CNBC Business News Update - Market Midday: Stocks Mixed, Factory Orders Hit 4 Year High, Mortgage Refinances Soar 9/4/24

Episode Date: September 4, 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 after yesterday's ugly sell-off. The markets have been trying to claw back some of yesterday's losses. The Dow is in the green, up 69 points, still above 41,000, but it's off its earlier highs. The S&P 500 index up two points this afternoon. Now the Nasdaq has gone into the green. It's up five points. Factory orders rose in July. They had their biggest gain in four years, and that helped stocks a little. The labor market is loosening up. In data from today's Jolt's report on job opportunity and labor turnover.

After this morning's data, the ratio has come down. It was two in 2022, meaning there were two jobs open for every unemployed person, prompting employers to bid up wages to get workers. And now it's just one point one as of this morning's number. It's a major reason why Fed Chair Jay Powell has expressed less concern about jobs causing inflation than more concern about a weakening labor market. CNBC senior economics reporter Steve Leisman. Dick's Sporting Goods had a strong quarter and its claims, remember from last year at this time, that crime was impacting profits? Well, those appear to be in the rear view. Dollar tree shares are lower. After it lowered its forecast, the discounter has struggled. It says some of

its consumers are pulling back on their spending. The CEO also blamed general liability issues because of costs to reimburse, settle and litigate claims related to customer accidents and other incidents inside its stores. Goldman Sachs says U.S. economic growth would suffer under a Trump presidency. Goldman Sachs is gaming out the economic impact of the U.S. November election, saying GDP would likely take a hit if Donald Trump wins the White House. Goldman, citing Trump's tariff history and what will likely be tighter immigration policies, should Harris and the Democrats sweep in November, Goldman says new spending and expanded middle income tax credits with slightly more than offset lower investment due to higher corporate tax rates. CNBC's Silvana Hanau.

Homeowners who bought while mortgage rates were pushing 8% have been rushing to refinance those loans at lower rates. Refinance applications are up 94% from a year ago. The average rate on a 30-year fixed home loan today is 6.4%, according to Mortgage News Daily, the lowest since the spring of 2023. The NFL season begins tomorrow night. Chiefs and Ravens, cue the sports betting. No sport is more important to U.S. sportsbooks than the NFL, and mobile betting is fueling incredible growth. For the first time, the American Gaming Association is projecting the amount Americans will legally wager, $35 billion throughout the NFL season. That would mean more than 30 percent growth year on year. Since last year, we saw Maine, North Carolina and Vermont launching sports betting.

And court decisions have permitted Hard Rock International to relaunch sports betting in Florida. CNBC's Contessa Brewer. Jessica Ettinger, CNBC. CNBC kicks off its first ever official NFL team valuations with sports business expert Michael Ozanian. Team values and team finances are not public information. Exclusive NFL team valuations, September 5th, CNBC.