CNBC Business News Update - Market Close: Stocks Lower After Big Tech Selloff, After Hours Apple With Mixed Results, Amazon Pops On Earnings Beat 10/31/24

Episode Date: October 31, 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 Friday morning to start November trading. It's a jobs Friday, too, after a sell-off for stocks on Halloween Thursday. Both Microsoft and Facebook parent Meta reported quarterly results with some disappointing parts to them. The Dow and the S&P 500 index broke a five-month winning streak. The Dow on Thursday down 378 points, almost 1%, led lower by Microsoft, which dropped 6%. The S&P 500 index down 108 points, almost 2%. The NASDAQ was down 512 points, 2.75% on Thursday. All the major averages comfortably higher for the year. The Dow up 10 percent, the S&P 500 up 19 percent, the Nasdaq's up 20 percent year to date. Meantime, Facebook,

parent Meta, and Microsoft, with those disappointing reports, Microsoft shares had their worst day in nearly two years. Pretty big moves in the individual stocks. It's worth a reminder that sometimes the whole group kind of gets swayed this way and that. We had a positive follow-through from Alphabet and negative now for Meta and Microsoft. CNBC's Mike Santoli. Apple shares flattish to lower in after-hours trading on Thursday on quarterly results that were a little bit mixed. The company beat estimates on the top and bottom line earnings and revenue. It actually had a record for iPhone revenue in September, but services missed on expectations. Amazon shares were up 5% in extended trading on its quarterly results out after the closing bell, and Intel

shares soared 12% right after its results came out after the bell, a strong initial reaction to the quarterly numbers. Gold pulled back Thursday after hitting a record high. One analyst told Reuters that next week's news, like the election and the Fed meeting, mean it's no surprise that some traders are taking profits. Comcast, the parent company of NBCUniversal and CNBC, out with strong quarterly results after the Paris Olympics, and it's studying whether to spin its cable business into a separate company. Talking, of course, about our own company, CNBC, but also MSNBC, USA, Bravo, E-Oxygen, even the Golf Channel. NBC, the broadcast network, is not a part of this potential plan,

nor is NBC News. High cash flow, low growth, or really no growth. Of course, we're all quite familiar with the continued shrinkage of the cable universe. Cord cutting continues. You wonder, what would this thing trade at? What would the sponsorship look like in the stock market? Would there really be a shareholder base for it? All unclear. But perhaps there would be more freedom to try to

figure out new strategies to grow. CNBC's David Faber. Inflation fell again, this time to its lowest in three and a half years in October. In the Personal Consumption Expenditures Index, that's the Fed's favorite measure of inflation. Year-over-year price index, exactly 2.1, which was expected. One-tenth smaller than our last look at 2.2. CNBC's Rick Santelli. Fewer people applied for unemployment benefits last week, 216,000 below the pre-pandemic average. Friday is Jobs Friday. We get the big employment report from the Labor Department after ADP's incredibly strong report for the month showed nearly a quarter million new private sector jobs were created.

Also on Friday's watch list, quarterly results from ExxonMobil, Chevron and Wayfair. Jessica Ettinger, CNBC. This campaign is all about business and money. Live from the New York Stock Exchange. If you were going to watch this election happen, you'd want to watch it through the eyes of CNBC. November 5th, CNBC.