CNBC Business News Update - Market Close: Stocks Rally, S&P 500 Index Best Day Since 2022, Dutch Bros Shares Tank 8/8/24

Episode Date: August 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 Friday morning after a rally on Wall Street on positive job market data. Unemployment claims last week were lower and below forecasts, suggesting the economy may be slowing, but the job market's still okay. The Dow soared 683 points. That was one and three quarters percent. The S&P 500 index had its best day in a year and a half. It was up 119 points, 2.3 percent. The Nasdaq was up 464 points, almost

three percent. The major averages are now each less than one percent away from making up for their losses on Monday. Everything can be summed up with this, including the drama that happened on Monday. On average, the market has three 5% pullbacks and one 10% correction each year. So far this year, we've only had one 5% pullback. So I really expect going forward that we are going to see some more volatility. Pivotal's Tiffany McGee on CNBC. Eli Lilly out with strong quarterly results, blowing past estimates. It's raised the forecast for its diabetes and weight loss drugs, Munjaro and Zepbound.

The shortage for those drugs is over. These are injectables though, and Lilly is working on a pill. We have a key project in our pipeline, which is the oral pill, GLP-1, which in our hands, it gives you about mid-teen weight loss, controls diabetes well. The pill is still in testing. the oral pill, GLP-1, which in our hands gives you about mid-teen weight loss, controls diabetes well. The pill is still in testing. Eli Lilly, CEO, David Ricks on CNBC.

Boeing has a new CEO now. Kelly Ortberg takes over the troubled plane and rocket maker from Dave Calhoun. Just as news breaks that the astronauts on the International Space Station who got there for the first time on a Boeing rocket may not be able to come back on it and might possibly have to catch a ride on a SpaceX flight. Rival Airbus, which has facilities in 40 locations around the U.S. where it builds aircraft from jets to helicopters in Mississippi, satellites in Florida, Airbus is looking for tomorrow's workers. Airbus and other companies

like airlines are all doing a lot. You know, we're getting into elementary schools. We're getting into middle schools. We're getting into high schools. We're building apprenticeship programs. We're doing on-the-job training. We're putting internal programs in place to develop people's careers because this is such an incredible industry. New Airbus CEO Robin Hayes on CNBC. He joined Airbus from JetBlue. Dutch Bros Coffee, a chain that some have high hopes for as Starbucks falters. Well, it's struggling. Dutch Bros shares down 20% on disappointing quarterly results. It's one of the great growth stocks of our era. They wouldn't give you a forecast. They indicated somehow that things are not good. And then the forecasts in the future were really

a mystery to me. It was very disappointing. CNBC Mad Money host Jim Cramer. Wall Street likes money? It might prefer VP hopeful J.D. Vance, a multi-millionaire, over Minnesota Governor Tim Waltz, a regular guy. According to the most recent financial disclosures, Vice President Kamala Harris' running mate, Tim Walz doesn't own any stocks, bonds, or real estate and earns a salary of $127,000 a year as Minnesota governor. His financial profile, a stark contrast to GOP vice presidential nominee J.D. Vance.

Forbes estimates his net worth between $3 and $10 million. CNBC's Silvana Hanau. On Friday's watch list, earnings from AMC Networks. The Disney Fan Expo continues in Anaheim. New in theaters, Neon's horror thriller Cuckoo. Sony's romance, It Ends With Us, and Lionsgate's video game-inspired Borderlands. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris on NBC and Peacock.