CNBC Business News Update - Market Midday: Stocks Higher, Disney+ Password Sharing Crackdown Coming, Apple iPad Refresh 5/7/24

Episode Date: May 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 Edinger, CNBC. Wall Street higher this afternoon. The Dow up 30 points. The S&P 500 index up 12 points. The Nasdaq up 29 points. Boring is good for bull markets. We know that. Just general relaxation about the interplay between the economy rates, the Fed.

We also have some runway between now and,'s say CPI next week where it's not clear that there's anything known that's going to come along to really disturb the current consensus. CNBC's Mike Santoli, the CPI, the Consumer Price Index, will be the next read on inflation. That'll be out next Wednesday. Companies whose shares have hit fresh all-time highs today include Amazon, Royal Caribbean, Colgate, Palmolive, Procter & Gamble, Goldman Sachs, and Progressive. TikTok is suing the U.S. government over its ban or forced sale of the Chinese-owned company as a security threat. I think they're going to get their day in court. I think it's a flip of a coin whether or not that is successful. Even if it is successful, it'll just go back to the U.S. Congress and they'll more narrowly tailor the law,

which I think is appropriate. Altimeters, Brad Kirsner on CNBC at the Milken Conference. Disney shares down more than 10 percent this afternoon. The company moved to a loss in its second quarter on restructuring expenses. And for the Disney Plus streaming service, here comes the password sharing crackdown. We're starting to go after people who are sharing passwords improperly, and that will roll out in earnest or across the globe in September. We feel quite bullish about it. Obviously, we're heartened by the results that Netflix has delivered in their password sharing initiative and believe that it

will be one of the contributors to growth. Disney CEO Bob Iger on the earnings call. Apple announcing new iPads today. That business really needs a boost. Sales have fallen for five out of the last six quarters, but the big news out today is the iPad Pro getting Apple's latest and greatest computer chip called the M4. Not even in MacBook computers yet. Hitting the iPad first. Also updates the iPad Air, which now comes in a bigger size and has an upgraded chip as well. CNBC's Steve Kovach, Jessica Ettinger, CNBC. Earnings season.

The quarterly numbers as they break. The scorecard for the American economy. Earnings season on CNBC.