CNBC Business News Update - Market Close: Last Hour Surge Sends Investors Home Happy, Intel Has Best Day In Years, CrowdStrike Regains Favor

Episode Date: August 30, 2024

The latest in business, financial, and market news and what it means for your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. 1% or 56 points, the Nasdaq 197 points higher or 1.1%, and all finished higher for the month of August. Investors took encouragement from the latest PCE price index, which is the Fed's preferred measure of inflation. It rose two-tenths of a percent in July, exactly as expected. And today's personal income and consumer spending numbers also provided encouragement about the state of the economy. Former St. Louis Fed President James Bullard, now dean of Purdue University's business school, says those numbers virtually assure a quarter-point rate cut at the Fed's September meeting, with more to follow. I think the debate now will shift out to the November-December meeting, and I think the baseline there is 25 basis points at each of those meetings as well. And it is a soft landing, and I think it has been achieved.

I think Jay Powell's speech at Jackson Hole was essentially recapping the success of monetary policy over the last two years. Chipmaker Intel was the best percentage gainer in both the Dow and S&P 500 today, jumping 9.5%. That follows reports that Intel is exploring strategic options in talks with bankers. CrowdStrike rose more than 2% after HSBC upgraded the cybersecurity company's stock to a buy, saying the worst is behind CrowdStrike, following last month's errant software update which caused a global IT outage. Peter Schach now, CNBC. My dream entrepreneur, somebody who started with nothing and built an empire.

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