CNBC Business News Update - Market Close: Stocks Had Their Worst Week In A Year, Sluggish Jobs Report, NFL's International Strategy 9/6/24

Episode Date: September 6, 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 Evinger, CNBC. Wall Street opens Monday morning after a sluggish August jobs report and an ugly week for stocks. That labor report likely, though, clears the way for the Fed to cut interest rates a week from Wednesday. On Friday, the Dow fell 410 points, 1 percent. The S&P 500 index down 94 points, 1.75%. And the NASDAQ plunged 436 points. That was 2.5% in a tech sell-off. The S&P 500 index coming off its worst week in a year, still up 13% year-to-date.

The NASDAQ had its worst week since 2022, but it's still up 11% year to date. We're still in suspense. I do think the market's been very clearly craving some reassurance on the growth side that we're just slowing and not stalling and hasn't gotten it. CNBC's Mike Santoli. The U.S. created 142,000 jobs last month, fewer than the 161,000 economists had forecast. Look, in a normal world, this would be a good number because we've gotten so used to these big numbers near 200. Clearly, the job market's softening. Clearly, it's weakened.

We have to take this number with a grain of salt because you have these downward revisions. That happens a lot. CNBC senior economics reporter Steve Leisman. Here's CNBC's Sarah Eisen. The report was weaker. However, wage growth was firmer than expected. The unemployment rate actually fell and the overall number represented an increase in job growth from July and June. Not all bad. U.S. crude oil hit its lowest since June of 23. On Friday, prices at the pump continue to drop. 1.3 billion dollars in unpaid taxes has been recovered by the IRS and the U.S. Treasury, mostly from wealthy individuals making more than

a million dollars a year who, according to Reuters, owed at least a quarter million in back taxes. The NFL called the Friday night Brazil regular season game between the Packers and Eagles. It's first Friday to mark the new season and the first international game of five this year. When we bring our Randolph-Hell regular season games here, we have 38 million fans here already. We hope this will really ignite this market and really become passionate football fans. And we're obviously continuing our games in Europe. We're continuing games in the U.K. We'll be in Germany this year. We're going to Spain next year, hopefully back to Mexico next year.

So we really believe playing the games is a big part of making our game global. NFL Commissioner Roger Goodell on CNBC from Brazil. The second NFL international game this season, Sunday, October 6th, the Vikings and Jets play in the UK. Red Lobster making changes and getting out of bankruptcy. A bankruptcy court now approving Red Lobster's plan to exit Chapter 11 bankruptcy protection. This is part of the restructuring plan. A group of investors are going to be acquiring the restaurant chain by the end of the month. Now, after the acquisition closes, the investors will replace the current CEO with a former CEO of P.F. Chang's. Red Lobster currently operates 544 restaurants across the U.S. and Canada. CNBC's Andrew Ross Sorkin. On the coming week's

watch list, we get a fresh read on inflation. The CPI will be out next Wednesday. The Consumer Price Index. It's a quieter week for corporate earnings. We're going to hear from Adobe and Kroger, plus Petco, GameStop and Signet Jewelers. Apple is expected to unveil the new iPhone 16 on Monday. Jessica Ettinger, CNBC. September 10th, CNBC and Boardroom host a high-powered event exploring the intersection of sports, business, and entertainment. Be there for Game Planet. Get in on the action. Get in on the game plan.

Register now at cnbcevents.com slash game plan.