CNBC Business News Update - Market Close: Stocks Mixed, The S&P 500 Index and Nasdaq Closed At New Records, Media and Tech Execs Head To Sun Valley 7/8/24

Episode Date: July 8, 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 Tuesday morning after a mixed Monday. The Dow was in the red, down 31. But the S&P 500 index was up 5 points. The NASDAQ was up 50 points each. Open Tuesday morning at fresh record highs. Companies whose shares hit all-time highs on Monday. Facebook parent Meta, Eli Lilly, Goldman Sachs, Costco, Royal Caribbean.

Crowd strike. TJ Maxx and Marshalls parent TJX companies Amazon and Apple. Hurricane Beryl hit Texas as a Category 1 storm. With mixed results for the energy business, but oil prices dropped. Energy prices falling as markets bet the worst of the damage was avoided. Sitco said that now that the storm has blown through, it's in the process of returning to normal operations. Exxon said operations are stable at all of its Gulf Coast sites. Still across Texas, more than 2.7 million customers are without power,

and there still could be refinery damages amid the high winds and flooding. CNBC's Pippa Stevens. Media and tech executives heading for Sun Valley, the Allen & Company conference where deals are made. And streaming alliances may be on the agenda. Sports will also play a major role in conversations as rights for live sports are valuable, luring in the biggest audiences. Paramount Global, which owns the Paramount Movie Studio, CBS TV, CBS News, cable channels like Comedy Central and MTV, will merge with the suitor it previously rejected, Skydance. The new chairman and CEO of the combined company will be David Ellison,

and Jeff Schell, formerly CEO of NBCUniversal, will be its president. The new company will be positioned to improve profitability. That is a nod to its recent struggles. The deal is expected to be completed in the first half of 2025. Now, this agreement includes a 45-day go-shop period in which Paramount's board can solicit alternative proposals. But given the fact that less than a month ago, the board rejected the Skydance deal and drew interest from Barry Diller and others, the deal has effectively already been shopped around.

CNBC's Julia Boorstin. Boeing has agreed to plead guilty to a criminal fraud charge stemming from the two crashes of almost brand new 737 MAX jets that killed nearly 350 people outside of the U.S. It basically comes down to this agreement. Boeing will plead guilty to a felony fraud charge. They'll pay $243.6 million, another $455 million. They will commit to safety and compliance programs and a judge will appoint an independent corporate monitor. The victim's families,

they don't like this agreement. They think it's another sweetheart deal. CNBC's Phil LeBeau. Air travel demand is breaking records, but airline profits aren't. Higher payroll and other expenses are eating into those profits. Delta is the country's most profitable airline. It reports quarterly results on Thursday. Target will soon stop accepting personal checks. It tells NBC News it's because of extremely low volumes. No more checks as of next Monday. Walmart's deals for days sale is on, running through Thursday up against the Target Circle Week sale that started Sunday. It's all designed to head off the Amazon Prime Day sale, which runs

for two days, next Tuesday and Wednesday. On Tuesday's watch list, day one of Fed Chair Jay Powell's regular testimony on Capitol Hill. We find out how many orders and deliveries Boeing had last month. We find out how small business owners are feeling about the economy with the National Federation of Independent Business Survey. 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.