CNBC Business News Update - Market Midday: Stocks Higher, Supreme Court Supreme Court Rules Trump Has Some Immunity, Inside Out 2 Wins Box Office 7/1/24

Episode Date: July 1, 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. Major averages off their lows and in the green this afternoon. The Dow now up 74 points. The S&P 500 index up 10 points. The Nasdaq now up 108 points. This after stocks had dipped when the Supreme Court ruling on presidential immunity came down. Companies whose shares have hit fresh all-time highs today include Hilton, J.P. Morgan, Eli Lilly, and H&R Block. The Supreme Court ruled that presidential immunity does exist for official acts, but not for unofficial acts. It was a split decision.

Six to three as conservative justices do allow former President Trump to claim some immunity. On page 19, they're talking about one of the particular allegations. According to the indictment, the Supreme Court writes, Trump met with the acting attorney general and other senior Justice Department and White House officials to discuss investigating purported election fraud and sending a letter from the department to those states regarding such fraud. Now, the question is whether that was inappropriate or whether or not the president had ultimate immunity on that point. And what the court is coming down with here is a decision that says that, in fact, the president does have immunity in that case. It's a holiday-shortened week. The markets will be

closed on Thursday for the 4th of July. First half, very strong. Investors excited about artificial intelligence and the industry that's building up around that. The Nasdaq leading the way up about 18 percent year-to-date. The S&P 500 index up 14 percent. The Dow's up 3 percent. First half versus second half and what it does typically imply when we've seen the kind of gains we have. Something like better than 75 percent after you've been up big in the first half, let's call it 10 or 15 percent. You are up in the subsequent six months. That's a little bit better than the historical average of just all years. And the actual returns, medium returns, are like the high single digits

were close to 10%. This is all depending on how you slice it and what time period you cover. CNBC's Mike Santoli, CNBC's David Faber there. Boeing has agreed to buy back fuselage maker Spirit Aerosystems in a $4.7 billion deal. It spun that company off nearly 20 years ago. The most important plant, the one that gets the most attention when it comes to Spirit Aerosystems is in Wichita, Kansas. That's where they built the 737 MAX fuselage. Boeing wanted to buy that plant and buy all of Spirit so that it has better quality controls because so many of the problems that have hurt Boeing over the last couple of years, many of them originated at the facilities in Wichita as well as the other spirit facilities.

Boeing now believes that it can improve quality control. CNBC's Phil LeBeau. Disney Pixar's Inside Out 2 won the weekend box office and tops the billion dollar mark globally. Disney's Inside Out 2 has crossed the $1 billion mark at the worldwide box office in less than three weeks of its release, reaching that level in the fastest time of any animated film in history. The film is the highest grossing movie of the year and the only one to cross a billion dollars so far in 2024. CNBC's Becky Quick, Paramount's A Quiet Place prequel. Second over the weekend with a record $53 million opening, Kevin Costner's Horizon disappointed at the box office. 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.