CNBC Business News Update - Market Midday: Stocks Higher, Disney Lower On Parks Slowdown, Mortgage Refis Soar 8/7/24

Episode Date: August 7, 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. Second day of markets rallying on Wall Street, making back some of the losses from Monday's carry trade plunge, which was forced selling related to a Japanese currency issue. The Dow is up 274 points this afternoon, three quarters of a percent. The S&P 500 index up 52 points. That's one percent. The Nasdaq is up 184 points. That's a little more than one percent. The S&P 500 index up 52 points. That's one percent. The Nasdaq is up 184 points.

That's a little more than one percent. As the yen has stabilized and weakened a little bit, the market's improved. You want a good example of why the professionals tell you do not trade in this kind of panicking situation. Two days of rally in tech here. Taiwan 70 opened Monday at 133 at the open on Monday. Now it's 160. You think you're smart to just sit and do nothing? So overall, much more stability as the yen is stabilized and tech has made a notable comeback. CNBC's Bob Pisani. Companies whose shares hit fresh all-time highs today include Welltower, Aramark, GoDaddy, Procter & Gamble, and T-Mobile. Disney shares were down, even after better-than-expected quarterly results, as investors worry about a slowdown with consumers pulling back at Disney World and other theme parks. Disney will crack down on password sharing for its streaming services next month.

And then in October, it's raising prices on those streamers, ESPN+, Hulu, and Disney+. And the streamers turned a profit in the quarter. And with Hulu and Disney+, the company's CFO says they can raise prices no problem. People tend to focus on price. But remember, value is what the consumer receives. Price is what the consumer pays. We had the three biggest films, the biggest film in May, biggest film in June, and biggest film in July in total. And the value that we're putting into the streaming service with RIP right now, with Inside Out 2 coming, and with all the great TV shows like The Bear and Abbott Elementary and Shogun, we feel like we're earning pricing. And as a result, we can take that pricing. Disney's chief financial officer, Hugh Johnston, on CNBC.

Refined mortgage demand popped last week as rates come down. Applications to refinance a mortgage jumped almost 60% over the same week last year. Buyers, not so much. Applications to buy a home were still down 11% last week from a year ago. The average rate on a 30-year home loan today, about 6.5%, according to Mortgage News Daily, the lowest in more than a year. Record high home prices, though, are part of the reason people just aren't buying. The U.K.'s Secretary of Science, Innovation and Technology slammed Twitter, now ex-owner Elon Musk,

for not controlling misinformation on his platform. The secretary told the Times newspaper that Musk is one person who is accountable to no one. UK officials have also warned TikTok, Facebook, Google that it's their responsibility to tackle misinformation online. Airbnb shares were tanking today on weaker than expected revenue forecasts for this current quarter. Airbnb company reported earnings that missed expectations, warned that it's seeing signs of slowing demand from U.S. customers. The company said it expected moderation in year-over-year growth in its key nights and experiences category. It also also caution that it was seen shorter booking lead times. CNBC's Joe Kernan, Airbnb and its rival, Vrbo, can be subject to fraud, and that's reported frequently on sites

like Reddit, which may be scaring some would-be travelers away. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris on NBC and Peacock.