CNBC Business News Update - Market Open: Record Highs For S&P 500 and Nasdaq, Intel and Stellantis CEOs Department, Holiday Season Off To Strong Start

Episode Date: December 2, 2024

The latest in business, financial, and market news and how it impacts your money - reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. percent, the Nasdaq adding three quarters of one percent or 148 points. The S&P 500 is trying for its ninth gain in 10 days, the Nasdaq the sixth gain in seven sessions. Shares of automaker Stellantis are sliding more than seven percent following the surprise resignation of CEO Carlos Tavares. CNBC's Phil LeBeau says Tavares himself has acknowledged that the company is struggling to correct some ongoing issues. He's even said, look, I was arrogant, keeping our prices high, keeping production as high as it was, and as a result, dealers were furious. Furious that they were having so many vehicles essentially flooding the new vehicle market when it comes to Jeep and Ram.

Their sales suffered as a result. First half profit for the company overall, negative 48%. Intel's Pat Gelsinger is another departing CEO, having announced his resignation over the weekend. Intel has been falling behind competitors in the expanding artificial intelligence field. Intel shares are higher by 3.6%. Other stocks on the move include clothing retailer Gap, up 5.7% following a J.P. Morgan upgrade. Among other things, J.P. Morgan cites a strong holiday season start for the parent of the Gap, Banana Republic, and Old Navy clothing chains. The overall holiday season is also off to a strong start, with Black Friday sales up more than 10 percent from a year ago,

and a record $13.2 billion expected to be spent today, Cyber Monday. All that according to Adobe Analytics. Peter Schach now, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Go to cndc.com slash Jim's Club.