CNBC Business News Update - Market Midday: Stocks Higher, September Job Growth Blows Past Expectations, Pink Floyd Sells Music Catalog 10/4/24

Episode Date: October 4, 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, a strong jobs report for September and stocks are higher this afternoon on Wall Street. The Dow up 150 points, three tenths of a percent. It's comfortably above 42,000. The S&P 500 index up 23 points, almost a half percent in the NASDAQ now up 123 points, seven tenths of one percent. 254,000 new jobs, that's more than a quarter million, were added last month, far more than expected. The September jobs report, 254,000, significantly better than 150 expected. The unemployment rate, 4.1, 4.1, it moved lower. CNBC's Rick Santelli, the Fed, is cutting interest rates into a powerful labor market and strong economy. Inflation is darn near target and the labor market looks remarkably balanced. And so it's not appropriate for monetary policy to be restrictive right now. It is a good report. This is great news. The Brookings Institution's Wendy Edelberg on CNBC.

Here's where a lot of the hiring was last month. The job gains, 78,000 in leisure and hospitality, 71,000 in health care. Construction also up 25. I don't know about you guys, but when I drive around here, all I see is construction. CNBC senior economics reporter Steve Leisman. Ports from Maine to Texas reopening today. After the three-day dock workers strike, a new deal on wages was reached. Ports from Maine to Texas back up and running.

The ILA union and port operators, USMX, they've agreed on wages with a 61.5% increase over a six-year contract. They're going to continue to negotiate the use of automation and semi-automation at ports. We're hearing from President Biden. He said he would not invoke the Taft-Hartley Act to get the union and the port operators back to the negotiating table and keep the ports open. However, we now know from sources that are very familiar with this tentative agreement that the White House, to play actually a key role in getting this agreement done and getting these two parties back to the table. Question now is what if any economic impact this three-day strike will have? I emailed with the chief economist of Ernst & Young. He sent me a statement saying he doesn't expect any inflation

due to this strike or any economic impact. He said it was just too short. CNBC's Frank Holland. Spirit Airlines reportedly in talks with creditors over the terms of a possible bankruptcy filing. Hurricane Helene estimated insured losses now at $6 billion. Uninsured losses much higher. Many people in areas inland hard hit by flooding, didn't have flood insurance, and many didn't have homeowners insurance. The death toll is now more than 200, with nearly a million still without power. This is day eight after the storm.

Pink Floyd selling its music catalog for nearly a half billion dollars. The members of British rock band Pink Floyd have agreed to sell the rights to their recorded music and name and likeness rights to Sony Music for about $400 million. That's according to multiple reports that say the deal concluded despite decades of infighting between band members. The catalog had been up for sale for several years, but Variety said some potential buyers were scared off by controversial political statements by songwriter Roger Waters against Israel and Ukraine and in favor of Russia and Vladimir Putin. CNBC's Becky Quick. Jessica Ettinger, CNBC.

The vote. It's as American as apple pie, as stars and stripes and spacious skies. It's iconic. You got the flag up now. Patriotic. And this November, we're all chanting. It's your turn. Step into the box and make it stick. Voter up.