CNBC Business News Update - Market Close: Stocks Lower, Alphabet Results Beat Estimates, Tesla With A Disappointing Quarter 7/23/24

Episode Date: July 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger. CNBC Wall Street opens Wednesday morning after modest losses for the major averages. On Tuesday, with the Dow down 57 points, the S&P 500 index down 8 points and the Nasdaq was down 10 points. Companies whose shares hit all-time highs on Wednesday include Welltower, Iron Mountain HCA, Boston Scientific and Royal Caribbean Cruise Line. Mega cap earnings season is on. Google Parent Alphabet out with quarterly results that beat estimates. Shares were higher in after hours trading after the closing bell Tuesday. Tesla out with disappointing earnings after the close on Tuesday and a mixed quarter for toy maker Mattel. Existing home sales dropped last month, down 5% in June from May. Home prices hit a fresh record high last month. Now these are closed sales,

so based on contracts signed mostly in April and May, when the average rate on the 30-year fix jumped above 7% and stayed there. Rates have pulled back slightly since then to the high 6% range. Now inventory bumped higher, up over 23% from a year ago. The homes are sitting on the market longer, increasing supply. Average days, 22, up from 18 days on the market a year ago. And even that new supply not helping ease prices. $426,900 was the median price of an existing home sold in June. That's up 4.1% year over year and the second straight month at an all-time high cnbc's diana olick the federal

trade commission launching an investigation into surveillance pricing companies are selling ai tools to help all kinds of businesses know so much about you that they can change the price you pay for something versus what someone else might pay. So the FTC is now demanding the information from eight companies, all of which advertise their AI and other tech tools with a trove of customer information to target prices to individual customers. You're going to the fancy restaurants all the time. You're a business traveler. Rezzy knows it based on your phone number. Now imagine that what a restaurant charges you is more expensive than what they charge me. And we would never know. Same steak, same meal, different prices. CNBC's

Contessa Brewer. Some of this is already happening. When you shop online, the browser tells the retailer all kinds of things about you. And you may see prices based on that, maybe even your zip code. People shopping online in lower-income areas may see lower prices, higher prices for the same item when shopping in higher-income areas. Delta Airlines is being investigated by the Department of Transportation over the IT outage chaos. Almost 6,000 flights had been canceled between Friday and Tuesday with flyers saying Delta is having a Southwest Airlines-like meltdown. On Wednesday's watch list, we get earnings from AT&T, Ford, Chipotle, and Boston Scientific. We get the PMIs, the Purchasing Managers Indexes for services and manufacturing. We get newly built home sales numbers for June and a number of Olympic events begin Wednesday ahead of the opening ceremony on Friday, including rugby and soccer.

Jessica Ettinger, CNBC. Squawk Box from Paris. Don't miss exclusive interviews. Highlights from the games. Starts July 29th, CNBC.