CNBC Business News Update - Market Close: Stocks Lower, Tesla Shares Higher After Hours on Better Quarterly Profit, McDonalds Shares Dropped on e. Coli Outbreak 10/23/24

Episode Date: October 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 by CNBC's Jessica Ettinger.

I'm Jessica Ettinger. CNBC Wall Street opens Thursday morning after a losing day for stocks. The Dow had its worst day since early September. Bond yields were higher. The Dow fell 409 points, about 1%. It had been down lower. The S&P 500 index down 53 points, 1% in the NASDAQ, down 296 points, 1.5%. Treasury yields obviously have been the pressure point.

We came into this week probably with some pent-up selling. It's not a big deal. Pre-election, you really should expect a little bit more chop, and that's what we're getting. CNBC's Mike Santoli. McDonald's shares tanked 5% on Wednesday. After the CDC said an E. coli outbreak is linked to quarter pounders. 49 cases, 10 states, 10 hospitalizations. Someone has died.

McDonald's USA President Joe Erlinger spoke on the Today Show. It is the quarter pounder and two ingredients on that quarter pounder that are under investigation by the CDC. So, you know, I want to say to our consumers that you can confidently go to McDonald's today. But investors, they're not confident that consumers will still go to McDonald's. It may take a while for sales to bounce back based on other E. coli outbreaks at other chains. Chipotle, that took 18 months. Jack in the Box, very similar. Same thing with Taco Bell. It's an 18-month period. Now, the one thing is that this is one death. It's isolated. Not since October 11th that we've

seen anything. They think it might be the onions. It's not the hamburger. They think it might be these states. It's not that. It's Bayard and Guggenheim downgraded just simply because there's too much unknown. CNBC Mad Money host Jim Cramer. Tesla reported better than forecast quarterly results after the closing bell. Its shares popped up 4% after hours. Same for T-Mobile. Costco may be the next company to crack down on people sharing memberships. Morgan Stanley says the chain could add another 4 million paid members by using membership card scanners, which are already being installed at

stores. The scanners at the front door can match the card photo with the person's face walking in. They also flag expired memberships. Existing home sales in September hit a 14-year low as homes sit on the market longer unsold. Existing home sales in September fell one percent month to month, the lowest level since October of 2010. And the pressure continues on prices. The median price of an existing home sold in September, four hundred four thousand dollars. Homes are sitting longer, an average 28 days compared with just 21 days a year ago. And first time buyers really fell out. Just 26 percent of september sales that matches the all-time low from august cnbc's diana olick novo nordisk asking the fda to put a stop to the sale

of compounded and cheaper versions of ozempic and wago beat the copies were legal when the original drugs were in short supply consumers turned to the potentially harmful copies when many health plans refused to cover the brand names. On Thursday's watch list, earnings are coming from UPS, Hasbro, Honeywell and American Airlines. We get newly built home sales numbers for September. We find out how many people applied for unemployment benefits last week and Halloween is one week away. Jessica Ettinger, CNBC.