CNBC Business News Update - Market Close: Stocks Higher, Dow 7 Day Winning Streak, Shareholders Push To Ban Casino Smoking 5/9/24

Episode Date: May 9, 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. After a winning Thursday for stocks, the Dow notched its seventh straight winning session, its longest since last year. New data rekindled some hope. The Fed could cut interest rates maybe later this year. The Dow soared. It was up 331 points, eight-tenths of a percent. The S&P 500 index up 26 points, a half percent. The NASDAQ up 43 points. That was a third of a percent. The market's kind of dancing through the raindrops a little bit on some of the prominent earnings misses. I think moderating growth right now in this window when it brings yields down is taken as net good news for the market because we want to see the inflation numbers come in benign

and have that whole setup for soft landing when the Fed has room to ease. CNBC's Mike Santoli. Companies whose shares hit fresh all-time highs Thursday include GoDaddy, U.S. Foods, Emerson Electric, Goldman Sachs, and Amazon.com. Investors like that jobless claims jumped last week to their highest since last summer. It's not a trend yet, but it could mean the labor market is weakening and the economy is weakening, which would mean the Fed would not raise interest rates. Investors, if anything, want them cut. Initial jobless claims came in hotter than expected. We're looking for a number around 210,000, 231,000. CNBC's Rick Santelli. Warner Brothers Discovery shares volatile on Thursday. It's teaming up with

frenemy Disney to bundle together its max streaming service with Disney's Hulu and Disney Plus. Pay one price for three services together. Streaming was a bright spot. The company added 2 million direct-to-consumer streaming subscribers, and streaming ad revenue grew 70 percent in contrast to the 8 percent decline in TV networks ad revenue. CEO David Zaslav explained the intention of this new bundle of Macs and Disney Plus and Hulu that's now in the works. We expect this product will help increase retention and lower churn and thus support higher customer lifetime values. We expect this product will help increase retention and lower churn and thus support higher customer lifetime values. We don't have details on pricing or a launch date for this

bundle, but Zaslav called the price both attractive and reasonable. CNBC's Julia Borsten, a Trump media investor convicted of insider trading on Thursday. Bruce Gerlich was on the board of directors of Digital World Acquisition Corp. When it was working on a merger with Trump media, Gerlich was on the board of directors of Digital World Acquisition Corp. When it was working on a merger with Trump Media, Gerlich will be sentenced in September. Shareholders at gambling companies like Caesars, Bally's and Boyd are pushing the companies to ban smoking inside casinos. The shareholder proposals are backed by Trinity Health, which is a nonprofit health care network and Americans for Non-Smokers Rights. They point to research by C3 Gaming that concluded smoke-free casinos generate more revenue and outperform competitors that allow smoking. And they argue that shareholders should know how much casinos are actually paying

in higher health insurance premiums for employees and greater maintenance costs and whether it's keeping away customers who otherwise would go to the casinos, but they hate the smoke. CNBC's Contessa Brewer. Port Canaveral, Florida, building another bigger cruise ship terminal. Travel Weekly says the second busiest cruise port in the world, behind Port Miami, wants to make sure it can accept the largest cruise ships out there on the sea. On Friday's Watchlist, we get the latest on consumer sentiment.

Chinese EV maker Zeker issues stock to the public. New in theaters, 20th Century Studios, Kingdom of the Planet of the Apes, and Tyler Perry's Not Another Church movie. Jessica Ettinger, CNBC. It's the first ever CNBC Changemakers Summit. Hear how this year's changemakers are reshaping business and redefining leadership. Some woman needs to be president of this country and it will be a better country for it. Saturday 5 p.m. Eastern on CNBC.