CNBC Business News Update - Market Midday: Stocks Higher, US Sues Adobe, Air Fares Are Lower This Summer 6/17/24

Episode Date: June 17, 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 Edinger, CNBC. Major averages slightly higher this afternoon on Wall Street. The S&P 500 index now building on the record high it opened with. The Dow is up 10 points. The S&P 500 index up 10 points. And the Nasdaq is up 27 points this afternoon. Tesla shares up 4%. Investors are hoping for more market share if a more affordable EV comes from the company.

Corning shares are up 4% this afternoon. J.P. Morgan upgraded the optical glassmaker, saying it could see more demand related to AI data centers. The U.S. is suing Adobe, claiming Adobe tricked people into signing up for subscription plans without clearly disclosing the terms of those plans. NFL Commissioner Roger Goodell set to take the stand today in the Sunday ticket package class action trial. The league is accused of inflating prices by restricting competition. Today, we're expecting Commissioner Roger Goodell to take the stand, with Cowboys owner Jerry Jones also set to testify after Goodell,

so that could happen either later today or tomorrow. The plaintiffs argue that the NFL and its 32 teams restricted competition by selling its out-of-market games exclusively through the Sunday ticket package sold by DirecTV. They say that enabled them to charge artificially higher prices for out-of-market games. Now, the NFL disagrees, as Chief Media Officer Brian Rolap testified last week, saying that Sunday Ticket is a high-value premium product that is complementary to its other offerings, pointing to free broadcasts of in-market games on broadcast networks, something that no other sports league offers. CNBC's Julia Borsten, HomeBuilder, told Brothers shares were higher. It's getting some help from analysts at Goldman Sachs who've upgraded that stock to a neutral rating from a prior sell.

The target price goes up to $124. It was $112 to get in line a little bit more with the current price after a 16% gain so far on a year-to-date basis. They think a better macro backdrop of newer home sales and outperformance will help drive profitability and revenue at the maker of luxury homes. CNBC's Dominic Chu, Broadcom shares were higher, extending Friday's gains. The chip makers up more than 30 percent just this month alone on better than expected earnings. Fourth of July holiday weekend quickly approaching and more people are flying this year. We asked the lead economist at Travel App Hopper if travelers are paying more or less to fly. Less. Airfare domestically is down about 18% compared to this time last year. International airfare is down different amounts to different regions.

But the good news is most travelers are paying 10% less or more on some of those most expensive long-haul tickets. Hopper's Haley Berg on CNBC. Disney Pixar's Inside Out 2 set a record at the weekend box office and Hollywood is breathing a sigh of relief that people are still going to the movies. The animated sequel earned about $155 million in ticket sales in North America, the best debut since Barbie last summer. It set a record for global ticket sales at almost $300 million. Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.