CNBC Business News Update - Market Close: Stocks Lower, United Airlines Results Out, Baxter IV Fluid Impacted By Hurricane 10/15/24

Episode Date: October 15, 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 in the red on Tuesday. The Dow on the S&P 500 index slipping from record highs. A chipmaker, ASML, its quarterly results leaked early, warning of weaker China sales, and that dragged down other chipmakers with it, and the Nasdaq dropped as well. The Dow down 324 points, three-quarters of a percent. The S&P 500 index down 44 points,

three quarters of a percent. The Nasdaq was down 187 points. That was just a little more than 1%. Still, investors just wrapped up year two of a bull market on Friday. But can that continue? Investors should not assume that we're going to see another 34 percent gain in the third year that we did in the second year which by the way was the best of all second year bull markets since World War II. CFRA researches Sam Stovall on CNBC. Apple shares hit a record high Tuesday. Morgan Stanley out with a positive note on iPhone 16. Demand could be a little better than first thought. United Airlines shares were lower after the closing bell. Although its quarterly results, earnings and revenues came in better than expected.

Holiday spending expected to be as much as 3.5% higher this year over last year. But that would be slower sales growth than last year when sales rose almost 4%. The National Retail Federation says the economy's healthy and American families' capacity to spend will continue to be supported by a strong job market and wage growth. Hospitals around the country scrambling, many postponing non-emergency procedures as the North Carolina Baxter plant that makes 60% of IV fluid used in healthcare in the U.S. was hit by Hurricane Helene. First of all, you've seen a lot of industry players get out of this segment in recent years, but the ones who've remained in, what they've done is they've consolidated manufacturing in

a small number of facilities. The only way to do this profitably. So now you have consolidated manufacturing for essential medicines in a small number of large manufacturing facilities. And when those go down, you take out a very large percentage of the market. Former FDA Commissioner Dr. Scott Gottlieb on CNBC. Big banks out with big quarterly results. Goldman Sachs with better than expected results

as stock trading and investment banking boosted its quarter. The Goldman quarter was beautiful. I mean, look, Goldman is a money machine. They've added, what, under, what is it, $100 billion in market cap? I mean, this thing's extraordinary. It's a juggernaut. CNBC Mad Money host Jim Cramer. Citigroup beat earnings estimates for last quarter.

And Bank of America also reported strong results. Universal will open the Epic Universe theme park in Orlando, Florida by Memorial Day of next year. Universal is a sister company to CNBC. On Wednesday's watch list, earnings are coming from Abbott Labs, Morgan Stanley, Discover, U.S. Bank Corp and CSX Railroad. Disney turns 101 years old and the Powerball jackpot inching toward a half billion dollars for Wednesday night at 408 million. Jessica Ettinger, CNBC. Earnings season. When the CEOs have a big announcement, they come here first. A wild hour of earnings.

Earnings Season. Special coverage all this month on CNBC.