CNBC Business News Update - Market Midday: Stocks Higher, Consumer Sentiment Pops Up, Concert Business Back to Normal 6/28/24

Episode Date: June 28, 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. Bond yields are lower, stocks are popping. With the S&P 500 index and the NASDAQ hitting fresh intraday all-time highs today. Checking the markets this afternoon. The Dow and the Green up 60 points. The S&P 500 index up 14 points. And the NASDAQ gets up 54 points this afternoon. Companies whose shares have hit all-time highs today include Avalon Bay Communities,

Fair Isaac, the company behind the FICO credit score, Eli Lilly, and Royal Caribbean. It is the final trading day of the month, the quarter, and the first half of the year. Consumers are feeling better about the economy since the last read. Consumer sentiment higher in the University of Michigan survey. Final June read on University of Michigan sentiment. 68.2 from 65.6, so a nice pop. And if we look at 65.9 replacing 62.5 on current conditions, that's a nice pop as well. But still, May is comping higher than that level.

CNBC's Rick Santelli. Inflation came in as expected in the new PCE report, Personal Consumption Expenditures. A 2.6% rate last month from a year ago. The U.S. averaged 4% inflation from 1970 through 2019 before the pandemic. This is the definition of a soft landing. We've seen inflation come way down. I think we have a housing problem in this country, a little bit more than an inflation problem. But inflation, we made enormous progress on inflation over the course of this calendar year.

The Brookings Institution's Ben Harris on CNBC. Nike shares struggling on lower demand for its sneakers and clothing, and it lowered its outlook. This is a very, very bad quarter. When you see we expect first quarter revenue to be down approximately 10 percent, what happens is this is not only a growth story. It's a story that obviously peaked. I mean, if we were here listening to O-Liner or listening to Deckers, which is Hoka, we would say, wow, the sneaker business is on fire.

This was a terrible quarter, and there really were no saving graces. CNBC Mad Money host Jim Cramer. The NFL lost in the Sunday ticket lawsuit case. It was ordered to pay $4.7 billion by a jury, which found the league violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service. The live concert industry back to pre-pandemic normal as declared by industry publication Polestar, which tracks concert tour and ticket sales data. It says the business has returned to a more normal rate of moderate growth. Madonna had the biggest tour for the first half of this year, grossing $179 million. New in theaters this weekend, Paramount's horror film A Quiet Place, Day One. Jessica Ettinger, CNBC.

The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.