CNBC Business News Update - Market Close: Stocks Rallied - Dow up 600 points, Gambling Apps Brace for Record Olympic Betting, Disney's Deadpool & Wolverine Poised to Set Record 7/26/24

Episode Date: July 26, 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 opening Monday morning for the final three days of July trading after a Friday rally to cap off a volatile week. Stocks ripped Friday on June inflation at 2.5%, as expected. The Dow soared 654 points. It was up more than 1.5%, solidly back above 40,000. The S&P 500 index was up 59 points up more than one and a half percent, solidly back above 40,000. The S&P 500 index was up 59 points, more than one percent. The Nasdaq up 176 points on Friday, also more than one percent.

Inflation in general is still receding. By the way, we've been able to forecast the inflation readings really well. Economists have in the last several months. That shows you that it's on a bit more predictable track, less capacity to scare the market. So it just didn't disturb the general view of, hey, we got a shot at the soft landing and the Fed's going to probably cut in September. CNBC's Mike Santoli. Companies who shares it fresh all-time highs Friday include the homebuilders, D.R. Horton, Lennar and Pulte Group, Garmin, Colgate-Palmolive, AbbVie, and Lockheed Martin. U.S. crude oil backed down around $77 a barrel, falling three weeks in a row now. Warner Brothers Discovery suing the NBA to secure the media rights that were given to Amazon.

With sports betting now legal in more than 40 U.S. states, The gambling apps are bracing for record Olympic wagers. When the Olympics happened in Tokyo in 2021, 40% of Americans could then wager on sports in their home states legally. Now, 67% can't. 16 states more have launched legal sports betting. Three states have added online betting, including the biggest, New York.

And what will make a difference for the sportsbook here? Viewership. sports betting. Three states have added online betting, including the biggest, New York. And what will make a difference for the sportsbook here? Viewership. It's expected to be closely linked with wagering activity. So Peacock streaming the competitions will help. Also, star power should boost betting. You've got LeBron James, Katie Ledecky, Simone Biles all out there and in front of the cameras. If you just want to bet on the USA, FanDuel and DraftKings are both offering even odds right now on USA's over under metal count. CNBC's Contessa Brewer, Disney, Pixar's Deadpool and Wolverine on pace for a record opening weekend forecast to possibly be the biggest movie of the year. Deadpool and Wolverine is getting great reviews. I think with Twisters and Deadpool and Wolverine this weekend,

maybe a Barbenheimer-style double feature in the makings? I don't know. We'll have to wait and see. I don't know what you would call it. Maybe Twisterine. Twister.com scores Paul DeGarabedian on CNBC. On the coming week's watch list, earnings from McDonald's, Microsoft, Starbucks,

Pfizer, Facebook parent Meta, Boeing, Marriott, Amazon, Intel, Chevron, ExxonMobil, and Apple. We get housing data like the home price index. The Fed begins a two-day meeting on interest rates. It's expected to hold them steady. July trading wraps up on Wednesday. Friday, we get the July employment report from the Labor Department. Jessica Ettinger, CNBC. Squawk Box from Paris. Don't miss exclusive interviews. Highlights from the games. Starts July 29th, CNBC.