CNBC Business News Update - Market Close: Stocks Mixed, Consumer Sentiment Pops, Investors Discuss WSJ Report on Musk Contact With Putin 10/25/24

Episode Date: October 25, 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 Monday morning after a mixed week for the markets. The Dow and the S&P 500 index each coming off down weeks while the NASDAQ notched a winner. The NASDAQ also hit an intraday record high on Friday. Here are your Friday numbers. The Dow fell 259 points, a half percent, led lower by shares of McDonald's, which were down just about 3 percent. Onward, more people had been sickened by E. coli. The S&P 500 index was down just one point.

The Nasdaq in the green, up 103 points, a half percent on Friday. It looks strong to me. I mean, I don't see any really drop in the momentum. I mean, I think it surprised everyone. It's only surprised me. It surprised the Fed. GDP is going to be reported next week and looks to be over 3 percent. Wharton professor Jeremy Siegel on CNBC. Investors on hold for the latest on the job market with the October employment report coming Friday, November 1st. We also get the latest on U.S. economic growth. GDP comes out this Wednesday, the gross domestic product report. Americans are feeling better about the U.S. economy. Consumer sentiment is up.

It jumps up to 70.5, the best since April of this year. Current conditions, 64.9. Best since June. CNBC's Rick Santelli. Investors are talking about a Wall Street Journal report that says Tesla CEO Elon Musk has been in regular contact with Russian President Vladimir Putin for as long as the last two years. The Kremlin denies it. We have an illegal invasion of a neighboring country by Russia, by Putin. The world has condemned it. And then you have a person who's the richest man in the world and a person who's potentially going to play a major role in the U.S. government going forward if Trump is elected president, who has had secret conversations with this dictator and a criminal. Hermitage Capital's Bill Browder on CNBC, the former largest foreign investor in Russia until he was denied entry to the country after exposing corruption in Russian state-owned

companies. CNBC's Seema Modi spoke with Browder. President Trump, who if re-elected, has suggested that he would bring Elon Musk into the U.S. government. Your reaction there? It used to be that Republicans were tough on Russia. And all of a sudden we have this sort of version of the Republican Party that is friendly with Russia. And Donald Trump has made all sorts of overtures towards Putin. And now apparently one of his biggest supporters has had similar types of relationships with Putin. The full interview is at CNBC.com. McDonald's executives likely working all weekend after the E. coli outbreak. And word from the CDC, there were more people affected than first thought.

75 as of Friday afternoon, the company reports quarterly results on Tuesday. Spirit Airlines says it's cutting jobs and selling jets to raise cash. On the coming week's watch list, investors get the latest on U.S. economic growth GDP on Wednesday. The October jobs report comes Friday. We also have earnings this week from big magnificent seven names like Apple, Amazon, Google parent Alphabet, Microsoft and Facebook parent Meta. And the World Series continues into the week. And Thursday night is Halloween. Jessica Ettinger, CNBC. 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.