CNBC Business News Update - Market Midday: Stocks Mixed, Dow Dragged Lower By McDonald's Shares, CDC Says e Coli Outbreak Has Sickened More People 10/25/24

Episode Date: October 25, 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.

Jessica Ettinger, CNBC. Stocks are mixed in afternoon trading. The Nasdaq hitting its first intraday record high today since last July. The Dow, however, slipped into the red this afternoon, down 77 points, being led lower by shares of McDonald's. They're down more than 2% now as the CDC released new information that more people have been sickened by E. coli. The S&P 500 index in the green up 29 points a half percent. The Nasdaq up 223 points,

more than one percent, and it is on pace for a winning week. Companies whose shares have hit fresh all-time highs today include T-Mobile, Philip Morris, Discover, Palantir, and Welltower. As long as earnings are strong and continue to build, and what we've seen from companies thus far is that they are delivering. It may be not quite as good as people had hoped, but it's still pretty strong. And certainly for the large names and some of the names that have really driven the stock market so far this year, they continue to produce. Regions Wealth's Alan McKnight on CNBC.

The CDC now says 75 people have been sickened by E. coli linked to McDonald's quarter pounders. That's up from 49. The sandwiches have been pulled from select restaurants. In as many as 10 states, there has been a death. Onions are suspected. Burger King and Yum! Brands, which owns Taco Bell, Pizza Hut, and KFC, have pulled onions from select restaurants. While no cases have been tied to Burger King or Yum, the companies say the move is out of an abundance of caution. Burger King adding

5% of its restaurants source onions from Taylor Farms. That's the supplier at the center of the outbreak, but that they only use whole fresh onions. CNBC's Silvana Hanau. Tesla CEO Elon Musk has been in regular contact with Russian President Vladimir Putin for two years now, according to the Wall Street Journal. Power that he has, not just from being the world's wealthiest man, what Starlink and SpaceX give him in terms of his importance geopolitically in war zones, for example, and even far beyond that. Which is why that line in the journal piece that Putin reportedly asked him to limit Starlink's service to Taiwan as a personal favor to President Xi was a key line in the story.

Oh, totally. It points to his influence. You've got the North Korean soldiers and Xi. There's like a whole axis of evil that's coordinated. That's CNBC's Jim Cramer with Carl Quintanilla and David Faber today on Squawk on the Street. Coach and Kate Spade owner Tapestry has been blocked from buying Michael Kors owner Capri Holdings. A federal judge agreed with the Federal Trade Commission that the deal is anti-competitive and would push up prices for consumers in the luxury goods industry. Tapestry plans to appeal. Volkswagen-owned Scout Motors showing off its first electric vehicles and plug-in hybrids, the Scout Traveler SUV and Terra pickup truck. They'll be out in 2027 starting at about $50,000. Scout was an American brand made from the 60s to 1980 when it was shut down. World Series game one tonight in Los Angeles, Yankees,

Dodgers. On StubHub right now you you can still get two seats together for about $1,000 each in the resale market. Those are nosebleeds. New in theaters, Focus features Conclave and Sony's third Venom movie, Venom the Last Dance. Jessica Ettinger, CNBC. This campaign is all about business and money. Live from the New York Stock Exchange. If you were going to watch this election happen, you'd want to watch it through the eyes of CNBC. November 5th, CNBC.