CNBC Business News Update - Market Close: Stocks Start November With Gains, Investors Look Ahead To The Fed, Boeing Workers Could End Strike With Monday Vote

Episode Date: November 1, 2024

The latest in business, financial, and market news and how it impact your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. points, or eight-tenths of one percent. The Dow had been down the past three sessions and eight of the past nine trading days. The presidential election is obviously overshadowing every other event this coming week, but there's plenty happening in the world of business and finance as well. The Federal Reserve will hold its regular policy meeting Tuesday and Wednesday, and after Friday's weaker-than-expected jobs report, many consider another quarter-point interest rate cut a slam dunk. But former Cleveland Fed President Loretta Mester sees policymakers taking a measured approach. I was glad to see that the unemployment rate stayed at 4.1. So that gives you some indication

that things are not, you know, as weak as that payroll number suggests it was and that it was affected by some of this hurricane effect. The number of people were out of work because the weather was quite high. So I think that's a noisy reading. And I think what the Fed will do is they'll take that into account when they look at all the other indicators that came in since the September meeting. Hurricanes in the Boeing workers strike a significant part of the employment report weakness, but that walkout may be about to end. 33,000 striking machinists will vote Monday on a new contract proposal that would give them a 38% pay raise over four years.

Another busy week of corporate earnings is ahead, with about 20% of the S&P 500 scheduled to report. Marriott and Fox Corporation are among those scheduled to report quarterly results on Monday. And savers can look forward to boosting their 401k contributions next year. The IRS has raised the maximum contribution to the tax-deferred accounts by $500 to $23,500. Peter Schach now, 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.