CNBC Business News Update - Market Midday: Stocks Mixed, Winning 6 Months for Investors, FDA Approves New Amgen Cancer Drug 5/17/24

Episode Date: May 17, 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 Ettinger, CNBC. One day after Dow 40,000, the Dow is in the green this afternoon, but not near 40,000, sitting at about 39,900. It is up 32 points this afternoon. The S&P 500 index and the NASDAQ are flat. Major averages are on pace for their best month since last November. In fact, the Dow is pacing for five up weeks in a row. Companies who shares hit fresh all-time highs today include Google Parent Alphabet and Walmart. Now, investors have been optimistic about AI, falling inflation, and eventual lower interest rates. Look at the last six months for investors. Investors striking gold, so to speak, all over the place that investors have rarely had it this good. To show you what we've done over the last six months, far more than stocks. There you go. I mean, S&P is up 17 percent,

as is the Russell, the Dow good for 14 percent. Far from just that, copper 34%. If you've been invested around that, made a lot of money. As with silver and gold, you know, Bitcoin, of course, has rallied back up 82%. CNBC's Scott Wapner. GameStop shares were down after the meme stock frenzy to start the week sort of fizzled. The video game retailer filed to sell additional stock to capitalize on the pop, but first quarter sales dropped and shares did too. Reddit shares were higher. It announced a partnership with OpenAI. Amgen's treatment for the most deadly form of lung cancer approved by the FDA.

Indeltra can be used as a second or later line treatment for adults with advanced small cell lung cancer. Boeing is holding its annual shareholders meeting today. New in theaters, Paramount's If, Lionsgate's horror film The Strangers, and Focus features Amy Winehouse's biopic Back to Black. Jessica Ettinger, CNBC.