CNBC Business News Update - Market Close: Stocks Mixed, McDonalds Higher Despite Disappointing Quarter, Oil On Pace for Biggest Monthly Price Drop Since Last Fall 7/29/24

Episode Date: July 29, 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. investors are on hold for the Fed. It begins a two-day meeting on interest rates Tuesday morning. Chair Jay Powell could signal in his Q&A with the press on Wednesday afternoon that the first long-awaited interest rate cut could be coming in September. Four of the seven companies in the so-called Magnificent Seven, Microsoft, Amazon, Apple, and Facebook parent Meta, are reporting quarterly results this week. It's big. McDonald's shares were actually higher on Monday, even after disappointing quarterly results as consumers balked at higher prices. A tough quarter for the fast food giant.

Missing estimates across the board. In the U.S., its key market sales were down 0.7%. You're seeing more deal-seeking from the consumer, and you're just seeing, I think, a trade-down. As CEO Chris Kamchinski said, the consumer slowdown was most pronounced with low-income consumers. CNBC's Kate Rogers, McDonald's shares up 4% on Monday. Two trading days left in July. U.S. crude oil having its worst month since October, down 7%. Good for drivers, though.

Prices at the pump keep ticking lower. AT&T being sued by female customers who say company employees stole intimate photos and videos from their phones as they were upgrading inside AT&T stores. A woman walks into an AT&T phone store, a Verizon phone store, T-Mobile store, looking to get their device upgraded or replaced. The company offers turnkey data transfer services. And, of course, the consumer willingly hands over their phone, thinking that it's safe in the custody of this retail employee. And in the process, the employee ends up going through the photos, finding intimate images and videos. They either email it to themselves from the victim's phone, which is what happened in the AT&T case that was filed today. They might text it. So these are only the

cases that the victim actually figured it out, you know, because the employee didn't properly cover their tracks. And so in this case with AT&T, the woman about a week later was going through her sent box on her email, and she noticed that two emails were sent to an address that she didn't recognize, and those emails contained those intimate images. CNBC's Gabrielle Fon Rouge in one recent case, a judge allowed a suit to go forward. CNBC will be following this story. On Tuesday's Watch List, earnings are coming from Microsoft, plus Starbucks, Pfizer, Merck, and Procter & Gamble. We get the latest on home prices with the S&P K. Schiller Home Price Index.

We get a fresh on home prices with the S&P K Schiller Home Price Index. We get a fresh read on consumer confidence. The Joltz Report will be out on job opportunities and labor turnover. And Krispy Kreme has a Dollar Donut Day Tuesday to celebrate the Paris Olympics. No limit on how many you can buy when you're in the shop, including for the Team USA Red, White and Blue Donuts. Jessica Ettinger, CNBC. When you're in the shop including for the team usa red white and blue donuts jessica eddinger cnbc when you're at your very top speed it feels like you can run forever and then there's this one moment where everybody else starts to die and you're like i'm not about to die i'm about to get faster the olympics from paris on nbc and peacock