CNBC Business News Update - Market Midday: Stocks Mixed, Microsoft Lower Ahead of Earnings, JOLTS Report Shows the Most Job Openings in the US Since May 7/30/24

Episode Date: July 30, 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. Ancho...red and reported by CNBC's Jessica Ettinger.

Transcript
Discussion (0)
Starting point is 00:00:00 I'm Jessica Edinger, CNBC. Markets are mixed on Wall Street this afternoon. The first big tech test of the week comes after the closing bell. When Microsoft reports quarterly results, shares are down more than 1% right now. The Dow is in the green, up 33 points. The S&P 500 index down 39. The Nasdaq down 230 points. That's 1.3 percent.
Starting point is 00:00:26 Investors are also waiting for the results of the two-day Fed meeting on interest rates that's on now with an announcement and commentary from Chair Jay Powell tomorrow. Investors are hoping for hints that an interest rate cut is on the way in September. Some economists say it's about time. We're too restrictive for an economy with an inflation rate of 2.5 percent. Moreover, if you looked at the New York Fed's multivariate core trend yesterday, 2.1 percent. An alternative metric where we measure the inflation like they do here in Europe, it's actually below 2 percent. It's time to cut rates.
Starting point is 00:01:01 RSM economist Joe Busuelis on CNBC from the Olympics in Paris today. Jolts, the job opportunities and labor turnover report for last month came in better than expected. The number of job openings in the U.S., the highest since March. American consumers also feeling more confident in July as expectations for the future improve. The conference board says consumer confidence popped last month to its highest since May. Procter & Gamble earnings beat estimates. Shares were lower, though, today after sales in the quarter disappointed. The company's brands include Tide and Pantene, Loves and Pampers. And for one, parents are choosing cheaper diapers.
Starting point is 00:01:42 We're facing some newer, stronger competition in the lower end of the market, and we lost share there. The good news is we have strong innovation coming out on loves as we speak, and we should be able to address that. Procter & Gamble CEO John Muller on CNBC. Merck shares dipping on a weaker earnings outlook for the year. Its blockbuster cancer medicine Keytruda will have its patent expire in 2028. The company's working on replacement drugs. Pfizer reported strong quarterly results. It did some cost cutting. It's been working to offset the sales drop from the rapid decline in demand for its COVID drugs. Team USA has been decked out in Ralph Lauren apparel at the Olympics in Paris. This is an incredible opportunity for us to showcase the brand to the world.
Starting point is 00:02:31 Opening ceremonies, I think record high ratings, up 60% versus the Tokyo ratings. And it's incredible the number of individuals who approach us and say, hey, could we have access to this item, that item? Ralph Lauren CEO Patrice Louvet on CNBC. Krispy Kreme with its dollar donut day today, celebrating the Paris Olympics, including the Team USA red, white, and blue frosted donuts for a buck each. Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run forever.
Starting point is 00:03:02 And then there's this one moment where everybody else starts to die, and you're like, I'm not about to die. I'm about to get faster. The Olympics from Paris on NBC and Peacock.

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.