CNBC Business News Update - Market Midday: Stocks Mixed, S&P 500 Index Hits Fresh Intra-Day Record, United Airlines Texts Weather Maps 7/3/24

Episode Date: July 3, 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 is mixed this afternoon. The Dow's in the red, down 86 points. The S&P 500 index hit a fresh intraday record high today. It's up 16 points. The Nasdaq is higher. It's up 121 points, more than a half percent. The Nasdaq and the S&P opened at fresh record highs this morning. Markets will close in less than an hour at 1 p.m. Eastern time. Companies whose shares hit all-time highs today include J.P. Morgan, Eli Lilly, Apple, and Microsoft. Fewer private sector jobs than expected were created in June. In the new ADP report, private payrolls adding 150,000 jobs. Bars and restaurants did some of that heavy lifting.

Where were the jobs? Leisure and hospitality, 63. Construction doing a bit better. Professional business service, 25. And resources and mining down 8,000. CNBC's Steve Leisman. The government's June employment report. That'll be out Friday morning after the holiday.

It does include government hiring like teachers and firefighters and police officers. The forecast is for the unemployment rate to hold at four percent near a 50-year low. The number of people who applied for unemployment benefits last week came in as expected, about 238,000. But that is more than the pre-pandemic weekly average and the continuing claims number was again more than 1.8 million, suggesting it's taking people a little bit longer to find their next job. Ford sales ticked higher in the second quarter, led by trucks. Ford sold most vehicles in the second quarter in five years for that company. Best truck sales in the second quarter since 2019.

Also hybrid sales up 56 percent, EV sales up 61 percent. And I know some people will say, the EV numbers are coming off of a smaller base. But this is critical for Ford and really for all of the automakers separate from Tesla. Because as they ramp EV production, they want to see those sales continue to grow. And so you see that in the second quarter with Ford. CNBC's Phil LeBeau. The Florida homeowners insurance crisis is spreading. Premiums are soaring.

It's hitting commercial real estate hard, too, not just homes. Property sellers are watching deals fall through when the buyers find out what the insurance costs are. United Airlines texting travelers live weather maps to explain flight delays. United wants its passengers to know that severe weather hundreds of miles away from an airport can impact their flight. For the first half of this year, one in five flights in the U.S. arrived late, which was better than the same period last year. The insurance industry watching as Hurricane Beryl breaks records in its devastating path across the Caribbean. Universal

Pictures' Despicable Me 4 opens in theaters today. Universal is a sister company to CNBC. Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run forever. 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 starts July 26th on NBC and Peacock.