CNBC Business News Update - Market Close: Stocks Mixed, Nvidia Higher, McDonalds Value Meal Promotion Starts, Wisconsin Pivots From Foxconn Debacle 6/26/24

Episode Date: June 25, 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 Tuesday for stocks. Nvidia shares rebounded and the S&P 500 index and the Nasdaq each snapped three session losing streaks. The Dow fell 299 points, three quarters percent, still above 39,000. But the S&P 500 index up 21 points and the Nasdaq was up 220 points, one and a quarter percent. Housing affordability hit a record low in the U.S. as home prices hit fresh record highs for the biggest 20 markets in the country. Home prices set another record high in April, that according to the latest S&P Case-Shiller Index released this morning, up 6.3 percent nationally from April of last year. This just feeds into what is now one of the least affordable housing markets in U.S. history. The housing cost burden has hit a record high. That,

according to a new report from Harvard's Joint Center for Housing. Home prices are now 47 percent higher than they were in early 2020, with the median sale price now five times the median household income. CNBC's Diana Olick. McDonald's $5 meal deal is on menus for one month only. McDonald's is launching their $5 value meal. About time. Franchisees who didn't realize that if you sell more at a lower price, you can actually make it up, providing you sell more. Having lost a lot of business to casual and fast casual. CNBC's Carl Quintanilla with CNBC Mad Money host Jim Cramer. Here's a franchise owner from California. We've certainly seen fewer customers coming to restaurants in general, and those that do come into the restaurants are spending less money than they were spending

before. McDonald's franchise owner Scott Roderick on CNBC. One analyst says other chains will hurt because of the Mickey D's deal. We think McDonald's will probably put a little bit of a hurt on some of the other national players. Wendy's or Burger King. Taco Bell as part of Yum also happens to score very strongly on value and I think we'll have a good second half as well. In terms of Starbucks, yeah, they're they're struggling. Jeffrey's Andy Barish on CNBC, Wisconsin, pivoting from what critics called the Foxconn Con during the Trump administration. State officials teaming up with the Biden White House to refocus business and job creation.

What former President Trump described as the eighth wonder of the world, a $10 billion manufacturing and technology mecca from Taiwanese electronics company Foxconn. That, as we all know now, did not happen. Now in Wisconsin, they have a different plan. Wisconsin is home to one of 31 so-called tech hubs under the Chips and Science Act, which is about far more than semiconductors. We're projecting 30,000 jobs within 10 years. Wisconsin's focus is on biohealth, boosting companies like Northstar Medical Radio Isotopes in Beloit, which is literally trying to cure cancer. CNBC's Scott Cohen. His full report on Wisconsin is at CNBC.com. He'll have the annual top states

for business list for 2024 in the coming weeks. Walmart announced a Walmart deals sale next month, four days, July 8th through the 11th, to counter the Amazon Prime Day sale, July 16th and 17th this year. On Wednesday's watch list, earnings are coming from General Mills, Paychex, Micron, Levi's, and BlackBerry. We get newly constructed home sales numbers for May. Closing arguments are scheduled for the NFL Sunday ticket class action case. The NBA draft Wednesday night in New York. 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.