CNBC Business News Update - Market Close: Stocks Mixed, Gold Hits 45th Record High of the Year, Striking Boeing Workers Vote Wednesday On Deal 10/22/24

Episode Date: October 22, 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger CNBC Wall Street opens Wednesday morning after a mixed day Tuesday for the markets with slight losses the Dow down six points the S&P 500 index down two points the Nasdaq was in the green up 33 points on Tuesday silver hit its highest in 12 years gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,611 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,611 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,611 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,611 an ounce gold closed at its 45th record high of the year on Tuesday at more than $2,761 an ounce. Gold widely believed to be soaring as foreign investors and central banks have been selling their U.S. dollars in debt to buy gold, pushing up the price. Striking Boeing workers vote Wednesday on a tentative deal with the company the union president spoke with CNBC. I think it's going to be a tight vote. There's a lot of emotion tied here. There's a lot of history. We've been able to negotiate the best that we could, and we're hoping that our members will consider it, and that's where we're at. The proposed deal does not include reinstating the pension. Is that a deal breaker?

It is for many members, absolutely, and it's a righteous fight to go after a defined benefit pension, you know, 10 years later. It's certainly never easy to get something back that we lost 10 years prior. But that doesn't mean our members don't deserve it. Boeing Machinists Union President John Holden on CNBC with CNBC's Phil LeBeau. The 2025 federal income tax brackets are out. The standard deduction increases to $30,000 next year for married couples filing jointly, $15,000 for single taxpayers. This is for tax returns you'll be sending in in the spring of 2026. The top income tax rate, 37% for individuals with taxable income of more than $626,000 a year.

Married couples filing jointly earning $750,000 a year. Those low, 6.1%, 30-year fixed rate mortgages. Well, they're way gone now. Mortgage rates are actually up sharply since the Fed cut rates. More than a half a percentage point, in fact, with the 30-year hitting 6.85%. CNBC's Diana Olick, that's according to Mortgage News Daily. As rates push back up towards 7%, would-be homebuyers can wait for them to drop again. The Fed is in a rate-cutting cycle, but important to note, mortgage rates have nothing to do with Fed rate cuts. They actually are loosely based on the yield on the 10-year Treasury, which has been rising for more than a month now.

Billionaire investor Paul Tudor Jones telling CNBC that the Trump tax cuts enacted in 2017 need to end or sunset at the end of next year. High earners may have to pay more. Those no longer paying AMT or alternative minimum tax, they may have to bite the bullet. Can I just say this? You have to let the tax cuts expire. You have to. You have to let those expire. That's $390 billion. We're going to have, again, we're going to be broke. The Trump administration cut the corporate tax rate in 2017 from 35% down to 21%. And last month, Trump promised to lower the tax company's pay even further to 15% if reelected. McDonald's taking quarter pounders off menus in several states.

The CDC says an E. coli outbreak is linked to the chain's burgers with 10 hospitalizations and one death. On Wednesday's watch list, we get earnings from AT&T, IBM, Boeing, Coca-Cola, and Tesla. We're going to get existing home sales numbers for September and the Powerball jackpot Wednesday night closer to a half billion at $478 million. Jessica Ettinger, CNBC.