CNBC Business News Update - Market Midday: Record Highs For Dow & S&P 500, Sherwin-Williams & Nvidia's First Day In The Dow, Tesla Now Worth More Than $1 Trillion

Episode Date: November 8, 2024

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

I'm Peter Schach now CNBC. Stocks are mostly higher as the Dow and S&P 500 wrap up their best weeks of 2024. The Dow up by 245 points at 43,975. The S&P 500 22 points higher or about four tenths of a percent. The Nasdaq barely above break even up less than three points. Both the Dow and S&P 500 have hit record intraday highs during today's trading. Today marks the first day of the new-look Dow Jones Industrial Average with NVIDIA and Sherwin-Williams replacing Intel and Dow Inc. Some have speculated that NVIDIA could benefit from potential tariffs on Chinese-made products, but Wolf Research Senior Analyst Chris Casso says that's not necessarily the case. China is already very, very significantly hampered in what they can produce already.

So any other restrictions from here, it's either kind of tweaking along the edges or a full stop. And a full stop hasn't been on the table. The Biden administration has purchased 2.4 million barrels of oil for the nation's strategic petroleum reserve. That exhausts the Energy Department's fund to purchase oil for the reserve, crude, by the way, down more than 3 percent today. Tesla stock is surging 7 percent as traders bet on more favorable treatment for Elon Musk's companies under the Trump administration. That also puts Tesla over the $1 trillion market cap level. Peter Schach now, CNBC.