CNBC Business News Update - Market Close: Stocks Higher, S&P 500 Closes at a Record Above 5500 For the First Time, Nasdaq Record High 7/2/24

Episode Date: July 2, 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 Tuesday for stocks. The S&P 500 index closing above 5,500 for the first time. A fresh record high closed. The NASDAQ closed at its own new all-time high. The markets are heading for a shortened trading day on Wednesday ahead of the 4th of July market holiday. On Tuesday, the Dow was up 162 points, four-tenths of a percent.

The S&P 500 index closing at 5509. It was up more than a half percent, 33 points. The NASDAQ up 149 points. That was eight-tenths of one percent. Companies whose shares hit fresh all-time highs on Tuesday include Microsoft, JP Morgan, Apple, and Amazon. This is one of the most loved stocks on the street. About 95% of analysts out there got a buy rating on Amazon. Plus, there's been this sort of renewed focus on the sum of the parts story for Amazon heading into earnings season, and then improving margins

within e-commerce is a big part of that. Prime Day is also coming up in a couple weeks here in July. Bank of America pointed out that Amazon stock tends to outperform heading into these big sales events. CNBC's Kate Rooney. The FDA approved Eli Lilly's Alzheimer's drug brand name Kisumla to expand treatment options in the U.S. The drug faced a number of delays in its path to market. Cruise line shares have had a tough few days with Hurricane Beryl ripping through the Caribbean. And hurricanes can disrupt the oil business with tankers and coastal refineries. U.S. crude is now at its highest since the end of April. Beryl is now the earliest hurricane to reach Category 5 status in history.

Oil prices moving higher. It's the first in what could be the busiest hurricane season since 2005. CNBC's Frank Holland. General Motors had its best sales quarter for vehicles in four years. Tesla shares soared. It delivered more electric vehicles than expected in the last quarter. Tesla delivering 443,956 vehicles delivered worldwide in the second quarter. 95% of them, as it usually is, Model 3 and Model Y. And so this is much better than was expected. Earlier today, we got Tesla's China numbers, and that had a few people a little bit nervous. Remember, China is the world's largest EV market. In June, sales totaled 71,007 vehicles, down 24% year over year. CNBC's Phil LeBeau. JCPenney closing stores in four states

in the coming months. Retail Dive says the locations include Mobile, Alabama, Wichita Falls, and Waterville, Maine. The JCPenney location at the Westfield Annapolis Mall in Annapolis, Maryland closes next year. On Wednesday's watch list, it's an early close for the financial markets, a shortened trading day ahead of the 4th of July holiday. We get the ADP report on private sector hiring for June. Earnings are coming from Constellation Brands, the parent of Corona and Modelo beer. We get the minutes from the latest Fed meeting. We find out how many people applied for mortgages last week.

Universal Pictures' Despicable Me 4 opens in theaters. Universal is a sister company to CNBC. I'm Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run forever. And then there's this one moment where everybody else starts to die. And you're like, I'm not about to die. I'm about to get faster. The Olympics from Paris starts July 26th on NBC and Peacock.