CNBC Business News Update - Market Close: Stocks Mixed, Dow Had Its Best Week Since May, Car Dealers Software Issue 6/21/24

Episode Date: June 21, 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 Edinger. index was down eight points. The NASDAQ was down 32 points. The S&P 500 index on Friday closed at 5,464, but it had topped 5,500 during the week. We're up 15% year to date. If we continued this pace, the market would be at 6,250 by the end of the year and trading at 25 times earnings. That doesn't seem reasonable. So I think we're at this inflection point where leadership is inflecting and the direction of the market is inflecting. If it goes down, yeah, there's opportunity. If it plateaus, you know, you kind of stick with what you've got. Gilman Hills, Jenny Harrington on CNBC. Friday was what's called a triple witching day on Wall Street when options expire and indexes get rebalanced for a fresh start on Monday morning. Investors will be watching to see which direction the markets will move.

As history goes, the options expiration is large, right? It's very big. It's the biggest ever. You're starting with a relatively blank slate on Monday. It doesn't say anything directionally, but sometimes inflections and trends do happen around those points. CNBC's Mike Santoli with Carl Quintanilla. Existing home sales came in flat last month as home prices hit a fresh record high. The median price of an existing home sold in May, $419,300. That is a record high price and up 5.8% year over year. All regions saw price gains.

I would note that's a median, though, and it's skewing higher because the higher-priced homes are selling more. There's more supply over there. CNBC's Diana Olick. It might be a tough weekend to go car shopping and finalize a purchase. Thousands of dealers still can't use the CDK software they normally use to do that. CDK says this was a two-tiered attack hitting the company on Tuesday and Wednesday. The company says it works with more than 15,000 retail locations across North America. Not clear right now exactly how many of those have

been affected, but celebrity motor car company owner Tom Maloney described what dealers are facing here. It's a disaster. You know, we're selling cars, but we can't book the deals. We can't finance the deals. We can't get them to the banks. In a statement, the National Automobile Dealers Association said dealers are very committed to protecting their customer information and are actively seeking information from CDK to determine the nature and scope of the cyber incident. CNBC's Eamon Javers. On the coming week's watch list, it's a big one for economic data. We get the latest on inflation with the PCE, the personal consumption expenditures. We also get the latest on U.S. economic growth with GDP.

The final read on first quarter gross domestic product is coming. We also get new data on home prices, newly built home sales numbers, and consumer confidence. Earnings are coming from Carnival Cruises, FedEx, General Mills, Paychex, Micron, Levi's, Blackberry, Spicemaker, McCormick, Walgreens, and Nike. Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA.

The U.S. Olympic Team Trials on NBC and Peacock.