: Stocks Slide, Oil Prices Jump, FCC Lifts Ownership Cap 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 Shack now, CNBC. Stocks are now lower across the board, giving up earlier gains as investors evaluate the tech and AI trade, as well as keep an eye on higher oil prices. The Dow is down 372 points at 53,97. The S&P 500 giving up a quarter percent or 18 points. The NASDAQ just below break-even, 16 points, that is, less than a tenth of one percent. The question about whether investors are too enthusiastic about artificial intelligence has been recognized. it by forecasts from memory chip maker sand disk and hard disk drive maker Western Digital that did not exceed what's considered a very high bar.

Nonetheless, truest chief market strategist Keith Ler is keeping his eye on the longer term. We are still positive on tech and AI longer term. We've reset valuations and sentiment quite a bit for the broader group, and we're seeing some internal rotation within technology. But as an example, the premium for tech relative to the market at the recent lows went to the one of the lowest levels we've seen the last decade. So again, bottom line is we still think that there's upside to this trade, but it's going to be a bit bumpy. Crude oil is up about 2.4% after Iran aligned hoodies claimed to have attacked Saudi deployments in Yemen. Higher oil prices are

reigniting inflation worries, but there is some good news on that front. Productivity increased by a greater than expected 1.4% rate during the second quarter, and unit labor costs rose less than expected. Former Fed Vice Chairman Roger Ferguson still sees some interest. straight hikes by the Fed on the horizon. I don't think we get three, but I have pimped on a possibility of two this year or early next year because I think the inflation pressures are not going to subside quickly enough. And I think the kid in the media particularly this year I want to hold onto their credibility. The FCC has voted to rescind a rule that prohibits local TV station owners from reaching more

than 39% of U.S. households. The move is likely to spark a court case. The only Democrat on the commission, Anna Gomez, says the proposal is illegal. and only Congress is empowered to lift the cap. Peter Shack now, CNBC.