CNBC Business News Update - Market Close: Stocks Mixed, Tesla Shares Soar Almost 22%, American Airlines Eyeing Non-Boeing Jets 10/24/24

Episode Date: October 24, 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Friday morning after a mixed day for stocks. The Dow now on a four-day losing streak, its longest daily losing streak since last June. The S&P 500 index ended a three-day losing streak. It was in the green on Thursday. Here are the numbers. The Dow was down 140 points, three-tenths of one percent, led lower by shares of IBM, down more than six percent. Honeywell down five percent.

Boeing actually recovered a bit on Thursday. It was down only one percent. The S&P 500 index was in the green, up 12 points. The Nasdaq was up 138 points. Tesla shares soared almost 22 percent on Thursday, the best day for that company in more than 10 years as CEO Elon Musk projected growth. Tesla bears told CNBC, though, that the big profit in the last quarter was on the back of environmental credits and not actual car sales. The owner of Coach has been blocked from buying the owner of Michael Kors in the fashion industry as anti-competitive. The tapestry purchase of Capri would have created one of the largest luxury fashion companies in the U.S. Boeing machinists union workers still on picket lines.

They voted no on the company's latest contract offer. This was an overwhelming rejection. Basically two-thirds of the machinists who voted, they said no. This is what the president of the machinist union had to say about the vote. This wasn't enough for our members, especially when it's been 16 years since we've had a chance to bargain every area of our contract. This is a costly strike. It's estimated to be costing Boeing at least $1 billion per month. Clearly, they're going to have to go back to the negotiating table. CNBC's Phil LeBeau. For airlines that need to replace old jets and need to increase the number of seats they offer,

they're just going to buy from Airbus and other plane makers. Here's the CEO of American Airlines on CNBC. For Boeing, it's just, I look forward to they when they're not just a distraction. We've been struggling with them for, you know, over the last five years. As we take a look forward, we're going to make sure that we're protected. I'm quite confident that our deliveries next year, no matter Boeing coming in or not, that we can meet the capacity guides that we have. We don't depend a lot on the Boeing deliveries. American CEO Robert Isom on CNBC. Burger King restaurants now pulling onions distributed from the Taylor Farms Colorado facility where there's been a recall. The connection may be to the E. coli outbreak at

McDonald's. McDonald's has pulled the quarter pounder sandwiches from a number of restaurants across 10 states. Nearly 50 people were sick and there was one death. The CDC is investigating to see if onions were the source. Dodger Stadium parking for World Series Game 1 Friday night in Los Angeles ranges between $70 and $90. That's what the stadium charges. The resale market, however, has gone nuts. General admission parking passes averaging about $200 per vehicle. Premium parking going for $500.

And that does not include the actual game ticket. On Friday's watch list, we get durable goods orders for September. Things made to last a long time, like washing machines and airplanes. Earnings are coming from Colgate-Palmolive, AutoNation, and drug maker Sanofi. New in theaters, Focus features Conclave and Sony's third Venom movie, Venom the Last Dance. And World Series Game 1, Friday night, Dodgers and Yankees in L.A. Jessica Ettinger, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now.

Patriotic. And this November, we're all chanting. It's your turn. Voter up.