CNBC Business News Update - Market Midday: Stocks Lower, Nasdaq Down Nearly 500 Pts, Tesla Shares Tank 10% 7/24/24

Episode Date: July 24, 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 is selling off this afternoon. The major average is all in the red. The Dow down 335 points. It's back at about 40,000. It's down eight-tenths of a percent. The S&P 500 index down 93 points. That's 1.7%.

And the NASDAQ tanking almost 500 points, down 490. And that's down 2.7%. Now leading the Dow lower, shares of Verizon down 4%. But leading the NASDAQ lower, shares of Tesla down more than 10% after an earnings miss for the last quarter. Its profit plunged 45 percent. The company's EV sales suffered from heavy discounts. Some investors are worried that CEO Elon Musk's public statements about things other than his businesses have tainted the brand. You have to wonder whether his political tilt is impacting in some way. Sometimes I do wonder on the on the on the sales front. CNBC's David Faber. Mortgage demand at a five-month low. Rates are still seen as high in the 6.8% range and sales of newly built homes came in below expectations for

June. In June, we saw the average rate on the 30-year fix over 7% for the entire month. So it was a miss, but it's not completely unexpected that you would see that as buyers pull back due to affordability. We're still holding at a 9.3 month supply. That was unchanged from May, but it's still a very high supply. I'm hearing from various analysts that people may be waiting until the fall to see if mortgage rates come down more. But to get buyers in the door, you have to see a five handle on the 30 year fixed. We don't have that yet. CNBC's Diana Olick. AT&T beat estimates for subscriber additions in the last quarter. Shares were higher. The telecom giant is higher after

reporting profits that were just in line with estimates and revenues actually missed the mark. Slower iPhone upgrades were a headwind, but AT&T did beat on a few key metrics, including mobile phone subscriber growth. It cited higher demand for its unlimited plans and fewer cancellation rates that churn as well. CNBC's Dominic Chu. Copper futures at their lowest in three months. That's good for businesses like home builders. Salt Lake City's been awarded the Winter Olympic Games for 2034 and all the money that goes with that. Meantime, Nike is back as an Olympic advertiser at the Summer Olympics in Paris this week. Retail Dive says the ads are edgy. Instead of promoting feel-good sportsmanship,

they show athletes who want to end other athletes' dreams, embracing what it calls the ruthless drive to become an Olympian. Early events in Paris today include soccer and rugby. The official opening ceremony is Friday. CNBC's parent, NBCUniversal, is carrying the Olympics on NBC channels and on the streaming service Peacock. Furniture, home goods, and electronics chain cons. Closing about 70 stores in 13 states.

Reports say a bankruptcy filing could be on the table. Jessica Ettinger, CNBC.