CNBC Business News Update - Market Midday: Stocks Lower, Live Nation Reports Biggest Concert Quarter Ever, Home Depot Benefits From Hurricanes 11/12/24

Episode Date: November 12, 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 Edinger, CNBC, one week from Election Day, and the rally takes a breather on Wall Street this afternoon. The Dow is down 257 points, the S&P 500 index down 25, and the Nasdaq is down 65 points. We were up 5% last week, so there's that. So I think it's just a breather. I actually think it is going to, we are going to see the markets resume their strength. Seasonally, November and December are very strong months. Hightower's Stephanie Link on CNBC. Companies whose shares have hit fresh all-time highs today bucking the market trend. Electronic Arts, Live Nation, Netflix, Royal Caribbean, Cardinal Health, Delta,

Airlines and GoDaddy. Now Live Nation reported its biggest summer concert season ever this year. The live event company posted strong quarterly results and profit up 39 percent over the same quarter last year. As Americans spend big on concert tickets, Live Nation owns Ticketmaster. Live Nation, we just pulled out the soundbite of the CFO on just the bullishness that they're still seeing in the concert space. Listen. We're, I think, in a period of unprecedented level of activity for Ticketmaster in Q4. And then that'll continue into Q1 and through next year. There you go. And the Heiress Tour even wraps up by the end of the year. So it's not just all Taylor then? Not just all Taylor. CNBC's Sarah Eisen

and David Faber there. Home Depot says sales are getting stronger, but consumers are still pretty cautious. It's out with better than expected quarterly results. I spoke to CFO Richard McPhail, who said third quarter sales were stronger than expected, thanks in part to warm, dry weather in the U.S., which extended outdoor projects, as well as spending associated with Hurricanes Milton and Halim. CNBC's Courtney Reagan. Disney will report results on Thursday,

but investors are going to be looking for an update on the succession plan to replace Bob Iger, who had to come out of retirement to take back his old job. Disney's incoming board chair, James Gorman, parted work creating a system to identify Iger's successor and to avoid the debacle the last time Iger stepped aside. Now, Gorman is known for running a smooth succession process back at Morgan Stanley, where he's credited with incentivizing two executives

who did not get the top job to stay, the board hoping he'll do the same at Disney for internal candidates, entertainment co-chairs Dana Walden and Alan Bergman, Parks head Josh DeMauro and ESPN chief Jimmy Pataro. And I hear the board is grilling them. CNBC's Julia Borsten. Americans picked up their spending in October.

Consumer confidence continued to go up for the fourth month in a row. The spending on necessity goods, so gas gas for example, it's coming down. Why? Because gas is deflating, because the prices are coming down. If we look at groceries, food inflation is also coming down. So as consumers are feeling better about not having to spend as much on necessities, we're starting to see an increase in discretionary services. Restaurants in particular continue to go up. Bank of America's Liz Everett, Chris Burg on CNBC, B of A credit card data are used to gauge U.S. consumer spending. Jessica Ettinger, CNBC. Don't miss CNBC Pro's

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