CNBC Business News Update - Market Midday: Stocks Lower, Treasury Yields Rise, July Home Sales Break 4-Month Losing Streak 8/22/24

Episode Date: August 22, 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 Ettinger, CNBC. Stocks are in the red this afternoon on Wall Street as Treasury yields rise. It's a pullback many investors have kind of been looking for. The Dow is now down 130 points, three-tenths of a percent. The S&P 500 index down 26 points. That's just about a half a percent. And the Nasdaq is now down 160 points. That's eight about a half a percent. And the Nasdaq is now down 160 points. That's eight-tenths of one percent. We should pause a little bit. It's just a pause ahead of

the election where people get a little bit nervous about election outcomes. So I think that sets up the market for the next rally. Typically what happens after the election, you tend to get a nice rally into year end. Bank of America's Stephen Suttmeyer on CNBC. Companies whose shares have hit fresh all-time highs today include Facebook parent Meta, home builder D.R. Horton, T.J. Maxx & Marshall's parent T.J.X. Companies, Walmart, Boston Scientific, and Eli Lilly. The number of Americans applying for unemployment benefits rose modestly last week. Remains, though, at a healthy level, came in as expected. Existing home sales for July broke a four-month losing streak,

their first monthly gain since February. These are closings. So sale contracts signed in May and June when mortgage rates were still over 7 percent, we're now down to around 6.5 percent. But the good news is that supply is rising. 1.33 million homes for sale at the end of the month, up a whopping 19.8 percent year over year. And that's probably why we're seeing more buyers come into the market. The median price of a home sold in July was $442,600. That's up 4.2 percent year over year. But it is no longer the all time high price, if that gives you anything, but it is still up year over year. CNBC's Diana Olick. The average rate on a 30-year home loan today is about 6.5%.

That's according to Mortgage News Daily. Canada's major railways locked out union workers this morning. Contract talks have failed. U.S. crude oil hovering around $72 a barrel. It's erased most of its gain for the year. Gas prices almost 50 cents lower today for a gallon of regular than at this same time last year. AAA says the national average right now is $3.38 a gallon. 75 days till the presidential election. This political season is poised for record ad spending and targeting the ads like

never before, especially on streaming services. Hulu, Peacock and Paramount Plus all accept political ads. Apple, Amazon and ad newcomer Netflix do not accept political ads. Now, the appeal of these connected TV platforms is that over two thirds of the U.S. population streams on them with far better targeting capabilities than on traditional TV. You could target the consumer better. So you could reach someone based on their zip code, but also based on their other shopping preferences. I mean, these platforms have so much information about who's watching what. CNBC's Julia Boorstin. Starbucks has its popular pumpkin spice lattes

back in stores this morning, the earliest in the 21-year history of the drink that signals fall to many. Jessica Ettinger, CNBC. Extraordinary levels of enthusiasm from Democrats for the fight ahead. The Democratic National Convention. Special coverage this week on MSNBC.