CNBC Business News Update - Market Close: Dow, S&P 500 Fall From Record Highs, Amgen Tumbles, Micron Surges After Earnings

Episode Date: September 25, 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 finished a mostly lower session, which saw a four-day win streak for the Dow come to an end. The Dow fell 293 points to close at 41,915. The S&P 500 lost two-tenths of a percent, or about 11 points. The Nasdaq, however, gained just under eight points after moving between gains and losses all day. The major averages are still on track for their first positive September since 2019. And John Stoltzfus, chief investment strategist at Oppenheimer Asset Management, says the recent long-anticipated interest rate cut by the Fed has brightened Wall Street's mood.

We had 11 rate hikes. We had nine pauses, 20 FOMC meetings in a Fed funds hike cycle. And this is a down payment. We see it by the Fed for Wall Street and for Main Street. And by down payment, sort of a good faith deposit on the thought that indeed the Fed is getting ready to cut rates further as needed and if needed. Amgen was a big contributor to the Dow's decline, taking more than 100 points off the Dow by itself. That followed disappointing results in a drug trial involving a new treatment for the autoimmune disease known as generalized myasthenia gravis, Amgen down more than 5%. Just after the closing bell, chipmaker Micron reported its quarterly results, beating estimates by 4 cents with quarterly profit of $1.18 per share.

Revenue beat estimates as well, and the stock is jumping in after-hours trading. Mortgage applications jumped 11% this past week, according to new figures from the Mortgage Bankers Association. That includes a 20% surge in refinancing activity. As mortgage rates continue to fall, the average 30-year loan fell for the eighth straight week to 6.13 percent. Peter Schach now, CNBC. CNBC unveiling its inaugural NFL valuations list. Dallas Cowboys number one at 11 billion dollars. The NFL is the biggest and most profitable sports league in the world. Exclusive NFL team valuations now on cnbc.com slash sport.