CNBC Business News Update - Market Close: Dow Soars, Winning May for Stocks, Trump Campaign Raises Millions on Criminal Conviction 5/31/24

Episode Date: May 31, 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 Monday morning to start June trading after a volatile and wild Friday. Inflation cooled in April, bond yields pulled back, and look at that Dow at the close on Friday. It soared up 574 points, 1.5%. The S&P 500 index, which spent most of Friday in the red, was higher, up 42 points, eight-tenths of a percent. It was the Nasdaq that was virtually unchanged, down two points. Companies whose shares hit fresh all-time highs Friday include T-Mobile, Aflac, Eli Lilly, Welltower, and Birkenstock. The market itself has been a bit erratic. Earnings,

I agree, are definitely the big support right here. It's probably one of the reasons the market is insulated from big sudden downside. But I also feel as if the April pullback of 5% maybe was somewhat incomplete. It didn't really refresh people's need to kind of rebuild their exposures and get bullish again because they never got bearish. CNBC's Mike Santoli. Moderna's RSV vaccine for seniors has been approved by the FDA. It's the company's second product. Jeep is out with an all-electric Wagoneer SUV. It's pricey,

but parent company Stellantis tells CNBC that a much more affordable Jeep EV is coming. The Wagoneer S starts $71,000, and I understand that that's, you know, on the upper end and that's by design. Most people are saying, well, we need our electric vehicles down closer to $35,000, $40,000. When does Jeep get down to that price range? Soon and even lower. We are working on a project that will deliver to the global markets, starting from U.S., a Jeep, a real Jeep at $25,000 with battery electric. Jeep CEO Antonio Filosa with CNBC's Phil LeBeau.

The Trump campaign raised a record $34.8 million in donations shortly after the guilty verdict on 34 counts of falsifying business records and election interference, as Donald Trump tried to have his affair with an adult film star covered up just before Election Day in 2016. Donald Trump raised so much money off of it. More people donated to Donald Trump in the last, what's it, 15 hours? Than at any point in the campaign. They are so mobilized and so energized. Even so, they're not going to defend him because of his behavior.

They're going to defend him because of his policies. FIL Inc. pollster Frank Luntz on CNBC. Meantime, a tech icon and venture capitalist is worried. People are so focused on their pocketbook and their self-interest and not really thinking about democracy, the total country. I'm concerned about what Donald Trump stands for. I mean, I think it stands for issues that concern me and concern my children and grandchildren, and I worry about it. Primetime Partners founder Alan Patricoff on CNBC. On the coming week's watch list, June trading begins Monday.

Investors are on hold for the big May jobs report, which will come Friday morning. Ahead of all that, we get lots of jobs data. Earnings in the coming week from companies like Bath & Body Works and CrowdStrike, Campbell Soup, Dollar Tree, RV maker Thor Industries, Five Below, Big Lots, JM Smucker, and more. Walmart will hold its annual shareholder meeting on wednesday jessica edinger cnbc i just love this game so excited to share with the world

the olympics from paris starts july 26th on nbc and peacock