CNBC Business News Update - Market Morning: Stocks Higher, Fed Chair Says "The Time Has Come" To Cut Interest Rates, Crypto Industry #1 Campaign Donor 8/23/24

Episode Date: August 23, 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 Ellinger. CNBC stocks are higher on Wall Street as the Fed chair suggests. Lower interest rates are on the way. The Dow up 292 points, three quarters of a percent. The S&P 500 index up 56 points, more than 1%. And the Nasdaq is higher, up 264 points. That's one and a half percent. The Federal Reserve chairman clearly said that interest rates can come down. The economy continues to grow at a solid pace, but the inflation and labor market data show an evolving situation. The upside risks to inflation have diminished, and the downside risks to employment have increased. The time has come for policy to adjust. The direction of travel is clear and the timing and pace of rate cuts will depend on

incoming data, the evolving outlook, and the balance of risks. Fed Chair Jay Powell speaking this morning at the Jackson Hole Economic Summit, as heard live on CNBC. Just one industry has made about half of all corporate campaign donations so far in the 2024 presidential election cycle. And it's crypto. Tens of millions of dollars from the cryptocurrency industry, according to Watchdog Group public citizen.

So far, this has really paid off of the 42 primary races. 36 of the candidates that had that pro-crypto super PAC money behind them won. And what's especially compelling here is the fact that the ad campaigns they put their money behind didn't even mention crypto. It was your standard political jabs at the opposing candidate, which goes to show that it's not necessarily the issue of crypto that's swaying voters. It's the fact that a handful of businesses are spending so much money that it's impossible to ignore them. CNBC's Mackenzie Segalos. Canada has moved to end the railway lockout of union workers quickly. Workers at Canadian National Railway are set to return to work today, hours after the Canadian government moved to end an unprecedented rail stoppage. The union representing rail workers says the work stoppage at Canadian

Pacific Kansas City will continue unless Canadian labor officials step in. Those officials, the union and the company are all set to meet today. CNBC's Silvana Hanau. HR software maker Workday shares were popping more than 10 percent this morning. Second quarter revenue, that beat forecast, and the HR software maker announced a $1 billion stock buyback. The company is also bumping up its outlook for operating margins this year. CNBC's Frank Holland. The U.S. Postal Service is looking at money-saving changes that would streamline regional networks.

First-class local mail would still have a maximum three-day delivery time, but other mail may go slower. Classic car sales have stalled in the Monterey auctions, with only about 70 percent of those offered for auction actually sold, according to classic car insurance company Hagerty. The average sale price? About $477,000 per car, a slight drop from last year tonight's mega millions jackpot more than a half billion at 527 million dollars new in theaters for the weekend viva's family film 200 wolf affirms drama the forge amazon mgm's mystery thriller blink twice and lions gates the crow thriller Blink Twice and Lionsgate's The Crow. Jessica Ettinger, CNBC.