CNBC Business News Update - Market Close: Dow and S&P 500 At Record Highs, Netflix Surges, Google Wins, Meta Loses In Court

Episode Date: October 18, 2024

The latest in business, financial, and market news and how it impacts your money - reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Stocks have closed out a sixth straight positive week, with both the Dow and S&P 500 closing at record highs. The Dow rose 37 points to close at 43,276. The S&P 500 rose 23 points, or four-tenths of one percent. The Nasdaq up six-tenths of a percent, or 116 points. Two of the biggest winners in the S&P 500, Netflix and Lamb Weston. Netflix was up more than 11 percent after an upbeat earnings report, while Lamb Weston

jumped after Janna Partners took a stake in North America's largest maker of french fries, with the Wall Street Journal reporting that Janna is pushing for operational changes and exploration of a possible sale. Crude oil fell about 2% today and saw its biggest weekly loss since the week ending September 2nd. Halima Croft, global head of commodity strategy at RBC Capital, is still cautious and keeping an eye on the situation in the Middle East. We will know, I think, in the coming weeks, certainly I think before this election, whether we are on a path to some form of de-escalation, whether the Iranians are essentially not going to do anything in response to an Israeli strike. I think there's a lot of

concern here still about where this war is going, even if the oil market participants have basically said, we're not going to pay attention for now, call me when there's a disruption. A judge has granted Google's request to put a mandated overhaul of its Google Play Store on hold temporarily. Google had been ordered to overhaul the app store to give consumers more choice over how they download apps and whose apps they use. That delay will be in effect while an appeals court considers Google's attempt to put aside the order. Meanwhile, Meta Platforms will have to face a Massachusetts lawsuit charging that the company deployed features on its Instagram platform that are addictive to young users and that it deceived the public on potential dangers to teenage mental health. Meta had contended that the lawsuit couldn't be heard because of a state law that broadly shields internet companies. Peter Schach

now, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now. Patriotic. And this November, we're all chanting, it's your turn. Voter up.