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

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

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.

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

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