CNBC Business News Update - Market Midday: Stocks Higher, US Crude Falls, Apple AI "Apple Intelligence" To Start Rollout Today 10/28/24

Episode Date: October 28, 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 Ettinger, CNBC. Major averages in the green. Today on Wall Street, the Dow up 291 points. 3M shares leading the way. They're up 3.5%. The S&P 500 index up 25 points. The Nasdaq, building on the record high it opened with, it's up 102 points. Companies whose shares have hit fresh all-time highs today include Royal Caribbean Cruise Line, Palantir, Cincinnati Financial, and Snap-On. We do expect some volatility in coming weeks, and there are a number of catalysts unfolding. The election creates some uncertainty. The timing of Fed policy creates some uncertainty. But we think the path forward will be led higher by earnings. So earnings season has been okay. Silver Crest's Robert Teeter on CNBC. Crude oil

back down around $67 a barrel today, plunging 6%. U.S. crude having its worst day in more than two years after Israel's strike on Iran avoided its oil facilities. Prices at the pump, the national average for a gallon of regular is $3.13, according to AAA, which says more than 20 U.S. states are paying $3 gas or prices in the twos. McDonald's says testing has ruled out beef patties as the source of the deadly E. coli outbreak. It turns out it was the onions. The chain will sell quarter pounders with no onions at the affected locations, and the sandwiches are being put back on menus this week. As of last Friday, at least 75 people in the U.S. were sickened in 13 states. There was one death.

I think that McDonald's, notwithstanding sort of the current issues, actually comes out of it quite well. I do think that they're able to sort of regain an advantage. No doubt they got offsides in price, but I think that I feel generally quite good about McDonald's. Morgan Stanley's Brian Harbour on CNBC. Apple launching its version of AI, Apple Intelligence, as a software update. It's going to be a slow rollout and only for the newest devices. If you were hoping, though, for Siri to get smarter, you're going to be quite disappointed.

Only two main features are coming, AI summaries and notifications, and a new look for Siri. But it's just as bad as it's always been. But now when you talk to Siri, the screen's going to kind of glow around your iPhone. The better AI features like chat GPT integration, generating custom emojis, those are still several weeks away from launching. But again, still beta, still going to be problems with it. If it screws up, they can say, well, we're still working through it. What we're really waiting for is Thursday, we're going to be problems with it. If it screws up, they can say, well, we're still working through it. What we're really waiting for is Thursday, we're going to have earnings, and we'll get our first indication of what iPhone demand looks like.

CNBC's Steve Kovac. Sony's third Venom movie. Venom, The Last Dance, was number one at the weekend box office. Dodgers leading the Yankees in the World Series. Two games to none. Game three tonight in New York. Jessica Ettinger, CNBC. This campaign is all about business and money.

Live from the New York Stock Exchange. If you were going to watch this election happen, you'd want to watch it through the eyes of CNBC. November 5th, CNBC.