CNBC Business News Update - Market Close: Record Highs For Dow, S&P 500 After Biggest Weekly Gains Of 2024, Investors Face Risks Despite Record Highs, Key Inflation Reports Ahead,

Episode Date: November 8, 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. The stock market is sitting at record highs after Friday's gains capped a bullish run after the presidential election. The Dow gained 260 points to close at 43,989. The S&P 500 rose four-tenths of a percent, or 22 points. The Nasdaq was up 17 points, or a tenth of one percent. The averages chalked up some round number achievements during Friday's session, with the Dow over 44,000 for much of the day and the S&P 500 spending some time over the 6,000 mark. Market euphoria is all well and good, according to Crossmar chief investment officer Bob Dahl, but he sees some risks in the market as well, including more caution regarding corporate

earnings. Estimates are coming down a little bit. If you're asking me to be the bear, I'd also throw only 12,000 new jobs. Last month got overshadowed by the election when it was at least last Friday, and the prior two months revised down by 130. So, yeah, the tailwinds are good as a result of the election, but it's not a perfect world out there, and valuations suggest it better be close to a perfect world. Monday could be a muted day for the markets. Stocks will trade normally, but the bond market is closed for Veterans Day. The pace of corporate earnings slows down considerably this

week, but some big names will be reporting quarterly results, including Home Depot Tuesday morning and Walt Disney on Thursday afternoon. Investors will look ahead to some key inflation reports as they try to determine the Fed's next move. The Consumer Price Index will be out Wednesday, while the Producer Price Index will be issued Thursday. And Monday marks one of the biggest global online shopping events of the year, as China holds Singles Day, a celebration of those who are not currently in a relationship. Peter Schach now, CNBC. November 13th in New York City, an elite group will gather discussing what the business of tomorrow will look like, and you can be a part

of it. Register now at deliveringalpha.com.