CNBC Business News Update - Market Close: Stocks Mixed, Investors Wait For Friday Morning's August Jobs Report, Teen Vaping Falls While Nicotine Pouch Sales Soar 9/5/24

Episode Date: September 5, 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 Friday morning after a volatile and mixed day for stocks on weaker-than-expected private payroll numbers from ADP. Some people are worried the economy is slowing too much. The Dow was down 219 points, a half percent. The S&P 500 index was down 16 points. But the Nasdaq was in the green. It was up 43 points. The market is obviously showing its unease with where we sit right now in terms of the recent flow of data.

It's almost like the market doesn't want to hear people sort of say, well, maybe things are OK, in the absence of a number like the monthly payrolls that actually says things are OK. CNBC's Mike Santoli and investors could get that number with the Labor Department's August employment report out at 8 30 eastern Friday morning. Companies whose shares hit fresh all-time highs Thursday include Duke Energy, Philip Morris, Travelers, Chubb, Colgate, Palmolive, and Procter & Gamble. Broadcom shares were lower in after-hours trading, although it beat estimates for earnings in the last quarter. It was in line with revenue. In the ADP report on private sector hiring for August, companies added 99,000 jobs. That was fewer than expected. It tells me that

after two years of outsides hiring and growth, we're finally seeing a normalization that's a little cooler than expected. Slower hiring than we've seen in the past. And so taken together with other data, it's pointing to a softer labor market. We're not falling off a cliff. These are not job losses, but slower hiring, stable wage growth. ADP economist Neela Richardson. Fewer people than expected, though, applied for unemployment benefits last week as job cuts remain relatively low. The 227,000 number, right about the pre-pandemic weekly average.

The Dallas Cowboys at the top of the new CNBC NFL valuations are ranking worth $11 billion. Jerry Jones is the greatest marketer there is in the history of sports. The Cowboys, through stadium sponsorships, through licensing agreements, get $800 million from stadium revenue. Wow. The league average is less than $300 million. CNBC's Mike Ozanian. At the bottom of the 32 teams list is the Cincinnati Bengals, still worth a pretty penny, though, at more than $5 billion.

Teen vaping has hit a 10-year low in the U.S. as some teens and adults have switched to nicotine pouches placed in the mouth, like Zin products owned by Marlboro cigarette maker Philip Morris. Nicotine addiction can start while using Zinn and other rival brand pouches. They're sold in a variety of flavors, including coffee, mint, and citrus. On Friday's watch list, it is a jobs Friday with the August employment report coming from the Labor Department. The NFL has a regular season game for the first time in Brazil. The Boeing Starliner spacecraft is scheduled to undock from the International Space Station to fly back to Earth empty.

Fashion Week begins in New York City. New in theaters, Plan B's and Warner Brothers, Beetlejuice, Beetlejuice, and A24's horror film, The Front Room. Jessica Ettinger, CNBC. How did a master cyber criminal and a Russian oligarch with ties to the Kremlin hack into America's financial system, scamming millions? CNBC presents The Crimes of Putin's Traitor. Listen wherever you get your podcasts.