CNBC Business News Update - Market Close: Stocks Higher in Election Day Rally, Super Micro Earnings Disappoint, Target To Hold Early Black Friday Sale 11/5/24

Episode Date: November 5, 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 Wednesday morning after an election day rally for stocks. It was the fifth straight presidential election day with across the board gains for the major averages. The Dow up 427 points, 1% led higher by shares of Intel, which were up three and a half percent. The S&P 500 index was up 70 points, 1.25%. And the NASDAQ was up 259 points, about 1.5%. Everybody believes November, December is a buy for stocks. Whether it's true or not, people believe it. So I think that's what's going on. Also, we traded at like a one-month low in the S&P. So we're just bouncing to kind of get back toward a neutral spot. CNBC's Mike Santoli,

if you've been paying attention to what some call the recent roller coaster market, you're not alone. We did a study recently and it showed that actually volatility isn't that much greater in election years than it is in normal years. IG North America CEO J.J. Kinahan on CNBC. If you look at the year after elections, that's when volatility actually starts to increase a lot more. And can they actually get anything done? And so we'll see in, you know, just a few months in January if that sort of holds true. Earnings out after the closing bell from Super Micro Computer. And they were disappointing. The shares were plunging 12 percent in after hours trading. Amazon has gotten FAA approval for a new delivery drone as it begins tests in Arizona. Target trying to pull holiday sales forward. It's starting an early Black Friday

sale this Thursday. It'll run through Sunday. SpaceX has launched a supply mission to the International Space Station. Science equipment is on board and even some holiday goodies for the astronauts. Fox Sports says it sold out all of the Super Bowl commercial availability for the 2025 Super Bowl. And while critics say it didn't charge enough, apparently the slots went for record prices. Fox CEO Lachlan Murdoch confirming yesterday that the network has now completed its sales effort for ads in Super Bowl 59. He said the inventory sold out at a record price and commanding rates, you ready for this, higher than seven million dollars for just a 30-second spot. They've also paid a hefty price to get it and they've paid Mr. Brady a lot to, you know, voice it, if you will. CNBC's Andrew Ross Sorkin, retired NFL star Tom Brady,

is in the Fox Sports broadcast booth, and Super Bowl 59 is set for February 9th. On Wednesday's watch list, the Fed begins a two-day meeting on interest rates. We find out how many people applied for mortgages last week. Earnings are coming from Toyota and Honda, plus six flags, CVS Health, Arm, TripAdvisor, Match Group, and Zillow. Jessica Ettinger, CNBC. November 13th in New York City,

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