CNBC Business News Update - Market Midday: Dow Flat, S&P Eyes Record Close, Investors Wait for Nvidia Results 5/20/24

Episode Date: May 20, 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 Ettinger, CNBC. The Dow opening at a record high and it's been flirting with the flat line today. Down four points this afternoon. The S&P 500 index is higher, eyeing another record close today. The markets are on pace for their best month since November. The Dow down two points this afternoon. The S&P 500 index up 15 points. The Nasdaq up 107 points. When the market makes a record high, it's usually more something to embrace than to worry about. They tend to persist a little bit longer. If we go up a little more from here, we're going to be overbought again. The market's going to be overloved again, and we're going to have to decide if we need to cool off. But I don't think that we're right there.

CNBC's Mike Santoli. Hims and Hers health shares surging 30% this afternoon. The startup says it'll offer GLP-1 injections. Those are weight loss drugs. Lots of retail earnings reports are coming this week, but one big tech name will report on Wednesday, and that's NVIDIA. You've seen NVIDIA up over 500% from January 1st, 2023. But right here, right now, I do think Nvidia has high expectations. They've given you no reason that they're not going to beat.

In the words of the late, great Tom Petty, waiting is the hardest part. So we have big expectations for this Wednesday, and that will dictate short-term market direction. KKM's Jeff Kilburg on CNBC. Gold hit a fresh record high intraday today. $2,454.20 an ounce before pulling back slightly. Silver at its highest since December of 2012. Copper with a new intraday all-time high today. Target says it's lowering prices on 5,000 items that are frequently bought,

including grocery items after rival Walmart reported strong quarterly results as it lures in higher-end customers who are price-conscious. Target reports its quarterly results tomorrow. Red Lobster filed for Chapter 11 bankruptcy but plans to keep restaurants open while it restructures. The nation's largest seafood restaurant chain has a deal in place to sell the business to an entity controlled by its existing lenders, but it will close dozens of underperforming locations. You know, there are 600 Red Lobsters, and there is a chance that the endless shrimp deal that was not a long-term, that was meant to be a limited time only, but then got long-term, did really hurt the company. I mentioned that because anecdotally that's what can happen to restaurants, and it's at the beginning. CNBC Mad Money host Jim Cramer. The container ship that

struck the Key Bridge in Baltimore slowly backed away from the remaining structure this morning as crews continue to work to reopen the important shipping port. NBA fans may have a reason to pay for Amazon Prime soon. Amazon, it's inching closer to becoming one of the NBA's three media partners. Axios reports Amazon and the league have agreed to the framework of an agreement to stream a mix of regular season and playoff games on Prime. Now, the NBA would add to Amazon's fast-growing sports business. It's heading into its third season as the exclusive home for the NFL Thursday Night Football and will air its first ever playoff game in January. It will start streaming NASCAR races next year.

CNBC's Sylvana Hanau. Number one at the weekend box office was Paramount's Ryan Reynolds film, If. Jessica Ettinger, CNBC. Wednesday, May 22nd. Join CNBC's Financial Advisor Summit. Economic experts focusing on market growth and risk. Register now at cnbcevents.com slash FA.