CNBC Business News Update - Market Midday: Stocks Higher, S&P 500 + Nasdaq On Pace For Longest Win Streak Since '23, Biden To Speak Tonight at DNC 8/19/24

Episode Date: August 19, 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. Stocks are higher this afternoon on Wall Street. Both the S&P 500 index and the Nasdaq are up now eight straight sessions. These are the longest win streaks since November of last year for the S&P. And since December for the Nasdaq, we'll see if it holds through the close. The Dow is higher by 152 points. The S&P 500 index up 18 points this afternoon. The Nasdaq is up 44 points. Where are we in the markets right now? On the positive side, the soft landing scenario is still very intact. Economic data shows some slowing, but job growth is still strong. The Fed is expected to begin cutting rates in a few weeks, and earnings have been remarkably stable, even if some companies are experiencing some pricing pressure.

CNBC's Bob Pisani. Investors have their ears on politics this week. The Democratic National Convention beginning today in Chicago. Democratic delegates expected to throw their support behind Vice President Kamala Harris and her running mate, Minnesota Governor Tim Walz, for the official nomination. And this week is full of earnings reports coming from retailers, President Kamala Harris and her running mate, Minnesota Governor Tim Walz, for the official nomination. And this week is full of earnings reports coming from retailers as investors wait to hear whether Fed Chair Jay Powell telegraphs that an interest rate cut is coming next month when he speaks at an economic summit in Jackson Hole, Wyoming on Friday. Lowe's, Target, TJX, Ross.

And it's going to be tough to be Target. Warning, headline comes out, always is great. Company then talks it down. Stock goes down. You feel like a chump. I be tough to be target. Warning. Headline comes out. Always is great. Company then talks it down. Stock goes down. You feel like a chump. I'm trying to avoid that. Lowe's, I think that Lowe's is a little more do-it-yourself, a little less contractor, which actually should cut against them because the do-it-yourself stuff has not been selling well.

But then this is the classic example. You want to get out of the stock ahead of a Jackson Hole speech? They all seem to be saying, hold on. Yes. Cavalry's going to come and you're going to say, why did I sell my lows? CNBC Mad Money host Jim Cramer with CNBC's Carl Quintanilla. GM making fresh job cuts, possibly as many as 1,000 people. General Motors is laying off more than 1,000 salaried employees globally in its

software and services division. That includes roughly 600 job cuts at GM's tech campus near Detroit. In a statement, the spokesman from GM didn't confirm the number of layoffs but said the company is simplifying, quote, for speed and excellence and prioritizing the investments that will have the greatest impact. The shares are up about a quarter of a percent as we digest that news. CNBC's Kelly Evans. Estee Lauder's forecast is bleak. The CEO of the beauty giant is stepping down. Egg prices are up again.

This time it's the bird flu that's really cutting into supply. Egg prices up 19% in July compared with the same month a year ago in the latest CPI data. A frail rate stoppage looms in Canada this week. Two rail companies have issued lockout notices in a battle with labor north of the border. Picket lines meantime at AT&T today. More than 17,000 AT&T workers across the southeastern U.S. officially hitting the picket lines. The union representing the workers is accusing the telecom company of not bargaining in good faith and sending negotiators who did not have any authority to make decisions. The striking workers include technicians, customer service representatives, and wire installation workers. CNBC's Bertha Coombs. Disney's 20th Century Fox thriller Alien

Romulus, a big number one win over the weekend at the box office dethroning Disney Marvel's Deadpool and Wolverine. Disney movies have taken 42% of the summer ticket sales so far, according to The Hollywood Reporter. Jessica Ettinger, CNBC. This is the best solution I have ever seen. I want to be in it to win it with you. Shark Tank, tonight starting 7 Eastern, CNBC.