CNBC Business News Update - Market Close: Stocks Mixed, Dow Hits Intra-Day Record High, Gas Prices Lowest Since January 9/16/24

Episode Date: September 16, 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 and you're CNBC. Wall Street opens Tuesday morning after the Dow hit a fresh record high on Monday, 41,734. Normally September's a tough month for stocks, but there you go. We're in the final week of summer trading. The Dow finished up 228 points Monday, a half percent slightly down from that record high intraday. The S&P 500 index inch down from that record high intraday. The S&P 500 index inching toward a record high. It was up seven points, closing at 56.33.

The NASDAQ was in the red on Monday, down 91 points, about a half percent. Look at the S&P 500. We made a near approach to the former mid-July highs back in August, fell away again, and now we are attempting it again. CNBC's Mike Santoli. Companies whose shares hit fresh all-time highs Monday include T-Mobile, Royal Caribbean, Costco, Walmart, American Express, and MasterCard. Gold hit a new record high of $2,617 an ounce on Monday before pulling back. Intel shares soaring in after-hours trading Monday. Intel and Amazon's Web Services plan to work together on chips. Meantime, Amazon CEO Andy Jassy is telling everybody to get back into the office five days a week instead of just three, starting with the new year. In a letter to employees now, really taking aim at some of the bureaucracy

he calls out at Amazon. People are going to be back in the office five days a week. That's going to go into effect as of January 2025. Not necessarily layoffs, but sort of forcing those out who might not want to be in the office. They did not mention any sort of layoffs,

I should note, in the CEO letter here from Jassy. But it's often, you know, a sort of way around that to say if you're not on board with this new culture shift, be back in the office five days a week, then this might not be the place for you. CNBC's Kate Rooney, as the Fed gets set for a two-day meeting on interest rates Tuesday with the expected rate cut announcement Wednesday afternoon, would-be homebuyers are advised to be patient as mortgage rates fall. It would be the first Fed rate cut in about four years. Mortgage rates will continue to come down. They're now in the low sixes. You know,

they were at 8% last year. And so a lot of experts are saying that by 2025, they will be in the 5% for a third year. It's unfolded gradually and it's going to take time. I do think that this Fed cut will help the housing market. Brown Harris Stevens, Bess Friedman on CNBC. Boeing freezing all hiring in sweeping cost cuts as it deals with a factory worker strike. More than 30,000 workers at plants in several states have been on picket lines since Friday. Apple shares were sliding on reports of sluggish demand for the new iPhone 16. Pre-orders are reported to be less than stellar. On Tuesday's watch list, the Fed starts that two-day meeting on interest rates.

We get the latest on retail sales. Crocs Happy Meals will be out at McDonald's. You don't get a pair of plastic shoes with the meal. You get a little collectible mini Crocs clip and a sticker. Tuesday is National Voter Registration Day and Jimmy Carter's 100th birthday will be celebrated with a musical gala in Atlanta. Jessica Ettinger, CNBC. CNBC unveiling its inaugural NFL valuations list. Dallas Cowboys, number one at $11 billion. The NFL is the biggest and most profitable sports league in the world. Exclusive NFL team valuations now on CNBC.com slash sport.