CNBC Business News Update - Market Midday: Stocks Mixed, Inflation Cooler in April, Criminal Conviction Brings Big Trump Donations 5/31/24

Episode Date: May 31, 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 still has its head above water, up 34 points. The S&P 500 index is down 31 points, more than a half percent. The Nasdaq also in the red this afternoon, down 226 points now, selling off by 1.3 percent. Investors originally happy with the latest inflation data, which came in at its

softest since last November. Bond yields had ticked lower, but there's still a lot of optimism out there from investors. There is more room to grow in the market. We're specifically looking at, you know, earnings growth and earnings growth really supports stock prices. And so we believe this is going to widen this year. You know, 95 percent of the S&P has reported earnings already. Eighty percent have exceeded expectations. This year alone, earnings growth is expected to increase by 10%. Not just this quarter, but next quarter as well. Pivotal's Tiffany McGee on CNBC. Inflation eased in April.

Came in at its softest since last November. It was the PCE, Personal Consumption Expenditures Report. It showed core inflation running at a 2.7 percent annual rate, which is pretty much as expected. Pretty much in line. This idea, I think, that we had this spike in January through March and it seems to have eased off, I think, is a story that remains intact. CNBC senior economics reporter Steve Leisman. Dell Technologies shares were lower in early trading, its first revenue increase since 2022, and its quarterly report after the bell last night just was not enough

to impress investors. The first ever criminal conviction of a former president, Donald Trump, really shouldn't impact the stock market much, if at all. Inevitably, the political news does inflict the additional amount of volatility that I think the market doesn't really want to see. But for investors, it should not ultimately change the stuff that they're really focused on, which is growth, inflation and what is the Fed doing. Principal assets, Seema Shah on CNBC. One pollster tells CNBC voters say they're willing to overlook a criminal conviction. Donald Trump raised so much money off of it. More people donated to Donald Trump in the last, what's it, 15 hours? Than at any point in the campaign.

They are so mobilized and so energized. Even so, they're not going to defend him because of his behavior. They're going to defend him because of his policies. Pollster Frank Luntz on CNBC. There are some business leaders starting to sit up and speak out about Donald Trump. People are so focused on their pocketbook and their self-interest and not really thinking about democracy, the total country. I'm concerned about what Donald Trump stands for. I mean, I think it stands for issues that concern me

and concern my children and grandchildren, and I worry about it. Primetime Partners founder and venture capitalist Alan Patricoff on CNBC. A number of big-name companies reported quarterly results after the closing bell last night. Costco's fiscal third quarter results beating forecasts. Aim store sales rising more than 6%,

topping estimates for the 11th straight quarter. Nordstrom is falling after the department store operator reported a wider first quarter loss than expected. Ulta Beauty jumping as first quarter profits beat forecast. And then you've got shares of Gap, which are absolutely soaring as its turnaround plan is starting to yield some results. CNBC's Dom Chiu. New in theaters, Roadside's comedy Summer Camp and Crunchyroll's animated Haikyuu! Dumpster Battle. Tonight's Mega Millions jackpot

is more than a half billion dollars at $522 million. Jessica Ettinger, CNBC. I just love this game. So excited to share it with the world. The Olympics from Paris starts July 26th on NBC and Peacock.