CNBC Business News Update - Market Midday: Stocks Lower, 10 Year Treasury Yield Below 4%, 30 Yr Mortgage Rate 6.6% its Lowest Since Before Last Christmas

Episode Date: August 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 Edinger, CNBC. Some weaker than than 1% in the NASDAQ, plunging 271 points, 1.5%. One of the drags on the Dow this afternoon, shares of Boeing, which are down almost 6%. We started in the green. We moved into the red very quickly, seeing a faster deterioration in economic data or job data. That is sort of what happened today. We got the ISM data, which is fairly routine, but the employment aspect of the ISM was much lower than expected. And as a result, immediately we saw bond yields started moving to the downside. That's not necessarily a bad thing,

but when you get somewhat weaker employment indication, it throws people's expectations off. CNBC's Bob Pisani. The yield on the 10-year Treasury at its lowest since February. Mortgage rates loosely follow that. And the average rate on a 30-year home loan dropped to its lowest in six months yesterday at 6.7%. And this afternoon, it's now down to 6.6%. That's according to Mortgage News Daily.

The number of Americans who filed for unemployment benefits last week hit its highest level in a year, 249,000. It's the 10th straight week that claims were higher than the pre-pandemic average of about 220,000. And the number of people still collecting unemployment checks jumped up. Continuing claims, the eighth consecutive week above 1.8 million. So we see once again that we are under pressure with regard to continuing claims moving higher. CNBC's Rick Santelli, this suggests it's taking longer for people to find the next job. Hiring is coming down. We need to watch that. Rick Santelli. This suggests it's taking longer for people to find the next job. Hiring is coming down. We need to watch that. Jobless claims, if you're not doing the hiring on this side, the number of claims people losing their jobs becomes more significant.

CNBC senior economics reporter Steve Leisman. Facebook parent Meta shares popping today on better than expected quarterly results after the closing bell last night. Advertisers are spending more on Facebook and Instagram. They have so much data on users. The ads users see are more targeted than ever. They're aspiring to get to the point soon when they can do a better job of designing a campaign that a marketer wants to put up right now with images, maybe in the future with video. Truly a one-stop kind of auto robo shop for marketing. That's the future for Meta, and they're just getting started. Rosenblatt's Barton Crockett on CNBC. Later today, we're going to get earnings from Amazon and Apple.

Airlines could soon be banned from charging a fee to parents so they can sit with their children on flights. The Biden administration Department of Transportation's proposed new rule would require that airlines put kids 13 and under next to mom and dad for free. The only airlines that do this now are Alaska American Frontier and JetBlue. They'll seat families together, no charge. 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 on NBC and Peacock.