CNBC Business News Update - Market Close: Stocks Mixed, S&P 500 and Nasdaq Close At All-Time Highs, Record 4th of July Travel 7/3/24

Episode Date: July 3, 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 Ettinger, CNBC. Wall Street opens Friday morning after the 4th of July market holiday. After a record-setting Wednesday, markets were mixed, but record-high closes for the S&P 500 index and the Nasdaq. The Dow was in the red on Wednesday. It fell 23 points. The S&P 500 index up 28 points, and the Nasdaq was up 159 points. Companies whose shares hit all-time highs on Wednesday include JP Morgan, Eli Lilly, Apple and Microsoft. Three trading days into July, the third quarter and the second half of the year, the S&P 500 index up 16 percent year to date. CNBC's senior market commentator says it looks like investors are not in a euphoria, but they're not scared of a big crash either. I think there's a sort of muted expectation for

how high the market can go. Essentially, people are expecting at worst a seasonal routine five to 10 percent pullback as opposed to, you know, something a little bit more damaging or lasting. CNBC's Mike Santoli. Some investors are not taking a break over the 4th. They'll be buying and selling. You've got international markets that are open for stocks, and the crypto market never closes if you want to trade Bitcoin 24-7. Fewer private sector jobs than expected were created in June in the new ADP report. Private payrolls adding 150,000 jobs with bars

and restaurants doing a lot of that heavy lifting. Where were the jobs? Leisure and hospitality, 63,000. Construction doing a bit better. CNBC's Steve Leisman. The government's June employment report will be out Friday morning after the holiday. The forecast is for the unemployment rate to hold steady at 4 percent, near a 50-year low. The insurance industry has been watching as Hurricane Beryl breaks records in its devastating path across the Caribbean, keeping a close watch to see if another hurricane could be forming behind that one. Meantime, the Florida homeowners insurance crisis is spreading as premiums soar. It's also hitting commercial real estate hard. Property sellers are watching their deals fall through when buyers find out what the insurance costs are.

Before the holiday, General Motors reported its best quarterly vehicle sales numbers in four years. Ford reported its best second quarter for sales in five years. Best truck sales in the second quarter since 2019. Also hybrid sales up 56 percent, EV sales up 61 percent. And I know some people will say, well, the EV numbers are coming off of a smaller base. But this is critical for Ford and really for all of the automakers separate from Tesla, because as they ramp EV production, they want to see those sales continue to grow. And so you see that in the second quarter with Ford. CNBC's Phil LeBeau.

The 4th of July holiday poised to set records for travel. It's a very busy travel season. We are going to see 3 million people a day passing through airports. I'm highly confident of that. And then the roads are going to be crowded. So if you talk to AAA, there's going to be over 60 million people on the roads this weekend. And for those of you who are traveling by air, you're getting great fares. The average airfare is down 2 to 4 percent domestically year over year.

But if you pick your route right, you can be down 18 percent, according to Kayak's data. Travel website Kayak CEO Steve Hafner on CNBC. On Friday's watch list, it may be a random dangling Friday between a holiday and a weekend, but it's big. It's a jobs Friday. The Labor Department's June employment report will be out Friday morning, 8.30 Eastern time. Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run forever. And then there's this one moment where everybody else starts to die, and you're like, I'm not about to die. I'm about to get faster. The Olympics from Paris starts July 26 on NBC and Peacock.