CNBC Business News Update - Market Close: Stocks Lower, Port Strike Ends, September Jobs Report Out Fri 8:30am ET 10/3/24

Episode Date: October 3, 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 after a losing Thursday for the markets. The Dow down 184 points, a half percent, led lower by shares of Merck. The S&P 500 index dropped nine points. The Nasdaq was down six points. The overlay of potential retaliation in the Middle East for the Iran airstrikes. You have the anniversary, October 7th, on Monday. And you just have a general sense of storm disruptions, strike disruptions.

What else might be coming at this market? CNBC's Mike Santoli. The port strike ends as workers agree to a tentative deal on wages and a contract extension. Ports from Maine to Texas have been shut down for three days. The workers have agreed to a 61.5% pay increase over six years and continued negotiation over automation on the docks. The workers are worried they're going to be replaced by robots. The deal takes effect immediately. Investors are on hold for the September jobs report. It'll be out Friday morning, 830 Eastern. It could hint at when and how much

the Fed might next cut interest rates. That nonfarm payrolls report has been the biggest kind of macro catalyst for the last several months because of the implications for the Fed. You know, it was probably the thing that sparked the Fed pivot in the first place, pushed them towards that jumbo size cut. So it's not far in peril that investors need to be watching tomorrow. Baird's Ross Mayfield on CNBC. Crude oil up 8% so far for the week. It's on Middle East tensions and whether Israel, possibly with U.S. help, targets Iran's oil facilities with an attack.

The Biden administration can move forward with a student loan forgiveness plan for now as a federal judge will let a temporary restraining order against the plan expire. The new program could deliver relief to tens of millions of Americans, many of whom were lured into college loans without understanding what they were signing. September was a turning point in the housing market, according to a new Redfin report. We saw an improvement at long last. We had seen interest rates fall in August, and homebuyers had almost no reaction because they were waiting for the Federal Reserve to cut rates.

That finally happened, and now many people who had been on the fence are coming back into the market. It's not a tidal wave, but it's a real swell. Redfin CEO Glenn Kelman on CNBC. Two years ago, the average rate on a 30-year fixed home loan was pushing 8%. It's now 6.25%, according to Mortgage News Daily. The Miami Dolphins, owned by Stephen Ross, said to be in talks to sell a minority stake in the team to a private equity firm that values the Dolphins at more than $8 billion. Now that the owners have approved, this is a good way to raise some cash. More football deals are likely. I think it's going to be the Philadelphia Eagles. They're going to have about 15%. And I think that valuation is going to be eye-popping. Unlike this

deal, that deal is going to be just for the team. They do control their stadium, which gives you revenue from concerts and such, but you're going to see that deal place a valuation in excess of $7 billion. CNBC's Michael Ozanian on CNBC. On Friday's Watchlist, Jobs Friday, we find out how many jobs were created in the U.S. in September. Zillow launches climate scores on its service for homes. The NBA preseason begins. The NHL regular season begins. And new in theaters, Warner Brothers Joker, Philea Deux. 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.