Market Open: Stocks Mixed, New Tesla Roadster, Diesel Concerns • 10/16/26

CNBC business news update. I'm Jessica Edinger. Wall Street is mixed at the open for the major averages. The Dow's coming off a 500 point gain from yesterday as AI concerns sent some investors rotating into blue chip names. This morning, the Dow is up 277 points out of the gate. That's up a half percent. It's JP Morgan shares that are leading the Dow higher. They're up more than 2%. Goldman Sachs up almost 2% this morning. The S&P 500 index is down two points. The Nasdaq down 156 points with all the major chipmaker names in the red. Elon Musk's Tesla unveiled its long delayed Roadster vehicle, showing off its flying car ambitions. Here's CNBC's Phil Leau. >> It is a Halo car. Very few people will actually be able to buy this vehicle because of SpaceX technology which includes thrusters that were uh built into the next generation Roadster. They were able to do a couple of demonstrations where the vehicle takes off, goes over four or five vehicles including a Tesla semi that were were parked there like evil conval lands on the other side. Here's Elon Musk from last night. This is the culmination of uh incredible work by Tesla and SpaceX engineers working closely together. When will we actually see the Roadster? In terms of production, Elon Musk says 2028. They did not give a price last night, though many believe it'll probably start at at least $200,000. >> Tesla shares were higher this morning. You can see all the moves the Roadster can make at cnbc.com and on the CNBC app on your phone. Meanwhile, the US is limiting Ukraine's use of Elon Musk's Starlink internet service on the battlefield. This is according to Ukraine's first deputy minister for recovery infrastructure and transport who spoke with CNBC. He's warning that the US is helping Russia to strike bridge and energy systems and that can make the coming winter especially difficult for the Ukrainian people. The IEA releasing some diesel as the Trump administration pushes Europe ahead of the midterm elections, but high fuel prices still haven't been fully built in rising inflation yet in the US. In the consumer price index, here's Goldman Sachs Don Striven with CNBC's Joe Kernan. >> The uh International Energy Agency announced plans to release over 20 million barrels of diesel or about 5 days of US consumption. The IIA cautions that constraints on diesel could continue uh into next year. What does that mean for diesel at the pump? Uh in the US, the average retail price is down slightly. Diesel is the workhorse fuel of the of the global economy. And in contrast to gasoline and jet, it has a very broad-based impact on many CPI categories. Uh and the lags are are longer. It takes more time for all these effects to to show up in in the economy. Netflix shares fell on a management shakeup. The streaming giant announcing the chief content officer is leaving, being replaced by a former Disney executive. And Netflix also announced it's slashing about a thousand jobs. KFC is switching to Coca-Cola beverages from PepsiCo after serving Pepsi since 1986. Pepsi used to own KFC before it spun the restaurants off into the company now called Yum Brands. Jessica Edinger, CNBC. >> From gas prices to housing prices, from government spending to consumer spending, from the AI boom to the data center backlash, how will this election hit your pocketbook and your portfolio? Continuing coverage, the economy election, CNBC.