CNBC Business News Update - Market Close: S&P 500 Erases August Deficit, $6B In Medicare Drug Savings, Dell Shares Surge

Episode Date: August 15, 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 Peter Schacknow

I'm Peter Schachnow, CNBC. and the Nasdaq rallied 2.3% or 402 points. With today's gains, the S&P 500 went positive for August, and the Nasdaq is very close to break even for the month. Market enthusiasm got a boost from better-than-expected retail sales numbers, dampening worries about an economic slowdown, but not erasing hopes of a Fed interest rate cut in September. Newly negotiated price cuts for drugs used by Medicare recipients should save about $6 billion annually starting in 2026. That's when the price cuts go into effect. But CNBC's Bertha Coombs notes there will be other changes for Medicare Part D customers as well. Out-of-pocket costs for Part D beneficiaries will be capped at $2,000, which HHS estimates will save patients $7.4 billion next

year. That extra coverage is going to meet higher Part D premiums, but those premium increases will be capped at 6%. Walmart shares rose 6.6% today. The retail giant reported better than expected quarterly results and raised its full-year outlook as consumers flock to its stores for inexpensive household goods. Shares of Dell Technologies jumped more than 7 percent. That comes after J.P. Morgan Securities added the computer maker to its focus list. Peter Schach now, CNBC. Don't miss a members-only event. You want to trade? We may not be for you. You want to invest? Come to the right place. Join the CNBC Investing Club to access Jim's monthly meeting. Go to cnbc.com slash monthly meeting.