CNBC Business News Update - Market Midday: Stocks Lower, Fewer Jobs Created In August Than Forecast, NFL Gears Up For 1st of 5 International Games 9/6/24

Episode Date: September 6, 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. Stocks are tanking on Wall Street this afternoon after a weak jobs report and some tech selling. The S&P 500 index is heading for its worst week in a year. Let's look at the numbers. The Dow is down 337 points, still above 40,000. The S&P 500 index down 83 points, one and a half percent, and the NASDAQ is down 393 points. That's a little more than two percent this afternoon. The U.S. created 142,000 jobs last month, fewer than the 161,000 economists had forecast.

CNBC senior economics reporter Steve Leisman. Look, in a normal world, this would be a good number because we've gotten so used to these big numbers near 200. Clearly, the job market's softening. Clearly, it's weakened. We have to take this number with a grain of salt because you have these downward revisions. That happens a lot. CNBC senior economics reporter Steve Leisman, but the unemployment rate in the U.S. dropped from 4.3 percent to 4.2. The report was weaker. However, wage growth was firmer than expected. The unemployment rate actually fell. And the overall number represented an increase in job growth from July and June. Not all bad. CNBC's Sarah Eisen. $1.3 billion in unpaid taxes has been recovered by the IRS and the U.S. Treasury from wealthy Americans and some people who haven't paid taxes in at least seven years. Funding from the Biden Inflation Reduction Act paid for IRS enforcement.

Reuters is saying GOP presidential hopeful Donald Trump vowed this week to rescind that funding, saying tax collection unfairly harasses Americans. More than a billion dollars was collected from people earning a million dollars a year or more with at least a quarter million in unpaid taxes. The NFL calling Friday night's Brazil regular season game between the Packers and Eagles. It's first Friday for the new season and the first international game of five. When we bring our Randolph-Hell regular season games here, we have 38 million fans here already. We hope this will really ignite this market and really become passionate football fans. And we're obviously continuing our games in Europe. We're continuing games in the UK. We'll be in Germany this year. We're going to Spain next year,

hopefully back to Mexico next year. So we really believe playing the games is a big part of making our game global. NFL Commissioner Roger Goodell on CNBC from Brazil. The second NFL international game this season, Sunday, October 6th, the Vikings and Jets play in the UK. Red Lobster making changes and getting out of bankruptcy. A bankruptcy court now approving Red Lobster's plan to exit Chapter 11 bankruptcy protection. This is part of the restructuring plan. A group of investors are going to be acquiring the restaurant chain by the end of the month. Now, after the acquisition closes, the investors will replace the current CEO with the former CEO of P.F. Chang's. Red Lobster currently operates 544 restaurants across the U.S. and Canada. CNBC's Andrew Ross Sorkin. On the coming week's watch

list, we get a fresh read on inflation. The CPI will be out next Wednesday. The Consumer Price Index. It's a quieter week for corporate earnings. We're going to hear from Adobe and Kroger, plus Petco, GameStop, and Cignet Jewelers. Apple is expected to unveil the new iPhone 16 on Monday. Jessica Ettinger, CNBC. September 10th, CNBC and Boardroom host a high-powered event exploring the intersection of sports, business, and entertainment. Be there for Game Plan. Get in on the action.

Get in on the Game Plan. Register now at cnbcevents.com slash gameplan.