CNBC Business News Update - Market Midday: Stocks Higher, Nasdaq At Fresh Record High, Boeing's Starliner Launches Successfully 6/5/24

Episode Date: June 5, 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's in the green this afternoon with the Nasdaq hitting a fresh record high today. Let's check the Dow up 61 points. The S&P 500 index up 42 points. It is back above 5,300. The Nasdaq soaring up 245 points. That's almost one and a half percent, and it's above 17,100 this afternoon. This is still a great environment for stocks. Fundamentals look good. Growth is slowing a little bit, but still at a good pace. Inflation is easing.

We think that's a really good environment for companies who are growing earnings at a really strong pace. J.P. Morgan's Stephen Parker on CNBC. Walmart rolling out new training programs for skilled trades workers in stores and warehouses. It's trying to fill high demand roles. The nation's largest private employer needs pharmacists and HVAC technicians. Walmart starting a program in the Dallas area for employees who want to get into a skilled trade.

Boeing shares ticked higher as Starliner successfully launched from Cape Canaveral after two failed attempts heading to the International Space Station. This is the third time we've seen this attempt to launch in the last month with those astronauts on board. This would add a second commercial spacecraft to the roster for NASA alongside SpaceX's Dragon capsule. Starliner passing through Max Q, or the point of maximum dynamic pressure where the forces of air friction are highest. Reaching Max Q, which is always the riskiest part. And there we have it. So far, a successful liftoff for Boeing's Starliner capsule. CNBC's Morgan Brennan. Private companies added 152,000 jobs in May, according to ADP. That was

fewer than expected. It's more data pointing toward a slowing labor market. The government's employment report is out Friday morning. So where were the jobs created last month? Let's take a look at how we got there. Small business down 10,000. Medium-sized business up almost 80,000. and large business 100,000. Looking at it by industry, trade transportation up 55, educational services, that's where we see a lot of the jobs in the BLS report as well, up 46, construction up 32, leisure and hospitality not as much before, and there's that decline in manufacturing jobs down 20,000. CNBC's senior economics reporter Steve Leismanan and here's ADP economist

Neela Richardson on CNBC. You know plus 150,000 or so jobs in most economies is a great number but there is a little weakness under that hood. There's weakness coming from traditionally white-collar jobs like professional business services we saw loss, information services, we saw loss. We also saw losses and weakness tied to both producers when it comes to manufacturing and consumers when it comes to leisure and hospitality. So overall, it's a good number. It's not a great number. And there's some weakness that we're really paying attention to. Mortgage demand fell for the second week in a row last week as the spring housing market is being called dismal. The average rate on a 30-year fixed home loan today, 7%, according to Mortgage News Daily. BlackRock and Citadel among the investors backing a new national stock exchange

that would be based in Texas with fewer regulations and compliance rules than the New York Stock Exchange or the NASDAQ. TXSE, the taxi, would be based in Dallas. It would start trading next year with listings in 26, according to the Wall Street Journal. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.