CNBC Business News Update - Market Midday: Stocks Mixed, Dow Selling Off, NYSE Glitch Fixed, Paramount-Skydance Merger Deal Close 6/3/24

Episode Date: June 3, 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 is mixed in this lunch hour on this first day of June trading. But look at the volatility. The Dow, which soared more than 500 points on Friday, it's giving half of that back this afternoon. The Dow is down 251 points, more than half a percent. The S&P 500 index down 12 points. The Nasdaq's in the green, up 32 points, about a quarter percent. The S&P 500 index down 12 points. The Nasdaq's in the green up 32 points, about a quarter percent. The New York Stock Exchange says the technical issue that caused shares of Berkshire Hathaway to be displayed down 99 percent has been fixed. Paramount and Skydance have agreed to the terms of a merger deal. We're at the end on Paramount. And the reason I say that is the terms have been agreed to between the special committee and the buying group, of course,

of Skydance. That's David Ellison and Redbird, the private equity firm that has been at this for so many months. It was really always theirs potentially to have, you know, I talked briefly about, obviously, interest from Sony and Apollo. And now the deal, as I understand it, is awaiting a sign-off from the control shareholder of Paramount. That is Sherry Redstone. That is expected to come. And so we are going to have an announcement very soon, it would seem. CNBC's David Faber. Paramount owns CBS, MTV, Nickelodeon, Comedy Central, and Showtime, just to name a few of its brands.

Boeing with another disappointment. Boeing's first Starliner flight with astronauts on board was called off in the final minutes on Saturday. And the backup launch date yesterday was also canceled. That launch would have carried astronauts to the International Space Station in the Starliner capsule for the first time. But the space agency said that the launch was scrubbed because of a computer ground launch sequencer error. CNBC's Becky Quick. Spotify raising prices again for the second time this year. Spotify premium going to $12 a month for individuals. The family plan goes up by $3 a month to $20 per month.

Jack in the Box beating McDonald's and Burger King to the punch, launching a $4 value menu today. BK and Mickey D's will have $5 value menu meal deals later this month. McDonald's, though, has value items on its menus now at some locations to try to highlight lower-priced items. Waste management will buy medical waste disposal company Stericycle. It's a deal worth more than $7 billion. North Dakota's Governor Doug Burgum eyeing a vice presidential slot with Donald Trump, denying claims that Trump told oil executives he'd reduce regulations if elected in exchange for helping him raise money to return to the White House.

The Washington Post says the oil giants met with Trump at Mar-a-Lago in Florida. A retired four-star U.S. Navy Admiral and former number two at the Navy, Robert Burke, charged with taking bribes to help a tech company win military contracts. Burke is planning to dispute the charges and plead not guilty in court in Washington in the coming weeks. Live Nation revealed a data breach at its Ticketmaster company. Hidden in regulatory filing, it happened at the end of May when a criminal threat actor offered to sell Ticketmaster customers personal data on the dark web. A cat was top dog at the weekend box office.

Sony's Garfield had the most ticket sales in what's being called a very weak weekend for the movies. No mega millions winner over the weekend. Tomorrow night's jackpot is more than a half billion at $560 million. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.