CNBC Business News Update - Market Close: Stocks Mixed, Dow Longest Win Streak Of '24, Summer Travel Demand Softening? 5/8/24

Episode Date: May 8, 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, CNBC. Wall Street opens Thursday morning after a mixed day for the markets. The Dow, though, is on a six-day winning streak, its longest since last year. The Dow is back above 39,000, and it was up 172 points, almost a half percent. The S&P 500 index was flat Wednesday. The NASDAQ was down 29 points. Market breadth in general, very strong on a 10-day basis. One of the strongest breadth readings we've had in a while. It's global. We have other markets working. CNBC's Mike Santoli. Companies whose shares hit fresh all-time highs Wednesday include Progressive, Goldman Sachs, Procter & Gamble, and Colgate-Palmolive.

After the closing bell on Wednesday, Airbnb shares falling in after-hours trading. It beat earnings estimates in the last quarter, but it offered light guidance for this current quarter. And Airbnb says there's been some more modest pricing for home stays. Instacart out with better-than-expected earnings after the bell and an outlook for this current quarter that was higher. Robinhood out with solid quarterly results and higher transaction revenue, which is its bread and butter fueled by people buying crypto on the Robinhood app. Putting what some call the Foxconn con in the rear view. President Biden was in Wisconsin to tout a deal for Microsoft to build a new data center on the same site where President Trump announced Foxconn would build a factory. Turns out Foxconn cost Wisconsin taxpayers millions, and it never built anything.

Microsoft to invest $3.3 billion in a high-tech data center. The facility in Racine County will be built on the same land where Foxconn had once planned to construct a $10 billion factory. As the Journal points out, former President Trump once called that the eighth wonder of the world. Right. It didn't happen. This money, my guess would be, will be spent and this will be created. CNBC's Carl Quintanilla and David Faber. Reddit shares popped on strong first quarter results.

The place where users chat about anything and everything is raking in advertising dollars. Dutch Brothers Coffee, out with strong quarterly results, shares up 10%. This is raising some questions over why Starbucks was warning that consumers aren't spending as much on coffee. They're spending at Dutch Brothers. Beer giant AB InBev shares popped on a strong quarter. The anti-trans Bud Light boycott is fading away. AB InBev is the world's biggest brewer. It makes Budweiser, Corona, and Stella Artois.

More people applied for mortgages last week. The rate on a 30-year fixed home loan dipped closer to 7%. Applications for a mortgage to buy a home up 2% for the week, but still down a whopping 17% from the exact same week last year as the spring home selling season is on pace to be worse than last year. Summer travel demand in the U.S. may be softening a little. We're not seeing the incredible surge we did right out of COVID. Destinations that got the most traveled, theme parks, national parks, Hawaii, they sort of got

overdone. And so I think you're seeing a little bit of pullback there. The Point Sky's Clint Henderson on CNBC. On Thursday's watch list, earnings are coming from Warner Brothers Discovery, Krispy Kreme, and Papa John's. We find out how many people applied for unemployment benefits last week. Annual shareholders meetings are being held by Ford, Norfolk Southern, Boyd Gaming and Alaska Airlines. Jessica Ettinger, CNBC. CNBC, live ambitiously.