CNBC Business News Update - Market Midday: Stocks Higher, Delta Cancels More Flights, Crowdstrike Shares Tumble Again 7/22/24

Episode Date: July 22, 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, Wall Street is higher. The S&P 500 index and the Nasdaq are coming off their worst week since April. The Dow keeping its head above water this afternoon. It's up 13 points, but it's been fighting being pulled lower by Verizon. Verizon shares down 6% on disappointing quarterly results. The S&P 500 index is up 32 points. That's a half percent. The NASDAQ up 157 points. That's nine-tenths of a percent. After President Biden withdrew from the race for a second term and endorsed Vice President Kamala Harris,

the Democrats and Harris saw a surge in big money support. Fundraising soared in the hours after the announcement yesterday, $50 million in about a half day, setting a record. I don't think you can look at Harris and say, this is a dramatically different set of policies than Joe Biden. And if investors like what they've seen over the past four years with the economy, with the Dow where it is, inflation where it is, unemployment where it is, then, you know, you might like what you're going to see from Kamala Harris. I don't think this is a dramatic departure. In fact, I think that Kamala Harris will do everything she can to signal continuity and stability here.

CNBC's Eamon Javers. Now, some believe the Trump trade is still on. Let's assume that Harris is the nominee. It's hers to lose. And I think investors see Trump as the likely winner in this scenario. And so I think the Trump trade is in place. Stiefel's Brian Gardner on CNBC. The Trump trade is a bet by investors on companies doing business primarily in the U.S. as the former president wants to impose universal tariffs on all imports. It's also a bet

on any industry that's heavily regulated, as a Trump White House is seen as pulling away regulation. Oil companies, big banks, and more could benefit. It's also a bet on companies that sell needs rather than wants or discretionary items and services. Inflation is forecast to go up in a Trump presidency. Delta Airlines has canceled hundreds more flights today. It's trying to recover from Friday's global IT outage and CrowdStrike shares still tumbling this afternoon because the fallout from the global tech outage continues. McDonald's will extend its $5 value meal in most U.S. markets, saying the deal's helping to boost traffic and it wants to keep it there to compete with Burger King and Starbucks, which have deals of their own. It was supposed to end this week. Number one at the

weekend box office, Universal's Twisters. Universal is a sister company to CNBC. This Friday, it'll take on an expected blockbuster from Disney, Marvel, Deadpool, and Wolverine. Jessica Ettinger, CNBC.