CNBC Business News Update - Market Midday: Stocks Lower, Apple Shares At Record, NRF Holiday Spending Forecast Higher 10/15/24

Episode Date: October 15, 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. The Dow and the S&P 500 index slipping from record highs. They opened with major averages are all in the red this afternoon. The Dow down 98 points off its earlier lows, down a quarter percent. The S&P 500 index down 21 points, four-tenths of a percent. And the NASDAQ down 155 points. That's eight-tenths of a percent in the NASDAQ, down 155 points. That's eight-tenths of one percent. Companies whose shares have hit fresh all-time highs today include MasterCard and

American Express, Walmart, Royal Caribbean, McDonald's, Lowe's, Home Depot, and T-Mobile. Apple shares also hit a record high today. Morgan Stanley out with a positive note on iPhone 16 demand. And Apple's also coming out with a new iPad mini just announced. One researcher tells CNBC there is a disconnect in the recent massive market gains. Earnings are still going up, but stock market's up 34% over the past 12 months. The price action in the stock market has outpaced the actual earnings momentum, call it by 8x. And it just speaks to the animal spirits

and the high degree of confidence that investors have. Rosenberg Research's David Rosenberg on CNBC. Holiday spending expected to be as much as three and a half percent higher this year over last year, but that would be slower sales growth than last year when sales rose almost four percent. The National Retail Federation says the economy's healthy and American families' capacity to spend will continue to be supported by a strong job market and wage growth. Boeing shares were higher as the planemaker makes sure it has cash on hand while it starts cutting jobs and it's dealing with the strike. This credit line is for $10 billion, gives them quick access to cash if they need it over the

next several weeks or months, depending on how long this strike goes. Four banks are behind the credit line, B of A, Citibank, Goldman and J.P. Morgan. It's not a surprise. They need to have as much flexibility as possible as they deal with this machinist strike that shows no sign of ending anytime soon. CNBC's Phil LeBeau. Big banks out with big quarterly results today. Goldman Sachs with better than expected results as stock trading and investment banking boosted its quarter. The Goldman quarter was beautiful. I mean, look, Goldman is a money machine. They've added, what, under, what is it, $100 billion in market cap? I mean, this thing's extraordinary. It's a juggernaut.

CNBC Mad Money host Jim Cramer, Citigroup beat earnings estimates for last quarter, and Bank of America also reported strong results today. CNBC Mad Money host Jim Cramer. Citigroup beat earnings estimates for last quarter. And Bank of America also reported strong results today. The NFL two-day fall league meeting on in Atlanta. Tom Brady expected to become a minority part owner of the NFL's Las Vegas Raiders. Universal will open the Epic Universe theme park in Orlando, Florida. By Memorial Day of next year, Universal is a sister company to CNBC. On Wednesday's watch list, earnings are coming from Abbott Labs, Morgan Stanley, Discover, U.S. Bancorp, and CSX Railroad. Disney turns 101 years old, and the Powerball

jackpot inching toward a half billion dollars for Wednesday night at $408 million. Jessica Ettinger, CNBC.