CNBC Business News Update - Market Close: Stocks Mixed, Dow at Record Above 41,000 For the First Time, Nasdaq Plunged 512 Point 2.7% 7/17/24

Episode Date: July 17, 2024

I'm Jessica Edinger, CNBC. Wall Street opens Thursday morning with the Dow at a record and above 41,000 for the first time, while the NASDAQ and the S&P 500 index each sold off. There was some profit-taking and comments from both the Biden administration and former President Donald Trump about the chip industry didn't help those shares. The Dow was up 243 points, a half percent at 41,198. The S&P 500 index down 78 points, 1.3 percent. The NASDAQ was down 512 points. That was 2.7 percent. When you've got a super strong momentum surge and a very broad

rally like we've seen in the last several days, it usually has positive implications if you look out a month, three, six months in terms of further upside. But often it means you just can't kind of pencil in this same trend, and there's going to have to be a little bit of give and take under the surface. CNBC's Mike Santoli. Companies who shares at fresh all-time highs on Wednesday include UnitedHealth, T-Mobile, Colgate, Palmolive, and Walmart. Plus American Express, Berkshire Hathaway, Class B, Discover, JP Morgan, Amgen, and Texas Instruments.

Amazon's Prime Day two-day sale on pace for record revenue. Shoppers spent $7.2 billion the first day alone. That was up nearly 12% from last year, according to Adobe. And they expect total sales for the two-day event around $14 billion, or a 10.5% increase year-on-year. CNBC's Kelly Evans. Meantime, the Prime Day sales been a big event for scammers. There were scam emails that looked like they were from Amazon, fake Amazon websites, and more, according to the Better Business Bureau. Drugmaker Roche shares were higher on some good results from an experimental weight loss pill, while shares of drug makers behind injectables like Ozempic

and Wagovi, names like Novo Nordisk and Eli Lilly, were sliding. Homebuilders started construction on more apartment buildings last month and fewer single-family homes. Multifamily was really the driver in this month. It was up 22 percent month to month. That's a big jump month to month. Still down, though, 23 percent year over year. And that's because record supply came onto the market both last year and this year. And we are seeing a softening in multifamily rents. They're actually down year over year and have been for the last several months. Single family starts, though, were actually down month to month. We did see the average on the 30 year fixed well over 7 percent for all of June. And so that has builders seeing their buyers come

in and pulling back a little bit about those decisions. CNBC's Diana Olick. The Emmy nominations this year are out. FX's Shogun, made for Hulu, has 25 nominations, the most of any show. FX's The Bear, also made for Hulu, set a record as a comedy with 23 nominations, beating the 15-year-old record set by 30 Rock. FX Productions is a division of Disney. On Thursday's watch list, earnings are coming from Netflix, Abbott Labs, Alaska Air, Blackstone, D.R. Horton, Novartis, Domino's Pizza, and Taiwan Semiconductor. We find out how many people applied for unemployment benefits last week.

British Open golf begins at Royal Troon in Scotland. The winner takes $3 million. Jessica Ettinger, CNBC. This isn't just the Open. It's golf as it's meant to be. The Open Championship on NBC and Peacock. Part of the greatest summer of golf.