CNBC Business News Update - Market Close: Stocks Mixed, Nasdaq Closes At Record, Nvidia At Record, Furiosa Disaster 5/28/24

Episode Date: May 28, 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 Wednesday morning after a mixed day for the markets. Stocks under some pressure as bond yields ticked higher. But it was an historic day on Wall Street with the Nasdaq crossing the 17,000 mark for the first time ever on the back of shares of Nvidia. The Nasdaq closing above 17,000 at a record high. It was up 99 points, six-tenths of a percent. The S&P 500 index up a point. The Dow was in the red, down 216 points, just about a half percent.

This is one of the best years ever in terms of you have a down day, and then the next day does really well. Not surprisingly, it's like the best start ever after 100 days to an election year ever this week. I mean, all in all, just something to think about. The last week of May into about the first week of June, historically, is kind of a strong period. So in the near term, we think this upward bias is still here. Carson Group's Ryan Dietrich on CNBC. Companies whose shares hit fresh all-time highs on Tuesday include T-Mobile, Decker's Outdoor, Ameriprise Financial, Micron, and NVIDIA. After ticking lower for three

months, consumer confidence popped up in the new conference board survey. We're expecting a number around 96 on headline. Buckle up. A significantly higher number. 102.0, 102.0. CNBC's Rick Santelli. The economy's been firing on all cylinders except for the housing market. Well, mortgage rates have ticked slightly lower. They're not low enough to get people to put their current homes on the market and buy a new one. The challenge really has been this sort of artificial constraint on inventory because so many sellers have locked in a two and three percent rate and they've been unwilling to let go of that, which makes sense. And so I don't see anytime soon inventory becoming, you know, flush where we need it to be. Brown Harris Stevens,

best freedman on CNBC. Hollywood coming off its worst Memorial Day holiday weekend box office in nearly 30 years. That doesn't count COVID in 2020 when theaters were shut down. With Warner Brothers' Furiosa, a Mad Max saga, bringing in just $32 million, it barely beat Garfield. I mean, this is a disaster. If you count for inflation,

you've got to go all the way back to the early 80s with a Richard Pryor movie. That's how long it's been since a movie grossed this little and topped the box office. The entire industry thought Furiosa was going to be a hit. It cost $170 million to make. They did a full freight marketing campaign and they just rejected it outright. Pucks Matt Bellany on CNBC. The script's spelling bee is on in Washington. The

finals are Thursday night on ION TV. On Wednesday's watch list, earnings are coming from Dick's Sporting Goods, Abercrombie & Fitch, Salesforce, Advance Auto Parts, Chewy, American Eagle Outfitters, and HP. We get the Fed's Beige Book, a report on current economic conditions around the country. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.