CNBC Business News Update - Market Close: Dow 40k, Stocks Lower After Intraday Records, Walmart Record High, Airports Brace For Record Travel 5/16/24

Episode Date: May 16, 2024

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Wall Street opens Friday morning after a record-setting Thursday. Looks like there's some breaking news, so we will pause. I think we touched it. We did it. It is official. Dow 40K. Dow 40K. Almost four years after Dow 30K. CNBC's Carl Quintanilla and Leslie Picker, the major averages, all hit intraday record highs Thursday.

There might have been some profit-taking. Major averages all finished in the red. The Dow down 38 points, pulling back from 40,000. The S&P 500 index was down 11 points. The NASDAQ down 44 points. Companies whose shares hit fresh all-time highs on Thursday include Google Parent, Alphabet, Costco, Goldman Sachs, J.P. Morgan, Procter & Gamble, Royal Caribbean, Chubb, the insurance company that Warren Buffett's Berkshire Hathaway has quietly been investing in, and Walmart on strong quarterly results.

It's winning over higher-income shoppers who just don't want to spend more on the same thing elsewhere. The prices there are really like Eddie, you know, crazy. They're insane. I mean, you can't believe aisle after aisle the bargains in Walmart. French bread down a dollar, prices down for a private brand soda, big prices down for frozen pot pies. These are just examples. Boneless, skinless chicken.

They are the inflation fighter. CNBC Mad Money host Jim Kramer. Airlines and airports bracing for a record Memorial Day weekend of travel just a week away. It's not just Memorial Day that will be the busiest ever. This summer will be the busiest ever for the U.S. airports in terms of the number of people who are going through the airports. In fact, the TSA says it'll be an increase of 8 to 10 percent compared to the number of people who were flying through the airports. In fact, the TSA says it'll be an increase of 8 to 10 percent compared to the number of people who were flying last year. Starts next Friday, Friday before Memorial Day with a bang. 2.9 million passengers are expected. CNBC's Phil LeBeau.

Netflix will show two live NFL games on Christmas Day this year and at least one in 25 and one in 2026. It has a lot to do with trying to get the world to get into football. The NFL announced games next season in England, Brazil and Germany. This is really the first deal that we have done that is truly global in nature so these games will be distributed in every country that Netflix is in which is about 190 countries. The NFL's chief media and business officer, Brian Rolap on CNBC. The House of Representatives passed the Ticket Act Thursday. It's going to force concert and event ticket sellers to disclose all their fees up front.

Right now, on lots of sites, a buyer has to hit a button on the website to show all the fees. On Friday's watch list, no big earnings or economic reports. We find out the results of the UAW union vote among workers at two Mercedes-Benz plants in Alabama. Boeing holds its annual shareholders meeting. New in theaters paramounts if Lionsgate's horror film The Strangers. And Focus features Amy Winehouse biopic Back to Black. Jessica Ettinger, CNBC.