CNBC Business News Update - Market Close: Stocks Mixed, Dow At A Record High, Gold At A Record High, Apple Sets New Product Event 8/26/24

Episode Date: August 26, 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Wall Street opens Tuesday morning after the Dow closed at a fresh record high on Monday. During the trading day, it was up and down, but closed at 41,240, up 65 points. The S&P 500 index in the red, down 17 points. The Nasdaq down 152 points, eight-tenths of one percent. Companies whose shares hit fresh all-time highs on Monday include Coca-Cola, Colgate-Palmolive, Homebuilders, D.R. Horton, Lenar, and Pulte Group, ad agency giant Omnicom Group, UnitedHealth, Boston Scientific, Regeneron,

T-Mobile, J.P. Morgan, Equifax, and Berkshire Hathaway Class B. The market is rebuilding that faith in the soft landing scenario, and it's created this broadening rally, as everybody wants to embrace. But I do think in the interim, with seasonality being a little bit dicey, let's say starting in a couple of weeks, that's why you see a little back-and-forth action within the market. CNBC's Mike Santoli. Gold settled at another record high on Monday.

The 32nd all-time high of the year for the precious metal, $2,555 per ounce. Apple out with invitations to its new product event. So this is likely going to be the new iPhone. And of course, not expecting too many changes cosmetically or hardware-wise on this new model that they're going to launch. But, of course, the story is going to be all artificial intelligence. And then I'd also note this is going to be the 10th anniversary of the Apple Watch unveil. But, again, we're not expecting much different with the latest group of Apple Watches, which they also typically launch in the fall. CNBC's Steve Kovach.

Red Lobster closing more than 20 additional restaurant locations as it works to become profitable. Its new CEO used to run P.F. Chang's. And while a lot of restaurants say consumers are just pulling back after revenge spending and eating out after the pandemic when everybody was locked in and cooking at home, Raising Cane's customers are not pulling back at all with meals at about 10 bucks. You know, so we've been in business for about 28 years. We do one thing, one thing better than anyone else. We have a focused menu. It's a craveable chicken finger meals, chicken fingers, fries, toast, a little bit of craveable sauce to go with that. That is our meal. And, you know, we've been doing this consistently for a long time. And this year alone, our first quarter, we were up about 15% in same restaurant sales. Second quarter, we were up about just under 20%.

Raising Cane's co-CEO, A.J. Cumeron on CNBC. Amazon plans a big sale again this October. Another prime big deal day's event to juice a sometimes slow month for retail ahead of the busy holiday shopping season. On Tuesday's watch list, we get the latest on home prices. We get a fresh read on consumer confidence. Earnings are coming from Nordstrom Box and Tommy Hilfiger and Calvin Kleinparent PVH. The Mega Millions jackpot

Tuesday night, well over a half billion dollars at $575 million. Jessica Ettinger, CNBC. How did a master cyber criminal and a Russian oligarch with ties to the Kremlin hack into America's financial system, scamming millions? CNBC presents The Crimes of Putin's Traitor. Listen wherever you get your podcasts.