CNBC Business News Update - Market Close: Stocks Fall, Dell Shares Lower After Hours, Investors Wait for Latest on Inflation Coming Fri AM 5/30/24

Episode Date: May 30, 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 Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Friday morning for the final day of May trading after another down day for the markets. They are still on pace for a winning May, though. The Dow was down 330 points Thursday, 0.8%. The S&P 500 index down 31 points, more than 0.5%. The Nasdaq down 183 points. That was a little more than one percent.

Heading into the final day of May trading Friday, the Dow is up a half percent for the month. The S&P 500 index up three percent and the Nasdaq is up six percent for the month of May. Salesforce led the Dow lower on Thursday. Shares fell 20 percent on its first quarterly sales miss in 18 years and that spooked investors. I think this is an oversold knee-jerk reaction on Salesforce, but I see this more as a speed bump versus hitting a wall. G Squares' Victoria Green on CNBC. Companies whose shares hit all-time highs on Thursday include T-Mobile, Decker's Outdoor, Costco, DaVita, and Nvidia. Dell shares tanking more than 10% after hours on Thursday on disappointing quarterly results. Mixed results out from Nordstrom. Gap knocked it out of the park, blowing past estimates. Ulta Beauty also reported after the closing bell Thursday strong results,

but it lowered its outlook for the rest of the year. Costco with a good quarter, but shares were ticking lower in after hours trading Thursday. Investors are waiting for the latest on inflation that comes Friday morning with the PCE personal consumption expenditures. The PCE, the inflation data, we're optimistic at Carson Group. We're going to start to see continued improvement on inflation, better inflation data this Friday. The Carson Group's Ryan Dietrich on CNBC. The U.S. economy grew at a sluggish 1.3 percent annual pace from January through March, the weakest quarterly rate in two years. That's kind of what the Fed is looking for with higher rates. Consumer spending rose, although at a slightly slower pace than previously thought. Pending home sales tanked in April as the spring

home sales market is even more disappointing than last year's. But there are two glimmers of hope for would-be home buyers. Turns out a lot of sellers have hit that tipping point after they priced their homes too high. Redfin said the share of sellers doing price cuts hit 6.4% and that is the highest level since 2022. The median asking price also dropped for the first time in six months. CNBC's Diana Olick. Dollar Tree has bought the North American intellectual property of 99 cents only and the rights to 170 of those store leases that were closing.

Retail Dive says those locations will reopen as Dollar Tree locations as early as this fall. CNBC's travel reporter Seema Modi pushing back on news reports that cruise lines are cutting prices for summer sailings. Some of that actually has to do with cancellations related to Red Sea and some of the geopolitical conflict that we're seeing in that region. So I wouldn't put too much into that. Of course, now any type of dislocation that we see in pricing in the coming weeks and months will be critical for an industry that so far has been able to keep pricing power. One of the reasons is because of this wealthier demographic paying up for that experience. She notes that baby boomers, people 55 and older, have been the ones happily paying higher prices for cruise vacations. They tend to bring family along with them too. On Friday's watch list,

it is the final day of May trading as we get that fresh read on inflation. No big earnings reports. We do get the latest on personal income and spending. New in theaters, roadside comedy, summer camp, and Crunchyroll's animated Haikyuu dumpster battle. Friday night's Mega Millions jackpot, more than a half billion at $522 million.

Jessica Ettinger, CNBC. I just love this game. So excited to share it with the world. The Olympics from Paris starts July 26th on NBC and Peacock.