CNBC Business News Update - Market Open: Stocks Higher, Jobless Claims Up, Meta Shares Pop on AI Targeting Users for Advertisers 8/1/24

Episode Date: August 1, 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 Edinger, CNBC, July's in the books. It was a winning one for the Dow and the S&P 500 index. It was the first losing July in 10 years for the Nasdaq. Major averages all higher on Wall Street today to start August trading. The Dow up 32 points, the S&P 500 index up 32 points, the Nasdaq up 131 points this morning. Gold trading at a fresh record high, $2,473 an ounce. The number of Americans who filed for unemployment benefits last week hit its highest level in a year at 249,000. It's the 10th straight week that claims were higher than the pre-pandemic average of about 220,000. And the number of people still collecting unemployment checks jumped up. Continuing claims, the eighth consecutive week above 1.8 million. So we see once again that we are under pressure with regard to continuing claims moving higher. CNBC's Rick Santelli, this suggests it's taking longer for people to find the next job.

Hiring is coming down. We need to watch that. Jobless claims, if you're not doing the hiring on this side, the number of claims people losing their jobs becomes more significant. CNBC senior economics reporter Steve Leisman. Facebook parent Meta shares popping today on better than expected quarterly results after the closing bell last night. Advertisers are spending more on Facebook and Instagram. They have so much data on users. The ads users see are more targeted than ever.

They're aspiring to get to the point soon when they can do a better job of designing a campaign that a marketer wants to put up right now with images, maybe in the future with video. Truly a one-stop kind of auto robo shop for marketing. That's the future for Meta. And they're just getting started. Rosenblatt's Barton Crockett on CNBC. Later today, we're going to get earnings from Amazon and Apple. Eli Lilly shares.

Watch those today. It's weight loss drug Zepbound. Cuts heart failure risks. This from a late stage study. Airlines could soon be banned from charging a fee to parents so they can sit with their children on flights. The Biden administration Department of Transportation's proposed new rule would require that airlines put kids 13 and under next to mom and dad for free. The only airlines that do this now are Alaska American Frontier and JetBlue. They'll seat families together, no charge. Boar's Head expanded its recall to include seven million more pounds of deli meats tied to a listeria outbreak. And this includes hot dogs and sausages. And they're also

under the brand name Old Country, made at the firm's Jarrett, Virginia plant. The NFL preseason starts tonight. Texans and Bears play in the Hall of Fame game. Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run forever. And then there's this one moment where everybody else starts to die. And you're like, I'm not about to die. I'm about to get faster.

The Olympics from Paris on NBC and Peacock.