CNBC Business News Update - Market Midday - Stocks Slump, Global Software Issues Resolving, Intuitive Surgical Shares Soar 7/19/2024

Episode Date: July 19, 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 Peter Schacknow

I'm Peter Schach, now CNBC. and Nasdaq are both seeing their largest weekly declines in three months, although the Dow is hanging on to a weekly gain. That software issue stemmed from an update issued by cybersecurity firm CrowdStrike, which contained a bug. CrowdStrike pulled the update, but many businesses are still recovering, including airlines, which are reporting heavy delays. CrowdStrike shares are down 9% today, adding to an already bad day for the company, according to Wedbush senior equity analyst Dan Ives. The big issue is the brand damage, because CrowdStrike today becomes a household name, but not in a good way. You know, with George and the team, I don't think this team is the long-term story, but other competitors, Palo Alto and others across, they will try to take advantage of this.

That will be a big focus in the sector. Intuitive Surgical is leading the S&P 500 with a 7% gain following better-than-expected profits. The company is seeing a sharp increase in procedures that use its DaVinci robotic surgical device. Insurance giant Travelers is seeing its stock tumble 7% despite better than expected profits. Premium levels fell below street forecasts and investors are also taking note of an increase in casualty losses. Peter Schach now, CNBC. The Investing Club is about allowing you to be in control of your own money. We're not about trading. We're about investing. We'll empower you to take care of your money. Get invested. Join the club today. Go to cndc.com slash Jim's Club.