CNBC Business News Update - Market Midday: Stocks Lower, Insurers Watching Tropical Storm Francine, Polaris Dawn Launch Successful 9/10/24

Episode Date: September 10, 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. Wall Street's in the red this afternoon, giving up some of yesterday's gains. The Dow is down 337 points, eight-tenths of a percent, being led lower by shares of J.P. Morgan, which are down almost 7 percent this afternoon. The S&P 500 index down 16 points, the Nasdaq down 18 points. The insurance industry is watching as tropical storm Francine threatens the Texas-Louisiana border. The sixth named storm of the season is forecast to become a hurricane, a category two, before impacting the U.S. coast. Southwest Airlines

chairman Gary Kelly stepping down next year as the activist investor firm Elliott pushes for changes at the airline to make it more profitable. These changes announced by Southwest Airlines following a meeting yesterday between Gary Kelly, who is the executive chair of the Southwest Airlines Board of Directors, met with leaders from Elliott Management, which has a 10 percent stake in Southwest and has said that it will call for a special shareholder meeting unless there are wholesale changes at Southwest, both in terms of leadership as well as how the company is operated. CNBC's Phil LeBeau. Southwest shares were down more than 2% at the open this morning. Apple unveiled its new iPhone 16 yesterday. Today, it's facing a ruling from the European Union's top court requiring Apple to pay more than $14 billion in back taxes. SpaceX successfully launched the Polaris Dawn mission today. It's the first of three purchased by billionaire and Shift4 founder Jared Isaacman from SpaceX. This is a historic moment, highest Earth orbit to be achieved by a crewed spacecraft.

It's the farthest humans will venture from Earth since the Apollo era, more than five decades ago. The first commercial spacewalk, the first spacewalk by a private crew, they're going to be testing the new SpaceX-designed spacesuits to do it. That's going to happen about three days out in this five-day mission. There is a lot on tap, and what's incredible is the fact that nobody is a government astronaut. Everybody is private for this mission. CNBC's Morgan Brennan. Eleven states now have $2 gas as prices at the pump continue to drop. AAA says the national average for a gallon of regular is $3.27. The Mega Millions jackpot is $800 million tonight. Jessica Ettinger, CNBC. CNBC unveiling its inaugural NFL valuations list. Dallas Cowboys number one at $11 billion.

The NFL is the biggest and most profitable sports league in the world. Exclusive NFL team valuations now on CNBC.com slash sport.