CNBC Business News Update - Market Close: Stocks Edge Higher, Dow Sets Record High, Cruise Stocks Gain, Pot Stocks Fall

Episode Date: August 27, 2024

The latest business and financial news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Andrew Schach now, CNBC. It was a decisively indecisive day on Wall Street, with all the major averages moving between gains and losses, but ultimately finishing modestly higher. The Dow adding 10 points to close at 41,251, another record high. The S&P 500 gained 9 points, or about two-tenths of a percent. The Nasdaq also up about two-tenths of a percent, or 29 points. The narrow trading range came as investors await tomorrow afternoon's quarterly earnings report from tech bellwether NVIDIA. Ray Wong, principal analyst at Constellation Research, says NVIDIA has helped

lift other tech stocks in the past, but he thinks it's becoming an increasingly unique investment proposition. It may impress the street, but it's not going to bring anyone else with it, because what's happening here is unlike the internet, right? With the internet, it was open, it was decentralized. There are lots of players. Things were coming down in price. Here, it's the complete opposite. NVIDIA's done a good job. It's centralized. It's closed. It's more expensive. There's only a few players that are going to win, and that's why the stock will do well. It was a good day for cruise line stocks. Norwegian gaining 3.6%, Carnival up 2.7%, and Royal Caribbean rising 4.3%. The cruise stocks have gained favor due to strong demand

and solid pricing power. Paramount Global was down 7.2%, one of the top percentage losers in the S&P 500, after investor Edgar Bronfman abandoned his bid to buy National Amusement's parent of the media giant. Shares of cannabis companies fell after the DEA postponed its cannabis reclassification hearing to December 2nd after the presidential election. Peter Schach now, CNBC. CNBC. Live ambitiously.