Market Midday: Stocks Mixed, IBM Weighs On Dow; JPMorgan Replaces J

Summary

CNBC Business News Update with Jessica Ettinger reviews mixed markets: the Dow is down on IBM's 24% drop, while the S&P 500 and Nasdaq rise. Oil refiners and large banks hit all-time highs. Oil hovers near $78 after Trump reverses Strait of Hormuz toll plan. Fed Chair Kevin Warsh testifies on inflation and regulatory reforms. Bank CEOs discuss AI job impacts and recent strong profits. CPI inflation cooled to 3.5% y/y, helped by lower gasoline, but food inflation remains elevated, especially beef.

• Dow down 124 points, weighed by a 24% plunge in IBM shares
• S&P 500 and Nasdaq positive; chips mixed with Micron up 5% and Qualcomm down ~3%
• Oil refiners Marathon Petroleum, Phillips 66, Valero and big banks BofA, Morgan Stanley, Goldman, JPMorgan hit all-time highs
• US crude oil around $78 after Trump halts Strait of Hormuz toll plan
• Fed Chair Kevin Warsh says easing supervision will help bring down inflation
• Bank CEOs report blowout quarterly profits; Jamie Dimon notes AI reducing some banking jobs
• Brian Moynihan says consumers are healthy, spending on cruises, dining, and entertainment
• CPI y/y headline 3.5%, below expectations; grocery inflation 2.7%, steak prices up over 11% y/y