CNBC Business News Update - Market Close: Stocks Mixed, Boeing Shares Up On Tentative Contract, Goldman's Down Forecast 10/21/24

Episode Date: October 21, 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. Took a Monday breather from the rally. The Dow and the S&P 500 index pulled back from record highs. They opened with Monday morning. Bond yields were higher. Some investors took some profits. The Dow was down 344 points, eight-tenths of a percent below 43,000. And it was dragged down by shares of American

Express, which were down more than 2%. The S&P 500 index also fell from a record high, down 10 points. The NASDAQ was in the green on Monday, up 50 points. Companies whose shares hit all-time highs on Monday include Netflix, McDonald's, and NVIDIA. Corporate insiders have picked up their selling, so maybe time for a rest. Also Friday was an options expiration and often the market can kind of move a little bit more freely and get a little bit jumpier after that happens at least in the ensuing week. CNBC's Mike Santoli. Boeing shares were up three percent Monday. The five-week-long Boeing strike closer to an end with a tentative deal between management and the machinists union. It's a far richer contract that's for sure that the machinists will be voting on

on Wednesday. The tentative agreement calls for a 35 percent raise over the next four years. They sweetened the ratification bonus bumped it up to seven thousand dollars. They're also adding a one time five thousand dollar deposit in every employee's 401k plan. And then there is the annual bonus, which originally was not there. Now it's in this offer. Question is whether or not they can get this over the finish line. CNBC's Phil LeBeau. Goldman Sachs forecasting just a 3% annual return for the S&P 500 over the next 10 years.

That's a big drop from the 13P 500 over the next 10 years. That's a big drop from the 13 percent average for the last 10 years. The Goldman report does very admirable analysis and math, and they're looking for a reversion to the mean after we've had a period of outperformance. That all makes sense. But 10 years ago, 20 years ago, we didn't have an internet. We didn't have AI. We've had a GLP-1 class of drugs for weight loss that also seems to address diabetes and a whole range of illnesses. Things advance. And so I get it. And you have to always be cautious in the management of your portfolio. But at the same time, I don't think you can ever bet against the U.S. markets or U.S. economy.

Farm Miller in Washington, CEO Michael Farr on CNBC. Elon Musk trying to pay people to vote for GOP presidential hopeful Donald Trump. This is, of course, Musk's latest scheme over the weekend to get Trump elected again, offering swing state voters a chance to receive a million dollars for registering with his America PAC, which is, of course, backing Donald Trump's candidacy. But legal experts and even Pennsylvania Governor Josh Shapiro warning this weekend this could all be illegal. Federal law says it's illegal to pay or offer to pay for registering to vote or voting a certain way.

Now, over the weekend, America PAC said it gave two people the million dollar checks in the swing state of Pennsylvania. Meanwhile, VC titan Vinod Khosla telling people, go ahead and sign his petition, take the money, and then go into the booth and vote for Harris. CNBC's Carl Quintanilla with tech reporter Steve Kovac. McDonald's is making it clear it is not as a company nor an individual location endorsing anyone for president. GOP hopeful Donald Trump visited a restaurant over the weekend while Vice President Harris talks about working at McDonald's in college. The company says one out of every eight Americans has worked for a McDonald's at some point in their lives. On Tuesday's watch list, earnings are coming from General Motors, Verizon, Norfolk Southern, and Canadian National

Railroads, Kimberly-Clark, and Texas Instruments, just to name a few. Jessica Ettinger, CNBC. CNBC. Live ambitiously.