CNBC Business News Update - Market Close: Stocks Higher, S&P 500 Index Closed At Record, Oil Firms Shell & Chevon Closing Some Gulf Facilities Ahead of Helene 9/23/24

Episode Date: September 23, 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 some modest gains for the major averages to start fall trading on Monday. The Dow hitting a new intraday all-time high. The S&P 500 index closing at a fresh record high. The Dow was up 61 points on Monday, led higher by shares of Intel, up 3%. The S&P 500 index was up 16 points. The NASDAQ up 25 points. Companies whose shares hit fresh all-time highs Monday

include Facebook and Instagram parent Meta, American Express, and Royal Caribbean Cruise Line. CNBC's Mike Santoli says investors are anticipating the latest on inflation with the PCE report that comes on Friday, the personal consumption and expenditures report. It's a big week to see how the market reacts to itself in the sense of making new highs. We got through the Fed. If anything, it's a quietish macro set up until we get to Friday. And I think personal income and spending

within that report is pretty significant. Offshore oil producers like Chevron are evacuating platforms in the Gulf of Mexico. Shell is closing some facilities. As the storm Helene churns in the Gulf near Cuba, it's forecast to rapidly intensify before slamming into the U.S. mainland, possibly Florida. And most of Florida is already under a state of emergency. Boeing says its best and final offer to the striking machinists union workers is on the table. The wage increase, which was 25% over four years, the company is now increasing that offer to 30% over the next four years.

They will also restore the annual bonus that was not in the previous offer. They will have a signing bonus that doubles to $6,000. Previous offered was for a $3,000 signing bonus and Boeing will increase its 401k contribution to the machinists. There is one last note. This offer is contingent upon ratification by 1159 Pacific time on Friday. CNBC's Phil LeBeau, many of the strikers CNBC spoke with, said they'd reject all offers that didn't restore the company's pension. With looming port strikes from Texas to Maine a week from Tuesday, the American Apparel and Footwear Association has asked the White House to get involved. The group says more than half of all clothing, shoes and accessories comes in through these ports and American families will face a surge in prices and product shortages heading into the holidays not seen since the pandemic.

The luxury industry, meantime, struggling right now because China is in a recession and it's turning to the USA with its strong and growing economy, Bank of America sees luxury companies now working to get Americans to up their spending on designer brands. China weakness has only just begun. Luxury stocks have already taken a big hit this year. Now the big question is about the U.S. Be they expecting the U.S. to drive more than half of the world's luxury growth next year. Now, buy rating on Hermes, Cuccinelli and Pandora. That's the jewelry company. CNBC's Robert Frank. On Tuesday's watch list, we get earnings from AutoZone and KB Home.

We get the latest on home prices and consumer confidence. And President Biden addresses the U.N. General Assembly in New York. Jessica Ettinger, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now. Patriotic.

And this November, we're all chanting, It's your turn. Voter up.