CNBC Business News Update - Market Close: Stocks Mixed, Nvidia Denies Report It Received DOJ Supboena, Oil Below $70 For The First Time Since Last Year 9/4/24

Episode Date: September 4, 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 Thursday morning after a mixed day Wednesday for stocks. A welcome quieter day after Tuesday's plunge. The Dow was up 38 points. The S&P 500 index down 8. The Nasdaq fell 52 points. Companies whose shares hit fresh all-time highs on Wednesday include Berkshire Hathaway Class B, Duke Energy, Johnson & Johnson, Philip Morris, Coca-Cola, Colgate, Palmolive, and Procter & Gamble.

NVIDIA shares were down 1% Wednesday as it denied a Bloomberg report that the Department of Justice has subpoenaed the AI chipmaker. But just because they tanked Tuesday and had a mixed day Wednesday doesn't mean it has to be a losing month for the markets. Last eight times S&P began the month with a 1% decline. It was higher four weeks later. All eight times. Yeah, I mean, it's right there. And definitely it's not game over once the months start that way. CNBC's Mike Santoli and Carl Quintanilla.

The bond market inverted yield curve you've been hearing about for a long time now. It's often a predictor of a recession. Well, it returned to normal for the first time in more than two years. U.S. steel shares fell on a report the White House is preparing to block its takeover by Japan's Nippon Steel. As the U.S. remains the biggest oil producer in the world, U.S. crude fell below $70 a barrel to its lowest since last December, $69.20 a barrel. Right now, oil is down. Now, negative for the year. And if you're wondering, oil's fall really is for a variety of reasons that include record U.S. production, disappointing recovery in China's economy, overproduction from OPEC, at least for now, and a big bearish position from oil traders, betting that oil prices will fall

even more. CNBC's Brian Sullivan, of course, that means prices at the pump could go even lower. Job openings fell more than expected in July. It's another sign the labor market is cooling from its super hot post-pandemic period. The Rite Aid chain has exited bankruptcy after closing hundreds of underperforming stores, according to Retail Dive. Molson Coors, the latest company to slash its diversity, equity, and inclusion practices, cutting supplier diversity quotas and slicing ties with LGBTQ plus advocacy groups. Other businesses that have taken similar steps include Harley Davidson, Lowe's, and rural retailer Tractor Supply.

How is the discount chain Ross getting investors' attention after TJ Maxx and Marshall's parent TJX Companies has been the off-price discount darling? They are doing a combination of better brands in the store. So they're going hard after better brands and they're offering them at better prices. So it is a win-win for the consumer because you get a better product at a better price point. And what it means for Ross is you take a hit on gross margin, but you gain it back on traffic and comp. And that we're seeing that play out for the last several quarters that they've been doing this strategy. Bernstein's Anisha Sherman on CNBC. On Thursday's watch list, we get earnings from Broadcom and DocuSign. We

find out how many people applied for unemployment benefits last week. We also get the ADP jobs report on private sector hiring for August. Costco reports it's August sales numbers. And Thursday night, the NFL season opener super bowl champion kansas city chiefs hosting the baltimore ravens at arrowhead stadium on our sister network nbc jessica edinger cnbc cnbc kicks off its first ever official nfl team valuations with sports business expert michael ozanian team values and team finances are not public information exclusive nfl team valuations september 5th cnbc