CNBC Business News Update - Market Midday: Stocks Mixed, Dow Hits Intra-Day Record Before Pulling Back, Apple New Product Event 9/9, $24 Million For Babe Ruth's Jersey 8/26/24

Episode Date: August 26, 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 Edinger, CNBC. Wall Street mixed this afternoon. The Dow set a new intraday record high before pulling back. Tech is dragging the S&P 500 index down this afternoon. The Dow is in the green. It's up 28 points. The S&P 500 index down 24 points. The NASDAQ down 185 points.

That's more than 1% now. Apple out with invitations to its new product event. It'll be Monday, September 9th in Cupertino. Apple needs to goose iPhone sales. So this is likely going to be the new iPhone. And of course, not expecting too many changes cosmetically or hardware wise on this new model that they're going to launch. But, of course, the story is going to be all artificial intelligence. And then I'd also note this is going to be the 10th anniversary of the Apple Watch unveil. But, again, we're not expecting much different with the latest group of Apple Watches, which they also typically launch in the fall. CNBC's Steve Kovach.

Debate over taxes in the race for the White House. One economist says former President Trump says he'll protect the wealthy, while Vice President Harris says she'll protect everyday people. President Trump says he wants to raise taxes on the middle class in order to pay for the tax cuts for high-income corporations. He talked about replacing the income tax with tariffs, and then the across-the-board tariff proposal is like a small version of that. Heritage people have been out there pushing that and defending that. And that's a real big difference. It's our taxes and tariffs going to go up on moderate income and middle income people tax is going to go up on high income people.

I'd much rather do the latter than do the former. Harvard economist Jason Furman on CNBC. NVIDIA will release quarterly results on Wednesday. Investors are on hold for that. From the AI chipmaker. NVIDIA, if anybody's going to pull a rabbit out of the hat, it tends to be NVIDIA. I think investors are going to focus more on management commentary after the fact. I mean, hey, I would love to see a sales beat and an earnings beat, but I think management commentary is especially important in this quarter, you know, now that the AI story is cooling off a bit. Red Holtz Welts, Kaylee Cox on CNBC. Amazon says it'll

hold a big sale again this October, another prime big deal days event to juice a sometimes slow month for retail ahead of the busy holiday shopping season. Babe Ruth's called shot jersey sold over the weekend at auction after a six-hour bidding war for more than 24 million dollars. It's said to be the jersey he was wearing in the 1932 World Series when he was thought to have called his shot and hit a home run to center field. Did he really call it? That's the question, yeah. So this Babe Ruth jersey from 1932 where he called his shot supposedly.

Some people say it was $24 million. That's unbelievable. But he was pointing at the Cubs dugout. Or at the pitcher saying, I'll throw it again. I know. And there's grainy video. But hey, somebody's willing to put down $24 million for a 92-year-old jersey. CNBC's Mike Santoli and Joe Kern and the buyer remains anonymous.

McDonald's with a new Happy Meal toy today. A series of characters from Yu-Gi-Oh! and Sanrio. Disney, Marvel's Deadpool and Wolverine, number one at the weekend box office again after being pushed out last weekend by Disney's Alien Romulus. Jessica Ettinger, CNBC. I was born without my lower legs. My ambition is to show people the thing that makes them different is their greatest gift. I have no limitations. The Paralympics starts August 28th on NBC and Peacock.