CNBC Business News Update - Market Close: Stocks Mixed, Nasdaq Closed At Record, Alphabet Reports Strong Quarter, Consumer Confidence Surges 10/29/24

Episode Date: October 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 by CNBC's Jessica Ettinger.

Jessica Edinger, CNBC. Wall Street opens Wednesday morning after a mixed day for the major averages, but the NASDAQ finished at a fresh record high. The Dow was in the red, down 154 points, three-tenths of a percent, led lower by shares of Home Depot. The S&P 500 index in the green, up nine. The NASDAQ up 145 points, seven-tenths of one percent. And while that NASDAQ did hit a fresh record high, CNBC's Mike Santoli says some investors are just on hold until after the election.

It's been a long wait, which I think is a net positive. In other words, it hasn't been clicking to new highs, even as the broader market has been. I think the broader market is in this kind of churning and waiting around phase. CNBC's Mike Santoli. Companies whose shares hit fresh all-time highs on Tuesday include Booking Holdings, Royal Caribbean Cruise Line, J.P. Morgan, and the restaurant chain Texas Roadhouse. Bitcoin hit its highest since June at more than $71,000 on Tuesday.

Gold closed at yet another record high. It's 46th of the year. Google parent Alphabet reported better than expected quarterly results after the closing bell Tuesday. Shares were higher in after-hours trading, popping nearly 5%. Reddit shares were soaring in extended trading on strong quarterly results. Visa shares ticked higher on its results that beat estimates. Chipotle disappointed. Same store sales came in below estimates and it says ingredients were more costly like avocados and so was packaging. Chipotle also reported after the closing bell on Tuesday. The company focused on consistent and what it called generous portions,

so usage of ingredients was higher in the quarter, it says. Consumer confidence surging as the election nears, while job openings moved lower and toward a more normal level. The U.S. had 7.4 million job openings last month in the new Jolt's report on job opportunity and labor turnover. And that was the lowest number in three years. Consumer confidence popped. Comes in much, much better than expected at 108.7.

108.7. That ends up being the best level since January of this year. CNBC's Rick Santelli. Here's the head of the conference board that does the survey. The Consumer Confidence Index basically asks people, how are you feeling? And consumers are pretty satisfied and pretty confident that they're going to be able to keep their jobs and continue to move real pay upwards and increase their buying power. That's all very positive.

The conference board's Steve Odland on CNBC. McDonald's reversed same-store sales declines in the last quarter, but fallout from the E. coli outbreak looms. McDonald's CEO spoke about the outbreak for the first time on the earnings call with analysts on Tuesday. CNBC's Kate Rogers was on that call. CEO Chris Kamchinski addressing the issue right at the top of the call with analysts. It's the first time we've heard from him since this E. coli outbreak last week, telling analysts that the situation appears to be contained. Adding the Colorado Department of Agriculture

confirmed Sunday they did not detect E. coli from McDonald's beef patties, which supports its own investigation that rules the beef out as the source. Kempchinski adding that he is confident that they can return quarter pounders to menus, which they are set to do this week. CNBC's Kate Rogers. On Wednesday's watch list, we get quarterly results from Facebook parent Meta, Microsoft, Caterpillar, Eli Lilly, and Starbucks.

We get the latest read on U.S. economic growth. GDP will be out, gross domestic product numbers. We get ADP's employment report on private sector job creation. And we find out how many people applied for mortgages last week. I'm Jessica Ettinger, CNBC. This campaign is all about business and money. Live from the New York Stock Exchange. If you were going to watch this election happen, you'd want to watch it through the eyes of CNBC.

November 5th, CNBC.