CNBC Business News Update - Market Midday: Stocks Lower on Reports Iran Is Preparing Missile Strike Against Israel, US Crude Oil Up 4% 10/1/24

Episode Date: October 1, 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. Middle East tensions and stocks are falling this afternoon to start October trading on Wall Street. NBC News reporting Iran is set for a missile attack against Israel. The Dow down 117 points. That's off its earlier lows. That's a quarter percent. It's being led lower by shares of Intel now, down 3 percent. Apple shares are down 3%. The S&P 500 index, down 48 points, eight-tenths of a percent, also off its earlier lows in the NASDAQ, down 281 points.

That's one and a half percent. There are companies today whose shares have hit fresh record highs, including Southern Company, Raytheon Technologies, Lockheed Martin, and Facebook parent Meta. Crude oil spiking today 4% on fears Iran is preparing to directly attack Israel. Crude oil back above $70 a barrel. 45,000 dock workers at U.S. ports from Maine to Texas on strike today after the union rejected a nearly 50 percent pay increase. The workers are pushing back against AI and automation as more robotic systems threaten their jobs. It's an historic strike. It's the first since the 1970s for these

workers. The impact on global supply chains could be huge. Within a week, it's going to be costly and it's going to impact those importers that are waiting for the boxes. But it's a manageable crisis. If it lasts two weeks, then it starts getting to be a big challenge because we'll start to see vessels that are now stuck in ports outside of the U.S. ports. They won't make their journey back to Asia, which will push up freight rates. So two to three weeks, it starts to get a really big problem and we will see cost of shipping globally, not just to the U.S. East Coast, but globally start to push up. See intelligence CEO Alan Murphy on CNBC. Nike reports quarterly results after the closing bell this afternoon. Investors are bracing for another possible week quarter. Tom Brady with his watch collection up for sale at Sotheby's. Each watch ranges in

value from $12,000 to $800,000. 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.