CNBC Business News Update - Market Close: Stocks Higher, Investors Like Harris' Ties to Big Tech, Delta Airlines Cancellations Continue 7/22/24

Episode Date: July 22, 2024

I'm Jessica Ettinger, CNBC. Wall Street opens Tuesday morning after a winning start to the week. For the major averages, markets reacted to President Biden's withdrawal from the race for a second term and his endorsement of Vice President Kamala Harris. The Dow was up 129 points. The Dow was up 127 points. The S&P 500 index up 59 points. That was more than 1%. The NASDAQ was up 280 points. That was one and a half percent.

Tech shares were higher, led by NVIDIA, which was up 4.7% on Monday. Vice President Harris was a senator from California with ties to the tech community and investors like that. You've got a person who's from California. I'm regarding this actually as mega versus MAGA. Mega tech does better with someone who's sophisticated, who understands California, who is not against tech. Let's not forget her brother-in-law is Tony West, who is a former general counsel of PepsiCo, then was with the Justice Department, is now the general counsel of Uber. And you tell me if there's someone who's more sophisticated and knows more about business and the West Coast than her brother-in-law,

who would be an amazing advisor. They're close. And I just keep thinking Biden didn't hurt the stock market at all. It is pretty amazing how well Biden administration stuff, but this whole idea that she's a clone of his is completely wrong. She was much more moderate than he was. You think it's a net positive for the markets? Absolutely. And for American business? Absolutely. There's no doubt about it. CNBC Mad Money host Jim Cramer with anchor Carl Quintanilla.

Meantime, Harris has secured the endorsement of Congresswoman and former House Speaker Nancy Pelosi and has pulled in record breaking campaign cash for Democrats, $100 million in just two days. And after pausing donations to Democrats saying it was time for President Biden to pass the torch, a major donor is back. Disney family heiress Abigail Disney, as people probably know, told me that she is coming back now in helping Democrats. This is the latest moment of the donors coming home. It's just kind of a drumbeat at this point,

a really wild 24 hours in the fundraiser front. CNBC's Brian Schwartz. Delta Airlines canceled hundreds more flights Monday, while other airlines were back to near normal after last Friday's global internet outage. Delta's CEO says it's going to be a few more days. CrowdStrike shares tumbled again Monday as the fallout from the tech outage continued. Skechers is suing L.L. Bean for copying a shoe design, according to Retail Dive. A big week, Verning's Reports is here and more. One of the busiest of the summer. And it all

heats up Tuesday. Tesla, Alphabet, UPS, General Motors, Coca-Cola and Visa all reporting. On Wednesday, we'll be getting AT&T, IBM, Ford and Chipotle. Then on Thursday, we've got Honeywell, Southwest Airlines, American Airlines, and Hasbro. And on Friday, you've got 3M and Bristol-Myers Squibb. Then coming up at the end of the week, we also have key data points. On Thursday, we'll be getting our first look at GDP for the second quarter. Then on Friday, we get the Fed's favorite inflation gauge, PCE. CNBC's Becky Quick. Also on Tuesday's watch list, we get existing home sales numbers for June. The spot Ether ETF exchange traded fund begins trading. And it's National Vanilla Ice Cream Day, two days after the old generic National Ice Cream Day. Jessica Ettinger, CNBC.

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