CNBC Business News Update - Market Close: Stocks Lower, McDonalds Shares Lower On New e. Coli Outbreak Numbers, Meta Misses User Growth Forecast 10/30/21

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. Ancho...red by CNBC's Jessica Ettinger.

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Starting point is 00:00:00 I'm Jessica Edinger, CNBC. Wall Street opens Thursday morning for Halloween and the last day of October trading. After a losing Wednesday for the markets, the NASDAQ did hit a new intraday high before pulling back. The S&P 500 index less than 1% away from its record high. But on Wednesday, the Dow was down 91 points. The S&P 500 index down 19 and the NASDA Dow was down 91 points, the S&P 500 indexed down 19, and the Nasdaq was down 104 points. Very much a wait and see that the market is a lock to rip higher November, December after the election, and therefore nobody's doing any selling ahead of time.
Starting point is 00:00:35 It's really just gliding and drifting around. CNBC's Mike Santoli. McDonald's shares lower in after-hours trading Wednesday on new E. coli outbreak numbers from the CDC. The number of cases is up to 90, with 27 hospitalizations, no additional deaths. The CEO told analysts this week it appeared the outbreak, which was traced to slivered onions on quarter pounders, was contained. Facebook parent Meta reported better-than-ex expected quarterly results after the closing bell, but missed user growth expectations and shares dropped in after hours trading Wednesday. Microsoft's quarter beat expectations. Supermicro shares plunged Wednesday.
Starting point is 00:01:17 A third of the company's value is gone as the company that serves as its auditor resigned after months ago raising accounting concerns. The auditor from Ernst & Young had reportedly disagreed with the firm over its governance and board independence, and the shares are down 31% for their worst day since 2009. CNBC's Kelly Evans. Nearly a quarter million new jobs were created in October in the new ADP blowout report on private sector hiring. For the private sector, up 233,000. That's against a forecast of just 113,000. Now there's the non-farm payroll estimate for Friday, which is government and private sector at 100. And I don't know what the street does with that.
Starting point is 00:02:00 CNBC senior economics reporter Steve Leisman. Now ADP counts strikers differently than the government. And 30,000 Boeing workers are on picket lines. Here's ADP chief economist Neela Richardson. This is the most important point. The economy is having its cake and eating it too. It's creating all these jobs while at the same time wage growth is coming down. And that's good news for inflation.
Starting point is 00:02:23 So we're really in a sweet spot in October. I don't know how long it lasts, but I'll take it this month. We get the Labor Department's October employment report on Friday morning. That will include government hiring. Eli Lilly shares down 6% Wednesday on disappointing quarterly results. Why? When it makes the super popular and in-demand diabetes and weight loss drugs Manjaro and Zepbound? Well, the CEO says insurance companies don't want to pay for it for many patients. So they go and buy cheaper compounded versions online from places like Hims and Hers and many others. The real issue is coverage of these medications on insurance.
Starting point is 00:03:01 I think that's really what's happening is people want to buy a lower priced product, even though it's lower quality. It's not a real medicine. It's not an approved medicine. That's what compounding is. What we need to do is bring those people into the insurance system. And if we have other diseases like diabetes or hypertension, we expect our medicine to be covered by insurance. Why is this different? That needs to change. I think that's the primary thing I'm worried about. Eli Lilly, CEO, David Ricks on CNBC. On Thursday's watch list, happy Halloween. It is the final day of October trading. We get quarterly results from Apple and Amazon, and we find out how many people applied for unemployment benefits last week. I'm Jessica Ettinger, CNBC.
Starting point is 00:03:46 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.

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