CNBC Business News Update - Market Midday: Stocks Mostly Higher, AI vs. Music Industry, HVAC Company Carrier Heats Up

Episode Date: June 24, 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 by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. The S&P 500, 16 points higher or three-tenths of a percent, and the Nasdaq a quarter percent lower or about 46 points. The Dow is being powered by the likes of IBM, up 2.7 percent after a buy recommendation from Goldman Sachs, and Apple, which is up by 2.3 percent. Sylvia Jablonski, CEO of Defiance ETFs, is taking note of the caution in the tech sector, but says there are plenty of areas of opportunity in the market. If you look at companies like Lilly, I mean, they're just having an epic run because of this cultural shift and using these various weight loss drugs for different diseases. And then when you think about AI, it takes a lot of energy to power the AI phenomenon. So things like uranium, nuclear energy, copper, you know, you're going to have to power this massive amount of data processing, data usage, data centers and things like that in order for this to continue going forward the way that the companies are suspecting it will. Speaking of artificial intelligence, it is at the center of a music industry lawsuit.

Record labels Sony Music, Universal Music Group and Warner Records are suing two AI companies, Suno and Udio, saying they committed copyright infringement by using their music to train AI systems that generate new songs. Among other stocks on the move today, HVAC company Carrier Global is heating up by nearly 3 percent after Citi upgraded its rating on the stock to buy from Neutral. That's due to positive results from a revamp of Carrier's business. Peter Schach now, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.