CNBC Business News Update - Market Midday: Stocks Lower, Weight Loss Drugs Cut Covid19 Deaths, Summer Box Office Down 10% From Last Year 9/3/24
Episode Date: September 3, 2024From 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. Ancho...red and reported by CNBC's Jessica Ettinger.
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I'm Jessica Edinger, CNBC.
Wall Street giving back some of Friday's gains on this first day of September trading.
Stocks selling off this afternoon.
Investors a little worried again about an economic slowdown.
Two pieces of economic data today in manufacturing production showed some signs of weakness.
The Dow is down 426 points, a little more than 1%, still above 41,000 this afternoon.
The S&P 500 index down 78 points.
That was almost 1.5% now.
And the Nasdaq down 420 points, more than 2% as semiconductor chip makers lose their steam this afternoon. I'm buying.
And I think you want to be adding to stocks on weakness if we get it.
And today we're getting it a little bit.
September should be likely a little bit volatile. And I think you want to use that weakness to be adding.
Hightower's Stephanie Link on CNBC.
September is traditionally a rough month for stocks.
August was strong, but the markets in September are likely to be rather complicated.
But the good news may be outweighing the bad news.
The market broadening trend we saw in August is very real.
Earnings have been really strong.
Inflation is waning.
The July core PCE, that's the Fed's preferred gauge of inflation, dropped to 2.5%.
Finally, this may be the best indicator of all.
Fed rate cuts are expected.
CNBC's Bob Pisani.
United States steel shares were lower after Vice President Kamala Harris
says she opposed the planned sale of U.S. steel to Japan's Nippon steel.
Weight loss drugs like Ozempic and Wagovi cut COVID-19 deaths,
according to research found in a new study published in the Journal of the American College of Cardiology.
A new season is on for retail leading up to the all-important holiday shopping season.
We are definitely seeing a more cautious consumer that's been more hesitant in their spending.
And the way you get them to spend is either by offering value or offering innovation.
Telsey Advisory Group's Dana Telsey tells CNBC some of the retail companies and investors should be watching.
The off prices like TJX, Burlington, and Ross.
I'm looking at the Abercrombies and Birkenstocks to continue to perform well.
It's value and innovation that could be the themes of holiday 2024.
Meantime, Amazon has announced it's planning another Prime Day sales event in the traditionally
slow month of October to try to pull some holiday sales forward away from the discounters. The
summer box office, softer than last year's. Even with the number of blockbusters, Comscore says
the take was more than three and a half billion dollars, but that was down 10 percent from the summer of 2023. Jessica Ettinger, CNBC.
CNBC kicks off its first ever official NFL team valuations with sports business expert
Michael Ozanian. Team values and team finances are not public information.
Exclusive NFL team valuations, September 5th, CNBC.