CNBC Business News Update - Market Midday: Stocks Mixed, Apple Back As World's Most Valuable Company, Powell Says Fed Wants More Data 7/9/24

Episode Date: July 9, 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 mixed markets on Wall Street this afternoon. The Dow off its earlier lows, down 24 points. The S&P 500 index up 14. The Nasdaq up 57 points this afternoon. Both the S&P and the Nasdaq opened at fresh record highs this morning, and they're building on those. Apple back on top today, is the most valuable company in the world, taking over from Microsoft and NVIDIA. Companies whose shares have hit fresh all-time highs today include Google parent Alphabet, Costco, Walmart, Eli Lilly, and TJ Maxx and Marshalls parent TJX Companies. Day one of Fed Chair Jay Powell's regular testimony on Capitol Hill today. The Senate Banking Committee,

Powell says holding rates high for too long could jeopardize economic growth. He added that recent monthly readings have shown modest progress on lowering inflation and the job market is cooling. The latest data do show that we've had considerable cooling in the labor market, and we do. We're very much aware that we have two-sided risks now. And we're determined to balance those as best we can. We want to see more good inflation data. And we also want to continue to see a strong labor market. Etsy, working on a turnaround. It's lost 80 percent of its value over the past three years. The online sales platform tried to offer original crafts and goods made by real people,

but was flooded with mass-produced merchandise often made in China as resellers gamed the website to crowd out the handcrafted items. Corning shares are popping as the AI boom is driving stronger than expected demand for equipment from that company. Express, cutting jobs in Ohio where it's based, expresses one of a number of retailers that's filed for Chapter 11 bankruptcy protection this year. Retail Dive says Express is cutting distribution workers. It's also planning to close about 100 underperforming stores. More Americans are starting to list their homes for sale, finally ready to give up those 3 and 4 percent once-in-a-lifetime mortgages.

We are seeing more inventory of existing homes beginning to rise, and as we get more inventory, I believe home prices will stop accelerating. I think there will be slight growth, but not the strong growth, and we certainly need more stabilizing home prices. National Association of Realtors Chief Economist Lawrence Yoon on CNBC, the average mortgage rate in the U.S. since Freddie Mac began keeping track in 1971 is about seven and a half percent. Today's average rate on a 30-year fixed mortgage is seven percent, according to Mortgage News Daily. If you've been eyeing a Porsche Macan, Reuters says Porsche will stop making the gas version of the SUV for non-European markets

after 2026 as it moves toward EVs. Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run forever. And then there's this one moment where everybody else starts to die and you're like, I'm not about to die. I'm about to get faster. The Olympics from Paris starts July 26th on NBC and Peacock.