CNBC Business News Update - Market Open: Stocks Higher, June Retail Sales Better Than Expected, Prime Day Sale Starts 7/16/24

Episode Date: July 16, 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. Stocks are higher this morning. The Dow opened at a record high. It's building on that. Investors bet that the failed assassination attempt on former President Donald Trump would help the GOP nominee in November's election. A Republican win could pave the way for more tax breaks for corporations and the wealthy and more favorable policies for investors. The Dow is up 233 points, a half percent. The S&P 500 index up 17 points. The Nasdaq is up 63 points this morning. Half of July trading is in the books, and the S&P 500 index has only had one negative session since the month began. The last time that happened was more than a decade ago in 2013. Retail sales came in better than expected last month. As Americans opened their wallets to spend, a dip was expected.

The consumer, the backbone of the U.S. economy, continues to remain on relatively solid footing. There is still a good amount of borrowing and spending power on part of the consumer. Stiefel's Lindsay Piegza on CNBC. Two of the categories that continue to do very well are the restaurant sector. People are eating out. And then you have, of course, e-commerce continuing to do well. The non-store retailers are still outpacing every other sector in retail. Forrester's Sucharita Kadali on CNBC. Amazon's Prime Day sale started this morning. Today and tomorrow are obviously great catalysts for the advertising business that generate incredible value to these advertisers. And then you have the Prime effect, which is if you want these deals,

you want the free music and you want the video, you got to sign up. And half the U.S. is already on Prime. So that keeps driving a recurring revenue stream, driving more advertisers to the platform, drives more data to the platform. Jeffrey's Brent Thill on CNBC. Bank of America and Morgan Stanley each out with better than expected quarterly results on strong investment banking divisions, with Morgan Stanley especially. CNBC's Jim Cramer says investors are starting to see a Trump White House that would end many rules financial firms now have to follow. There are plays on regulation, and you want to be levered if you think that Trump wins. Holy cow. I mean, regulation. Those are the prospect of better, easier regulation.

CNBC's Carl Quintanilla with Mad Money host Jim Cramer. Charles Schwab also reported better than expected quarterly results, but shares were lower this morning on missed estimates for net interest margin. That's a key measure of what a bank makes on its lending business. UnitedHealth reported better than expected quarterly results. Major League Baseball's all-star game, set for tonight in Arlington, Texas. Jessica Ettinger, CNBC. I think track and field is really special and unique

in that you get out exactly what you put into it. When I am in the blocks, it's a really intense time, and then I just feel like I'm flying. The Olympics from Paris starts July 26th on NBC and Peacock.