CNBC Business News Update - Market Close: Stocks Mixed, Dow Sets Record High, Lululemon Cuts Sales Forecast

Episode Date: August 29, 2024

The latest business and financial news and what it means for your money - reported by CNBC's Peter Schacknow ...

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Starting point is 00:00:00 I'm Peter Schach, now CNBC. Stocks finished the day mixed after a rally that lasted most of the day faded in mid-afternoon. The Dow gained 244 points to close at 41,335. That is a record high. The S&P 500 was down a quarter point, essentially flat. The Nasdaq fell 40 points, or a quarter percent. The market's relatively steady performance comes even as NVIDIA shares fell about 6 percent following its quarterly earnings report, which saw the chipmaker beat estimates by a smaller margin than in prior quarters. In the past, that often portended
Starting point is 00:00:34 a negative day for the market as a whole. Craig Johnson, chief market technician for Piper Sandler, is pleased that investors are now looking beyond NVIDIA and the rest of the so-called Magnificent Seven. Right now, you come back and you look at a lot of these Mag7 stocks, they're not making the same new highs like we've seen before. You can actually find some better-looking stocks in this mid-cap world that look a lot more constructive. And I think that's sort of the change that's happening. This is a market that's broadening out.
Starting point is 00:01:01 It doesn't have to be led by just the Mag7. One of today's stock winners was cybersecurity firm CrowdStrike, up about 3%. That follows quarterly results that were better than expected, despite the faulty software update that prompted an outage for millions of Windows-based computer systems. Dollar General slumped 32% as the discount retailer's earnings fell short of Wall Street forecasts, and it cut its full-year outlook. Peter Schach now, CNBC. September 10th, CNBC and Boardroom host a high-powered event
Starting point is 00:01:31 exploring the intersection of sports, business, and entertainment. Be there for Game Plan. Get in on the action. Get in on the Game Plan. Register now at CNBCEvents.com slash Game Plan.

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