CNBC Business News Update - Market Close: Stocks Higher, Apple Shares Slip on AI Plans, CrowdStrike to Join S&P 500, Red Lobster Brings Back Crabfest 6/10/24

Episode Date: June 10, 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 Tuesday morning after some gains for the major averages on Monday to start the new week. The Dow up 69 points. The S&P 500 index was up 13 points. The Nasdaq up 59 points. Companies whose shares hit fresh all-time highs on Monday include HCA Healthcare, Eli Lilly, Applied Materials, and Micron. CrowdStrike also rallied to a record on the cybersecurity company's inclusion in the S&P 500 index. It joins next Monday, replacing Comerica. Shares of NVIDIA up three-quarters of a percent on Monday after its 10-for-1 stock split, closing above $121 a share. Apple shares were down almost 2% Monday, even though the company announced iOS 18, the new operating system, on day one of its Worldwide Developers Conference. It also announced Apple Intelligence and Siri with ChatGPT, making use of Apple's new partnership with OpenAI.

But will it sell iPhones? I'm not convinced. When you think about a much-needed upgrade to Siri, I don't think that's going to get consumers to buy more iPhones. The Maxim Group's Tom Forte on CNBC. And here's The Wall Street Journal's Tim Higgins on CNBC. There is a story for Wall Street and investors to get them excited about Apple's potential, but also is to show how their products can appeal to consumers. It's still not clear exactly out there that iPhone buyers are excited or even kind of care about this new technology.

And here's more. It's Apple's hardware gate. Most Apple iPhone owners can't do a thing to access the new technology without spending more money. They are hardware gating this, which means you have to have the latest and greatest hardware in order to even use all those features. If I want to use all these AI features, I got to go either right now, go out there and buy a 15 Pro or wait until September for the 16 and buy that. CNBC's Steve Kovach.

More fake stuff on Amazon. This time, U.S. diabetes patients are the victims, buying copies of products made by biotech giant Roche. A fake AccuCheck box. The name and the product name is misspelled. The devices include blood glucose test strips and lens sets. This fake, meanwhile, has a made-up serial number. The complaint doesn't say how long these products had been sold on Amazon,

but a judge last month did order those sales to be halted and stopped in the U.S. CNBC's Kate Rooney. Eli Lilly's new Alzheimer's drug poised to move forward. The FDA advisors are voting unanimously that Eli Lilly's Alzheimer's drug, that the benefits outweigh the risks. Remember, that drug slowed the progression of the disease by 29 percent in a phase three trial, but it did come with the risk of side effects and those side effects can be deadly. But the advisors today saying that they feel like the benefits outweigh those risks and that these risks can be managed. CNBC's Angelica Peoples. Consumers usually expect discounts at outlet malls. That's what outlet means. But Tanger is changing that rule of thumb.

The Sephora news is really interesting because LVMH owns Sephora in an outlet mall. How did that happen? Is this the first time? So this would be the first Sephora in an outlet environment, but the Sephora business would be a full-price business in our outlets. Tanger Outlet CEO Steve Yaloff with CNBC's Sarah Eisen. Red Lobster may have filed for bankruptcy protection. It's closing underperforming locations, but it still brought back crab fest for the summer. On Tuesday's watch list, the Fed begins a two-day meeting on interest rates. Earnings are coming from Oracle. We get the latest on how small business owners are feeling

about the economy, and Boeing reports it's May orders and deliveries. 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.