CNBC Business News Update - Market Close: Stocks Mixed, Dow Closed At Record High, Retailers Push You To Spend In October 9/27/24

Episode Date: September 27, 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's going to open Monday morning for the final day of September trading after a winning week for stocks. Stocks are also on pace for a winning month after several years of September being kind of rotten for stocks. On Friday, the markets were mixed. The Dow closed at a fresh record high Friday afternoon, up 137 points, closing at 42,313. The S&P 500 index had opened at a record on Friday morning, closing down seven points. And the Nasdaq was down 70 points

on Friday. Even with an election around the corner, some investors see a strong economy and no reason for stocks not to go even higher. The resiliency of the market this year, we're up 20% year to date, 42 new highs of the year. So we've been bullish for about two years now. We got rid of our recession call about 18 months ago. BNY Wealth's Alicia Levine on CNBC. Inflation keeps dropping, coming in lower than expected for August. Now we get into the money ball numbers. The PCE price index year over year, expecting 2.3.

It comes in light, 2.2. We are making progress. It was 1.9 in February of 21. It's still not at 2%, but it's certainly getting closer. CNBC's Rick Santelli. Here's CNBC's senior economics reporter, Steve Leisman. You know, there's going to be a time to declare victory on inflation, and this is darn close. Best Buy members are enjoying the chain's pre-holiday sale prices through Sunday.

Target, Walmart and Amazon are waiting to start their sales until October, which is just about here. Retailers know you're going to buy in November and December for Christmas. So they're trying to get you to spend even earlier in the traditionally slow month of October. We've had a strong back-to-school surge, so most retailers and brands have had good back-to-school numbers. And now the holiday season is a few days shorter this year, so it is going to be promotional and retailers are eager to get started on it. Bernstein Research's Anisha Sherman on CNBC. On Monday's watch list, Wall Street will open for the final day of September trading. It's also the final business day of the third quarter of the year.

Earnings are coming from Carnival Cruise Lines and Apple's two-week trade-up event starts. Jessica Ettinger, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now. Patriotic. And this November, we're all chanting, it's your turn. Voter up.