CNBC Business News Update - Market Close: Stocks Higher, Nasdaq Closes At Record High, Google Adds AI in Search This Week, Meme Stock Warning 5/14/24

Episode Date: May 14, 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 Wednesday morning after a winning day for stocks. The S&P 500 index just seven points away from its record high. The Nasdaq is at a fresh record high. The Dow was up 126 points, three-tenths of one percent. The S&P 500 index up 25 points, a half percent. The Nasdaq on Tuesday up 122 points, three quarters of one percent. Companies whose shares hit fresh all-time highs Tuesday include Aflac, Goldman Sachs and JP

Morgan. Google launching AI overviews in search in the U.S. this week. So this is search with AI, generative AI added to it. So it's no longer the 10 blue links that you typically see from a traditional search. So search is going to look very different for everyone in the U.S. by the end of this week. CNBC's Deirdre Bosa from Google I.O., the developers conference. Another new streaming bundle is coming. A new streaming bundle that would involve Peacock, Netflix and Apple TV. The price on this bundle yet to be determined is my understanding. You are starting to see the rebundling of entertainment streaming services. Remember it was last week we saw an announcement Warner Brothers Discovery's Max

will be packaged along with Disney's Disney Plus and Hulu. CNBC's David Faber. Memestock's soared again Tuesday, although they did pull back from the triple-digit gains. GameStop was up more than 50%. AMC, BlackBerry, Koss, all higher. It was day two of Memestock mania after Roaring Kitty tweeted for the first time in three years. We wish you all the best, but have some type of a plan to say,

I am going to get out of my position when X occurs. Whatever you decide that is, because there was a lot of people who didn't have an exit plan last time, and some of the stocks are coming back right now. A lot of them did not. You know, I'm thinking Bed Bath & Beyond, for example, was part of this first meme stock mania. Trade ideas strategist Michael Noss on CNBC. By the way, Bed Bath & Beyond went out of business. U.S. consumers, a big disconnect. The same people complaining they're paying more for

eggs are spending bigger than ever on travel and experiences. You have the same consumer that might be out there spending on travel, going to events, concerts, sporting events. At the same time, that same strategic consumer might be walking into a store and really thinking carefully about how they're spending, looking for the best discount. It's not one story for the consumer. It creates a lot of complications in the narrative. MasterCard economist Michelle Meyer on CNBC

on the company's latest travel trend survey. Novo Nordisk out with promising data on its Wagovi weight loss drug. The company says a study shows people using the medication were able to maintain that weight loss for up to four years. Apple's new iPad Pro, thin and fast, but the software needs an update. This is according to a new CNBC review, which you can see at CNBC.com. On Wednesday's watch list, it's all about inflation at the consumer level. The CPI will be out Wednesday morning, the Consumer Price Index.

We also get the latest on retail sales, earnings from Cisco, and the NFL releases its schedule for the next season. Jessica Ettinger, CNBC. The latest market news and analysis. Listen to CNBC wherever you get your podcasts.