CNBC Business News Update - Market Close - Stocks End The Week With Losses, Crowdstrike Slumps After Software Issue, Starbucks Jumps

Episode Date: July 19, 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. points or eight-tenths of a percent. The major averages did close off their session lows, but the S&P 500 and Nasdaq still posted their largest weekly declines in three months. Netflix shares fell one and a half percent despite upbeat quarterly earnings. And as CNBC's Julia Boorstin tells us, substantially more subscriber additions than expected. Eight million subscriber additions versus the 4.8 million that was estimated. But the stock dropped on the warning that third quarter revenue would fall short of analyst expectations, despite those additional subscribers. Now, underlying this warning that revenue would lag subscriber growth, the company is saying that advertising won't be a primary driver of revenue growth this year

or next year. CrowdStrike slumped 11 percent following its software update that temporarily crippled Microsoft-based computer systems. The disruption impacted numerous industries from airlines to banks. The company apologized and says it is helping those whose systems have not yet recovered. Shares of Starbucks jumped 7 percent. The Wall Street Journal reports that activist investor Elliott Management has taken a substantial stake in the coffee chain. Peter Schach now, CNBC. The latest market news and analysis. Listen to CNBC wherever you get your podcasts.