CNBC Business News Update - Market Close: Stocks Mixed, Dow Closes At Record, Apple iPhone 16 For Sale 9/20/24

Episode Date: September 20, 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 for the first day of fall trading. After a winning week for stocks, a mixed day for the markets on Friday. After Thursday's rate cut rally, there might have been a little profit taking. The Dow was in the green, up 38 points Friday. The S&P 500 index down 11. The Nasdaq was down 65 points. The S&P 500 has kind of managed to have a couple of sharp pullbacks,

but ultimately come out of this period positive over two months. CNBC's Mike Santoli. Constellation Energy shares hit an all-time high Friday. It's restarting the Three Mile Island nuclear plant using Unit 1 to sell power for AI data centers exclusively to Microsoft. Unit 1 is separate from the reactor that partially melted down in 1979. Three Mile Island, fire that baby up. Microsoft is signing a 20-year deal to purchase the power output from that venture. The plant's expected to be ready for service in 2028. Three Mile Island was the site

of the biggest nuclear accident in the history of the U.S. nuclear power generation. A partial meltdown of the reactor led to radioactive gases and iodine being released into the air back in the March of 1979. CNBC's Joe Kernan. Apple's new iPhone 16 now in stores. And Apple's CEO spoke briefly with CNBC's Steve Kovac at the New York City flagship store on Friday morning. I did talk to Tim Cook. He was actually right in front of the Apple store filming a little skit with Jimmy Fallon. Very exciting. Better or worse than last year? Oh, I don't know yet. It's only the first hour, so we'll see.

Pre-order's good? It's amazing. Everything is enthusiastic. You know, earlier in the week, we got those signals that maybe demand was less than it was last year. T-Mobile CEO Mike Sievert saying that sales are better than they were last year, at least the pre-order sales. We're going to have to wait through the weekend and, of course, in the coming weeks to get more and more on what the demand looks like. CNBC's Steve Kovach. Gold hit another record high on Friday. Copper and silver hit their highest prices since July.

Macy's says it's hiring more than 30,000 seasonal workers for the holidays. Eli Lilly seeking access to the records of people who took knockoffs of its weight loss drugs, Zepbound and Manjaro. The Federal Trade Commission suing drug middlemen for allegedly inflating insulin prices. That's Caremark RX, Express Scripts and Optum RX. The commission says the companies have engaged in anti-competitive and unfair rebating practices that have artificially inflated the list price of insulin drugs. The complaint alleges that the companies rigged pharmaceutical supply chain competition in their favor with a perverse drug rebate system. The commission says that insulin

drugs used to be affordable. One drug's list price back in 1999 was just $21. The same drug today, they say, lists at more than $274. CNBC's Eamon Javers. On Monday's watch list, it'll be the first trading day of fall. We get the manufacturing and services PMI reports, purchasing managers' indexes, and Bank of America hosts the World Medical Innovation Forum in Boston. It's also the start of the U.N. General Assembly in New York. World leaders arriving.

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. hack into America's financial system, scamming millions.