CNBC Business News Update - Market Close: Stocks Higher, Ford Shares Higher After Hours on Results, JPMorgan "Infinite Money Glitch" Lawsuits 10/28/24

Episode Date: October 28, 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger. CNBC Wall Street opens Tuesday morning after a winning Monday for stocks to start the new week. The Dow up 273 points, a half percent. It was led higher by shares of 3M, which were up four and a half percent. The S&P 500 index up 15 points. The Nasdaq was up 48 points at a record high. Companies whose shares hit fresh all-time highs Monday include Snap-on, Nasdaq, Cincinnati Financial, Palantir, and Royal Caribbean Cruise Line. It's been pretty good. The S&P 500 just sort of hanging in there. For two weeks, it's been sideways, but we're starting to get overexcited. I mean, banks up another 2% today as a group. CNBC's Mike Santoli. U.S. crude oil plunged, having its worst day in about two years Monday after Israel's strike on Iran avoided its oil facilities. It's great for U.S. drivers. AAA says prices at the pump in about 20 states now are below $3 a gallon for regular. As oil falls, companies that use lots of oil and fuel climbed. The new high list is essentially

littered with travel and leisure names. People are still moving around. New highs again for Delta today. This is like a four and a half year high for Delta. Remember, United's had great earnings last week. United's at a four and a half year high. The cruise lines are all on fire. I mean, look at Carnival. That's a two and a half year high. Same with the Royal Caribbean. CNBC's Bob Pisani. Ford reported slightly better than expected quarterly results after the closing bell Monday. Shares popped and then dropped in after hours trading. J.P. Morgan begins suing customers who allegedly stole thousands of dollars in that infinite money glitch. Now, what normally happens is you deposit a check, and it takes several days for the entire thing to clear.

It's tranched. You get a couple of bucks access at first, and then the rest of it later on. For a glorious few days in late August, a person could deposit a check, and in one case, it was $330,000, and the whole thing cleared. And the perpetrators here

then withdrew money against that cleared check. They're taking it from ATMs. They're taking it from bank tellers. They were doing wires. Here you are, you have people using their actual bank accounts where the social security, their names, their ID, it's all on file. They're going to ATMs in which there is surveillance video of them doing the extractions. And they're thinking that somehow they're not going to get away with this. CNBC banking reporter Hugh Son with CNBC's Tyler Matheson. Apple launching its version of AI, Apple Intelligence, as a software update. It's a slow rollout and only for the newest devices.

If you were hoping, though, for Siri to get smarter, you're going to be quite disappointed. Only two main features are coming, AI summaries and notifications, and a new look for Siri to get smarter, you're going to be quite disappointed. Only two main features are coming, AI summaries and notifications and a new look for Siri, but it's just as bad as it's always been. But now when you talk to Siri, the screen's going to kind of glow around your iPhone. The better AI features like chat GPT integration, generating custom emojis, those are still several weeks away from launching, but again, still beta, still going to be problems with it. If it screws up, they can say, well, we're still working through it. What we're really waiting for is Thursday, we're going to have earnings and we'll get our first indication of what iPhone demand looks like. CNBC's Steve Kovach. On Tuesday's watch list,

we get earnings from Google, Parent, Alphabet, Visa, Chipotle, Pfizer, JetBlue and McDonald's. We get the latest on home prices and the Jolt's report on job opportunity and labor turnover. We find out how confident consumers are in the economy after last week's consumer sentiment numbers popped to their highest since last spring. I'm Jessica Ettinger, CNBC. The vote.

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