CNBC Business News Update - Market Midday: Stocks Mixed, Nvidia Up 5%, Home Prices Hit New Record, Amazon Prime Day Sale Dates Out 6/25/24

Episode Date: June 25, 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. A sell-off on the Dow. It's down 309 points, eight-tenths of a percent. Still above 39,000 this afternoon. The S&P 500 index is in the green. It's up 15 points. The Nasdaq, much higher, up 210 points, just about one and a quarter percent,

as Nvidia shares rebound 5%. Companies whose shares have hit fresh all-time highs today include Google, Parrot, Alphabet, Booking Holdings, Royal Caribbean, Colgate-Palmolive, Eli Lilly, Merck, and Regeneron. Consumer confidence dipped in the latest read from the conference board in line with expectations. Home prices in the biggest 20 U.S. markets jumped again in April to a fresh record high. Home prices set another record high in April that according to the latest S&P Case-Shiller

Index released this morning up 6.3 percent nationally from April of last year. The annual and monthly gains on the price index are shrinking a little bit. March's annual gain was 6.5 percent. But this just feeds into what is now one of the least affordable housing markets in U.S. history. The housing cost burden has hit a record high, that according to a new report from Harvard's Joint Center for Housing. Home prices are now 47 percent higher than they were in early 2020, with the median sale price now five times the median household income. CNBC's Diana Olick. Carnival cruise shares are popping this afternoon after a surprise profit in the last quarter. Carnival owns Princess, Seabourn and Holland America cruise lines, among others. Microsoft

charged by the European Union with abusive bundling of teams in office, breaching antitrust rules. Last year, Microsoft unbundled teams from its Microsoft 365 to try to quiet those antitrust concerns, but it didn't work. Amazon's Prime Day sale dates are out July 16th and 17th this year, and the company is having a very strong first half of the year. J.P. Morgan says it's heading for a big milestone. Amazon will surpass Walmart as the largest U.S. retailer in 2024. It's heading for a big milestone. Amazon will surpass Walmart as the largest U.S. retailer in 2024. It's on track, they say, to capture about 45 percent of all e-commerce in the states with just under 10 percent of total retail sales. Amazon's growing faster than Walmart as well. It's seen share gains for about the last eight quarters. J.P. Morgan also highlights a

potential edge for Amazon when it comes to incorporating AI into online shopping. CNBC's Kate Rooney. Walmart meantime out with what it calls the Walmart deals sale, saying it's its biggest ever, twice as long as the Prime Day sale, July 8th through the 11th. McDonald's $5 meal deal is on menus today. McDonald's is launching their $5 value meal. They crammed the stupid franchisees who didn't realize that if you sell more at a lower price, you can actually make it up, providing you sell more. Having lost a lot of business to casual and fast casual. CNBC's Carl Quintanilla with CNBC Mad Money host Jim Cramer. Here's one franchise owner on CNBC.

We've certainly seen fewer customers coming to restaurants in general, and those that do come into the restaurants are spending less money than they were spending before. California McDonald's franchise owner Scott Roderick on CNBC. Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.