CNBC Business News Update - Market Close: Stocks Mixed, NRF Says Economy is Normalizing, Starlink Mini for $599 6/20/24

Episode Date: June 20, 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 for the first full day of summer trading after a mixed day for stocks. The Dow popped while the S&P 500 index and the Nasdaq pulled back from record highs. But that S&P 500 index did top 5,500 for the very first time on Thursday. Here are the closing numbers. The Dow was up 299.9 points. The S&P 500 index fell 13. The Nasdaq fell 140 points, just about eight-tenths of a percent. Companies who shares at fresh all-time highs on Thursday include Hilton, Colgate, Palmolive, Walmart, TJ Maxx,

Marshall's parent TJX companies, Eli Lilly, Oracle, and NVIDIA. Consumer spending may be easing a touch, but the National Retail Federation's not worried that there's a collapse in retail sales or anything. It's just the economy getting back to normal. If you look at lots of indicators, whether it's debts, delinquencies, savings rates, they're all sort of reverting to the mean, which is they're kind of back to pre-pandemic numbers, which I don't think is really a surprise that we were going to eventually have an economy that moderated and slowed down a bit. NRF President Matt Shea on CNBC. SpaceX unveiled a backpack-sized Starlink mini satellite Internet antenna at $600,

offering a limited number in an early access release. After you buy the hardware, though, internet service for the Starlink Mini comes to about $150 a month. Eli Lilly is suing six more med spas over the sale of unapproved compound products, claiming to contain the drug Terzepatide to lose weight. In the lawsuits, it alleges that some of the med spas are falsely claiming that their compounded versions of the drug are approved by the FDA. In an open letter, Eli Lilly warns that unsafe or untested compounds, compounded products, put patients at risk. It also says it stands against the use of its treatments for cosmetic weight loss. And last

year, Eli Lilly took similar actions against 10 spas, wellness centers, and pharmacies. CNBC's Joe Kernan. Red Bull considering a bid for an NBA expansion team in Las Vegas, according to Bloomberg. Amazon making a big switch in the way it packages what you buy to be delivered to your house. Recycled paper is replacing the 15 billion plastic pillows used every year. They're difficult to recycle because, first of all, you have to pop them.

You have to pop it. And they can't go in a curbside recycling bin. Paper may also just work better than plastic. This paper is a little bit softer. It's made with 100 recycled content. And that allows the items to kind of cushion in there rather than balance. In addition to losing plastic, Amazon is using AI to right-size its packages by eliminating empty space in boxes.

I gotta say, you're gonna miss that satisfying pop. CNBC's Diana Olick. On Friday's watch list, the first full day of summer trading. We get the PMIs for June and existing home sales numbers for May. Earnings are coming from CarMax. It is triple witching on Wall Street. Various accounts and indexes rebalance. Taylor Swift starts a string of eight shows at London's Wembley Stadium.

And new in theaters, IFC's drama Ghost Light, Vertical's horror film The Exorcism, and Focus Features drama The Bike Riders. Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.