CNBC Business News Update - Market Close: Stocks Plunge, Investors Spooked By Weak Economic Data, US Crude Oil At Lowest Since January 9/3/24

Episode Date: September 3, 2024

I'm Jessica Edinger, CNBC. Wall Street opens Wednesday morning after an ugly start to September trading. August was a winning month for the major averages. Stocks went the other way Tuesday after some weaker manufacturing data spooked investors and the Dow was down 626 points. Back below 41,000, it was down 1.5%, led lower by shares of Intel, which were down almost 9%. The S&P 500 index tanked 119 points. That was more than 2%.

The NASDAQ plunged 577 points, 3.25%. Some investors are back to thinking that the economy might be slowing too fast. Trying to fit all the weakness that we are expected to see in September into a single day. The decline today in the S&P 500 has taken us exactly back into the range of August 15th. And I don't see it as really a game changer as much as a relapse of the same kinds of concerns we were concerned with a while ago. CNBC's Mike Santoli. It wasn't ugly, though, for every name on Wall Street. Companies who shares at fresh all-time highs Tuesday include

Procter & Gamble, Colgate-Palmolive, Lockheed Martin, UnitedHealth, Johnson & Johnson, Cigna, Chubb, Allstate, Aflac, Berkshire Hathaway, Class B, Coca-Cola, Walmart, to name just a few. Lots of investors look to buy the dips. I'm buying. And I think you want to be adding to stocks on weakness. September should be volatile. And I think you want to use that weakness to be adding.

Hightower's Stephanie Link on CNBC. Oil at its lowest since January. Now U.S. crude hitting an intraday low of $70.10 a barrel on Tuesday. AAA says Americans are paying 50 cents a gallon less today than they were a year ago for a gallon of regular gas. Consumers who tried the TikTok bank fraud trick may have gotten money, but they're being rounded up by law enforcement. Users deposited fake checks and withdrew cash immediately, exploiting what turned out to be a temporary glitch in Chase ATMs. A Chase spokesperson told CNBC, quote,

we are aware of this incident. It has been addressed. Those who attempted to take advantage of the glitch were soon locked out of their accounts, reporting sizable negative balances, according to the New York Post. This is no catch-me-if me if you can type of bank fraud because many of those who did it posted about it on social media. These are people that had accounts. Yes. So you're committing fraud on your own bank, on your own account. Yes. Every ATM has a camera and you just logged into your own account. But they posted about it anyway. And then you post

about it. It's not even that hard to find that. CNBC's Leslie Picker and Brian Sullivan. On Wednesday's watch list, earnings are coming from Dick's Sporting Goods and Dollar Tree. We get the Jolt's report on job opportunity and labor turnover. We get factory orders for July and the latest car sales numbers. The Beige Book will be out. A summary of U.S. economic conditions. And Google's new Pixel 9 phones are available to buy. Jessica Ettinger, 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.