CNBC Business News Update - Market Midday: Stocks Higher, S&P 500 and Nasdaq hit Intra-day Record Highs, More Jobs Than Expected Created in June 7/5/24
Episode Date: July 5, 2024From 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. Ancho...red and reported by CNBC's Jessica Ettinger.
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I'm Jessica Ettinger, CNBC.
Stocks are higher this afternoon after a solid jobs report for June.
It is a light trading day.
It's kind of a dangling Friday between the holiday and the weekend.
The Dow is up five points.
The S&P 500 index building on the record high it opened with,
hitting an intraday record.
It's up 18 points.
Same for the NASDAQ. It's building on the record high it opened with, hitting an intraday record. It's up 18 points. Same for the NASDAQ.
It's building on the record high it opened with,
hitting an intraday record.
It's up 142 points.
The markets are heading for a winning week.
Companies whose shares hit all-time highs today
include Google Parent Alphabet, Facebook Parent Meta,
Amazon, Apple, Oracle, and Costco.
Shares of AI darling NVIDIA were down.
They fell 1% on a rare negative call on Wall Street from New Street Research.
The U.S. added more jobs in June than expected, 206,000,
a sign of continued economic strength.
The unemployment rate ticked higher, up to a still low 4.1%.
74% of the jobs came from government and
health care and education. It's not the federal government. A lot of it is local government jobs.
They seem to be still hiring in those municipalities. The hospital's up 22,000. So that's
where a lot of the job growth is coming from. Leisure and hospitality, which have been a big
source of job growth, just 7,000. CNBC senior economics reporter Steve Leisman.
And the data show that overall, though, the U.S. economy is slowing.
Across the board, jobs, initial claims are up, jolts were weak, ADP weak.
So nonfarm payrolls today with the revisions, I thought was very soft.
Not a surprise based on all the other data points that I just mentioned.
But we're seeing a slowdown in the economy and that's helping inflation. But we better not slow
anymore because then we're going to be we're going to be in real problem territory.
Hightower's Stephanie Link on CNBC. Hurricane Beryl made landfall in one of Mexico's top
tourist areas as a Category 2 storm. The Cancun airport was shut down for a period because of 110 mile an hour winds with Cancun and Cozumel under weather alerts.
Cruise lines have adjusted their itineraries.
Mexico's major oil platforms are mostly in the southern Gulf of Mexico.
They're not expected to be impacted.
But oil platforms in U.S. waters to the north may be affected if the hurricane continues on its expected path.
Universal's Despicable Me 4 opened Wednesday night ahead of the holiday.
It's poised for a massive $120 million holiday weekend box office take.
Universal is a sister company to CNBC, while Disney Pixar's Inside Out 2 crossed the half-billion dollar mark in the U.S.,
according to The Hollywood Reporter. Jessica Ettinger, CNBC.
When you're at your very top speed, it feels like you can run forever. And then there's this one
moment where everybody else starts to die, and you're like, I'm not about to die. I'm about to
get faster. The Olympics from Paris starts July 26th on NBC and Peacock.