CNBC Business News Update - Market Midday: Stocks Lower, 2025 IRS Tax Brackets Out, Starbucks "Wicked" Drinks In Stores Today 10/22/24

Episode Date: October 22, 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 stocks in the red this afternoon, but off their earlier lows. Bond yields are higher. The Dow is down 78 points, being dragged lower by shares of Verizon, down more than 4% on disappointing quarterly results. The S&P 500 index now down 18 points. The Nasdaq is down 39 points this afternoon. Companies whose shares hit fresh. All-time highs today include Philip Morris, Raytheon and Nvidia. Some investors say it's about time for a little pullback. You could be down two days in a row for the first time since September 6th. Historically, when we get ahead of ourselves into the election, we see the markets sell off. The last four elections, 2020, we were down 7.5%

from the first week of October into election day. 2016, down 4%. 2012, down again. So what I'm looking for is this market to kind of pull back and hit the brakes for a little while as we head into that election, which will then set us up for what we historically do after the election. We rally into the end of the year. Freedom Capital's Jay Woods on CNBC. The 2025 federal income tax brackets are out, and the standard deduction will increase to $30,000 next year for married couples filing jointly. $15,000 for single taxpayers.

This is for tax returns you'll send in in the spring of 2026. Former Abercrombie & Fitch CEO Mike Jeffries has been arrested in Florida in a sex trafficking case he left the company 10 years ago. Billionaire investor Paul Tudor Jones telling CNBC the Trump tax cuts enacted in 2017 need to end or sunset at the end of next year. Can I just say this? Yep. You have to let the tax cuts expire. You have to.

You have to let those expire. That's $390 billion. We're going to have, again, we're going to be broke. Also in 2017, the Trump administration cut the corporate tax rate from 35% down to 21%. Last month, Trump promised to lower the tax that companies pay to just 15% if reelected. Walmart will start delivering prescription medicine directly to customers' doors. As CVS and Walgreens struggle, Major League Soccer attendance and sponsorship revenue hit regular season record highs. The popularity of soccer continues to grow. Watch Cheesecake Factory

shares today. Houston-based activist investor JCP has reportedly built a roughly two percent stake in Cheesecake Factory. Now according to the Wall Street Journal, it is calling on the restaurant chain to spin off its smaller brands into a separate public company. CNBC's Silvana Hanau. Starbucks and Universal have teamed up to sell drinks starting today to promote the movie Wicked. Glinda's Pink Potion and Elphaba's Green Cold Brew. Universal is a sister company to CNBC. The movie will be out for Thanksgiving.

No Powerball winner last night. The jackpot pushes toward a half billion dollars tomorrow night at $478 million. Jessica Ettinger, CNBC. Earnings season. When the CEOs have a big announcement, they come here first. A wild hour of earnings. Earnings season. Special coverage all this month on CNBC.