CNBC Business News Update - Market Midday: Stocks Higher, Palantir Shares Soar, Investors Hope For Post-Election Relief Rally 11/5/24

Episode Date: November 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger. CNBC Wall Street is soaring on this election day. The Dow up 324 points this afternoon, three quarters of a percent. Shares of Intel leading it higher. They're up almost four and a half percent. That's the company that let it lower yesterday. S&P 500 index this afternoon up 58 points, more than one percent. And the NASDAQ up 242 points, 1.3%. Companies whose shares have hit fresh all-time highs today include video game maker Electronic Arts, internet travel site Parent, Booking Holdings, and Walmart. Star of the day, Palantir shares soaring up more than 20%. It's an AI firm, and it's got lots of government contracts.

Silicon Valley's relationship with government defense and intelligence shares soaring up more than 20%. It's an AI firm and it's got lots of government contracts. Silicon Valley's relationship with government defense and intelligence went from the reluctant and the uncomfortable to really the strategic and the interdependent. A main driver is, of course, artificial intelligence. And on the Palantir earnings call last night, CEO Alex Karp said many times that their U.S. government business is booming and is now pushing shares to record highs. CNBC's Deirdre Bosa. We could see markets pop this week on sentiment. Stocks often have what's called a relief rally after a presidential election. Going back to 1992, which is as far back as S&P has sector level data, all sizes, styles, sectors posted advances along with 97%

of the sub-industries. So historically, the market does breathe a sigh of relief. Normally, the market, if it rises from July 31 through October 31, the incumbent person or party has been re-elected except for two times. CFRA research has Sam Stovall on CNBC. The Boeing Machinist union strike is over. This is the third vote over the course of 54 days. 59% approved a new four-year contract. 38% raised an enhanced 401k match from the company. And you have a $12,000 signing bonus. This is a success. This is a win. It was hard bargaining on both sides and there always is hard feelings, but we'll get through it and we'll get back to building airplanes. The president of the machine is talking late last

night. Tomorrow they begin production again, but it's not like everybody comes back to work. Some workers will return tomorrow. They all have to be in by early next week. CNBC's Phil LeBeau. Dunkin' has unveiled its holiday menu, cookie butter donuts and cookie butter lattes. Jessica Ettinger, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now. Patriotic. And this November, we're all chanting, it's your turn. Voter up.