CNBC Business News Update - Market Midday: Stocks Mixed, Beryl Hits Texas But Oil Prices Are Lower, Target To Stop Taking Checks 7/8/24

Episode Date: July 8, 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 after all three major averages were higher at the open. The Dow is in the red, down 73 points, being dragged lower by shares of Nike, which are down almost 3%. The S&P 500 index down three points, but still near the record high that it opened with this morning. The Nasdaq is building on its record high that it opened with this morning. It's up 22 points this afternoon. Companies whose shares hit all-time highs today include Facebook parent Meta, Apple, Amazon, TJ Maxx, and Marshalls parent TJX companies, CrowdStrike, Royal Caribbean, Costco, Goldman Sachs, and Eli Lilly. Investors are waiting for the latest on inflation coming this week. Earnings season also begins with reports from the big banks starting

Friday. Hurricane Beryl made landfall along the Texas coast, but its threat to ports that move U.S. crude oil has not sent prices higher. In fact, U.S. crude was down 1%. Well, yeah, they pulled everyone from the rigs in the path of this storm. It hasn't really affected the price to this point. I mean, it depends on how long these crews have to stay off these platforms. If there's any good news to all of this, the storm is moving quickly. It should get out of this area and allow those crews to get back out and get back to work. And it shouldn't really be much more than a little ripple in production. CNBC's Jay Gray in Port Lavaca, Texas. Paramount Global, which owns the Paramount Movie Studio,

CBS Television, CBS News and cable channels like Comedy Central and MTV, will merge with a suitor it previously rejected, Skydance. The new chairman and CEO of the combined company will be David Ellison, and Jeff Schell, formerly CEO of NBCUniversal, will be its president. The new company will be positioned to improve profitability. That is a nod to its recent struggles. The deal is expected to be completed in the first half of 2025. Now, this agreement includes a 45-day go-shop period in which Paramount's board can solicit alternative proposals. But given the fact that less than a month ago the board rejected the Skydance deal and drew interest from Barry Diller and others, the deal has effectively already been shopped around.

CNBC's Julia Borsten, Boeing pleading guilty to one criminal fraud charge stemming from the two 737 MAX crashes that killed nearly 350 people outside of the U.S. Boeing will pay a near quarter billion dollar fine and a third party monitor will be installed. The focus for that monitor will be quality control. This has been at the heart of the problems for Boeing. And it's what triggered the DOJ to say, wait a second, you violated the deferred prosecution agreement revolving around two 737 MAX crashes in 2018 and 2019. Boeing has declined to comment on the details of the plea agreement. CNBC's Phil LeBeau, Universal's Despicable Me 4 topping the July 4th holiday box office.

Despicable Me 4 brought in $75 million during its debut weekend. If you include the July 4th holiday, the domestic total reached $122.6 million. With the overseas ticket sales, the total haul for the movie so far is nearly $230 million. CNBC's Becky Quick. 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.