CNBC Business News Update - Market Midday: Stocks Higher, June Existing Home Sales Prices Hit Record Highs, Delta Faces DOJ Investigation Over Meltdown 7/23/24

Episode Date: July 23, 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. Major averages in the green this afternoon. The Dow has turned around, being led higher by shares of Boeing, which are up almost 4%. The Dow up 103 points, a quarter percent. The S&P 500 index up 15 points. The Nasdaq is up 80 points, just about a half a percent this afternoon. June existing home sales came in lower than May. The housing market is crawling into the summer and the average home price hit a fresh record high of just under $427,000. Now these are closed sales. So based on contracts signed mostly in April and May when the average rate on the 30-year fix jumped above 7% and stayed there. Rates have pulled back slightly since then to the high 6% range. Now, inventory bumped higher,

up over 23% from a year ago. The homes are sitting on the market longer, increasing supply average days 22, up from 18 days on the market a year ago. And even that new supply not helping ease prices. $426,900 was the median price of an existing home sold in June. That's up 4.1% year over year and the second straight month at an all-time high. CNBC's Diana Olick. Delta Airlines being investigated by the Department of Transportation over the IT outage chaos. More than 1,100 flights were canceled yesterday, more than 5,000 since Friday. Today, the airline canceled another 500 or so, with another 700 delayed. Investors are waiting for Google parent Alphabet to report quarterly results after the closing bell. Alphabet is one of the best monetization machines humankind has ever come up with. Rising revenue, accelerating revenue, and a lot of great

stuff to say about cloud. And I think the stock is off to the races. Red Holtz Welts, Josh Brown on CNBC. McDonald's is extending its $5 value meal through August now. It was supposed to end this weekend. It's driven more traffic into the chain and it wants to compete with Burger King, Wendy's, and Starbucks, which are still running their deals. The Spot Ether ETF exchange traded fund has started trading in the United States with funds from BlackRock, Grayscale, and others. Jessica Ettinger, CNBC. Squawk Box from Paris. Don't miss exclusive interviews. Highlights from the games. Starts July 29th, CNBC.