CNBC Business News Update - Market Midday: Stocks Lower, Boeing And Striking Workers Have Tentative Deal, Gold Record High 10/21/24

Episode Date: October 21, 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, between investors taking profits and bond yields being higher, the yield on the 10-year Treasury at its highest since the end of July. Stocks are lower this afternoon on Wall Street. The Dow pulling back from the record high it opened with. It's down 300 points and back below 43,000. It's down seven-tenths of a percent. The S&P 500 index down 22 points from the record high it opened with. And the NASDAQ is down 21 points this afternoon. Companies who shares have hit all-time highs today include Netflix, McDonald's, and NVIDIA. A lot of the more speculative stuff starting to run that sometimes happens when a rally matures. Corporate insiders have picked up their selling, so maybe time for a rest. Also, Friday was an options expiration and often the market can kind of move a little bit more

freely and get a little bit jumpier after that happens, at least in the ensuing week. CNBC's Mike Santoli. Earnings season's been pretty great so far. Of the 14 percent of the S&P 500 companies that have posted results, 79 percent of them have exceeded expectations and we get more this week. CNBC's Jim Cramer thinks a lot of investors are just pushing cash right into index funds. Many Americans have an S&P 500 index fund in a retirement account. Going into earnings season, we've got this massive $200 billion in money that went to index funds. That is far ahead of what happened last year, and we're already there. You have the index funds sopping up the additional supply. You don't have a lot of stock trading.

So you have like a Procter & Gamble, which could have been disappointing, ended up doing nothing. I just find that when you disappoint, you don't go down a lot. You don't go down. And when you do well, you soar. So that's an asymmetrical relationship. That's a nice market to be an investor in, isn't it? Well, that's exactly what I'm talking about. It's halcyon time, David. You're not taking as much risk as you think you are. Right, because you're crunching so much stock with the S&P. CNBC Mad Money host Jim Cramer with anchor David Faber. Gold hit a new record high intraday today, $2,752 an ounce. Silver is at its highest in just about 12 years. Disney will name Bob Iger's replacement as CEO in early 2026. That's later than investors thought. The International Monetary Fund and the World Bank meeting in Washington, D.C. today.

A gathering of central bankers, finance and development ministers and private corporate executives talking economy and money. Boeing shares are higher. The five-week-long Boeing strike is closer to an end. There's a tentative deal between management and the machinists' union. It's a far-reacher contract. That's for sure that the machinists will be voting on on Wednesday. The tentative agreement calls for a 35% raise over the next four years. They've sweetened the ratification bonus, bumped it up to $7,000. They're also adding a one-time $5,000 deposit in every employee's 401k plan. And then

there is the annual bonus, which originally was not there. Now it's in this offer. Question is whether or not they can get this over the finish line. CNBC's Phil LeBeau. Amazon says its holiday beauty haul sale running for two weeks started this morning. It's the fourth year in a row that the retailer is discounting beauty products. Amazon also held one of these sales last spring. Jessica Ettinger, CNBC. The vote. It's as American as apple pie. It's iconic.

Patriotic. And this November, we're all chanting, it's your turn. Voter up.