CNBC Business News Update - Market Midday: Stocks Mixed, Dow Tops 41,000 For the First Time, S&P 500 and Nasdaq Selling Off, FX's "Shogun" and "The Bear" Lead Emmy Noms 7/17/24

Episode Date: July 17, 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 split this afternoon. The Dow above 41,000 for the first time, building on the record it opened with. The S&P and NASDAQ are selling off. Investors have been profit-taking, dumping tech winners like NVIDIA, which is down more than 7% for the week so far.

Checking the major averages, the Dow is up 216 points, a half percent. The S&P 500 index down 74 points. That's 1.3 percent. The Nasdaq is now down 505 points. That's 2.7 percent. It seemed to me over the last couple of days it would be unlikely that it remained very painless if the big cap indexes could manage to hold together perfectly even as a profit-taking hit. The thing is, when you've got a super strong momentum surge and a very broad rally like we've seen in the last several days, it usually has positive implications if you look out a month, three, six months in terms of further upside. But often it means you just can't kind of pencil in this same trend, and there's going to have to be a little bit of give and take under the surface. CNBC's Mike Santoli. Companies who shares hit

fresh all-time highs today include UnitedHealth, which is leading the Dow higher, T-Mobile, Colgate, Palmolive, Walmart, Diamondback Energy, American Express, Berkshire Hathaway Class B, Discover, JP Morgan, Amgen, and Texas Instruments. Amazon's Prime Day sale day one brought in a reported $7.2 billion. It ends tonight. Drugmaker Roche shares are higher. After some good results from an experimental weight loss pill, shares of the drugmakers behind Ozempic, Wigovia, and other injectables,

Novo Nordisk and Eli Lilly, those shares were sliding. Early results in the trial of its CT966 drug to treat obesity were positive. The Swiss drug maker said the median weight loss in patients without type 2 diabetes was just over 6% within four weeks, adding that the drug was well tolerated. CNBC's Aramila Kamenten. Home builders started construction on more apartment buildings last month and fewer single-family homes. Multifamily was really the driver in this month. It was up 22% month to month. That's a big jump month to month.

Still down, though, 23% year over year. And that's because record supply came onto the market both last year and this year. And we are seeing a softening in multifamily rents. They're actually down year over year and have been for the last several months. Single family starts, though, were actually down month to month. We did see the average on the 30-year fixed well over 7 percent for all of June. And so that has builders seeing their buyers come in and pulling back a little bit about those decisions. CNBC's Diana Olick.

The WNBA has a more than $2 billion deal for the rights to women's basketball games with Disney, NBC, and Amazon, according to the New York Times. The Emmy nominations are out. FX's Shogun, made for Hulu, has 25 nominations, the most of any show. FX's show The Bear, also made for Hulu, set a record as a comedy with 23 nominations,

besting the 15-year-old record set by the show 30 Rock. FX Productions is a division of Disney. Jessica Ettinger, CNBC.