Market Open: Stocks Fall, Trump Says Iran Ceasefire Over; Oil Jumps • 7/8/26
Speakers
Jessica Ettinger
— Anchor, CNBC
Nicholas Burns
— Harvard University professor and former U.S. Ambassador to China
Libby Cantrell
— Head of Public Policy, PIMCO
Summary
Stocks fell sharply and oil prices spiked after President Trump declared the Iran ceasefire over and the US revoked waivers for Iran to sell oil in dollars. Bond yields rose with the 10-year above 4.5%. Apple announced a $30 billion chip partnership with Broadcom, lifting that stock.
- Dow drops nearly 500 points, S&P 500 and Nasdaq also down
- Oil surges 4% above $73 as Iran ceasefire collapses and supply waivers revoked
- 10-year Treasury yield crosses 4.5%, 30-year above 5%
- Home Depot and Sherwin-Williams among notable decliners on the Dow
- Broadcom gains 2.5% on expanded Apple chip deal
- Trump calls for $2.50 gas, but national average remains near $3.79
- Geopolitical tensions dominate with NATO summit and Iran rhetoric
Ideas
Iran supply shock pushes oil higher
The revocation of US waivers allowing Iran to sell oil in dollars is a major blow to global supply, driving crude oil prices significantly higher amid renewed geopolitical tensions after President Trump declared the Iran ceasefire over.
Up Next
This CNBC video, published July 08, 2026, features Jessica Ettinger discussing USO. 1 trade idea extracted by AI with direction and confidence scoring.
Speakers: Jessica Ettinger · Tickers: USO