CNBC Business News Update - Market Close: Stocks Higher, S&P Wiped Out The Week's Losses, Fast Casual Chains Now Have Value Menu Deals 8/9/24

Episode Date: August 9, 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 Evinger, CNBC. Wall Street opens Monday morning after a seesaw day, but a winning Friday. No super wild swings for once. The Dow was up 51 points. The S&P 500 index up almost 25 points, a half percent. The Nasdaq was up 85 points. That was a half percent. That S&P 500 index for the week was only down four one-hundredths

of a percent, very close to clawing back its losses from last Monday. After a three percent drop in the S&P on Monday, no doubt about it, I think it's all been pretty constructive. What you were doing if you were buying near the lows of this week in the S&P 500 is you're picking up the market, so to speak, at levels of about five months ago. It feels like, you know, the risk reward has gotten somewhat better. CNBC's Mike Santoli. Paramount Global out with disappointing quarterly results, says it's cutting 15% of its workforce. Meantime, CBS Sports, a division of Paramount Global, has a deal with Netflix now to produce its live football games on Christmas Day.

Cisco cutting thousands of employees. As of Friday afternoon, it hadn't confirmed those reports. Stellantis cutting 2,500 plant workers. It's ending production of the Ram classic pickup truck. Investors are watching a broad consumer pull back, the economy settling back to normal after the pandemic recession, followed by excessive spending and that revenge travel when things opened back up. Right now, the consumer is really spending way, way higher than the growth in income. And as a result, the consumers are having to deplete their savings.

And the only people with savings are really the rich people. The stock market wealth that they've generated with the rise in the stock market has really helped a lot of people, but those tend to be the rich people. And the poor people are having to go to second jobs and third jobs in order to make ends meet and dip into their credit cards. Milken Institute economist Bill Lee on CNBC. Gas prices have peaked for the summer. GasBuddy says there's been a notable drop in demand. Prices should drop more in about a month or so when refiners can switch to less expensive winter blend gas. Prices at the pump are based on oil prices and America's pumping a lot of that. The U.S. retains the crown of the world's largest oil producer. Oil production in the U.S. is at record-setting levels.

Guest buddies Patrick DeHaan on NBC. Applebee's, Chili's, Outback, and P.F. Chang's fast casual restaurants now adding value items to their menus to take on the fast food chains. At privately held P.F. Chang's, it's a $5 happy hour deal, $5 drinks and snacks. You can get a nice drink, you can get better quality food, Privately held P.F. Chang's. It's a $5 happy hour deal. $5 drinks and snacks. You can get a nice drink. You can get better quality food. And it's going to be honestly cheaper than McDonald's. That customer spoke on NBC.

On Monday's watch list, no big economic reports. Investors are on hold for the latest on inflation coming Wednesday. That's when we get the CPI, the Consumer Price Index. Also on Monday, Olympic athletes start leaving Paris, and McDonald's will get ready for a new collectible launch, which happens Tuesday. Jessica Ettinger, CNBC. The latest market news and analysis. Listen to CNBC wherever you get your podcasts.