CNBC Business News Update - Market Open: Stocks Higher, May Inflation Rate 2.6% in PCE, Nike Shares Tank 6/28/24

Episode Date: June 28, 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. Markets are higher this morning on Wall Street with the Dow up 176 points. The S&P 500 index up 14 points. The NASDAQ up 22 points now. It is the final trading day of the month, the quarter and the first half of the year. It's been a strong six months for stocks. The NASDAQ leading the way year to date up about 19 percent. The S&P 500 index up nearly 15 percent. The Dow is up four percent. Inflation came in as

expected in the new PCE report, personal consumption expenditures, a 2.6 percent rate last month from a year ago. The U.S. averaged 4% inflation from 1970 through 2019 before the pandemic. This is the definition of a soft landing. We've seen inflation come way down. I think we have a housing problem in this country, a little bit more than an inflation problem. But inflation, we made enormous progress on inflation over the course of this calendar year. The Brookings Institution's Ben Harris on CNBC. Nike shares struggling on lower

demand for its sneakers and clothing, and it lowered its outlook. This is a very, very bad quarter. When you see we expect first quarter revenue to be down approximately 10 percent, what happens is this is not only a growth story. It's a story that obviously peaked. I mean, if we were here listening to Olin or listening to Deckers, which is Hoka, we would say, wow, the sneaker business is on fire. This was a terrible quarter. There really were no saving graces. CNBC Mad Money host Jim Cramer.

The NFL lost in the Sunday ticket lawsuit case. It was ordered to pay $4.7 billion by a jury, which found the league violated antitrust laws in distributing out-of-market Sunday afternoon games on a premium subscription service. The live concert industry back to pre-pandemic normal as declared by industry publication Polestar, which tracks concert tour and ticket sales data. It says the business has returned to a more normal rate of moderate growth. Madonna had the biggest tour for the first half of this year, grossing $179 million.

New in theaters this weekend, Paramount's horror film A Quiet Place, Day One. Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.