CNBC Business News Update - Market Open: Stocks higher, New Government Funding Proposal, Warner Brothers' "Beetlejuice Beetlejuice" Wins Weekend Box Office 9/23/24

Episode Date: September 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Modest gains on Wall Street on this first day of fall trading. Stocks coming off a winning week. The Dow's coming off a record high and building on that. It's up 21 points this morning. The S&P 500 index up nine points. The Nasdaq is up 33 points. Volatility though is the name of the game for Hightower's Stephanie Link on CNBC. Just think about the last three weeks. Three weeks ago, we were down 4% in the S&P 500. We rebounded 4% the following week, and we were up 1% last week, hitting new highs. I don't think we're done with the volatility into the election. Republican House Speaker Mike Johnson with a new plan to fund the government after an earlier proposal failed. House Speaker Mike Johnson unveiling a new temporary government funding proposal

would fund the government through December 20th in this case. It includes, this is kind of new, $231 million for the Secret Service. It doesn't include any of that Trump-backed election security proposal that was in the bill that was defeated. It would require people to show proof of citizenship to register as a voter. Lawmakers have until 1201 on October 1st to reach a deal to avert a government shutdown. CNBC's Joe Kernan. More than 700 former military and national security officials have endorsed Vice President Harris for president.

It's an open letter from the national security leaders for America. It calls Donald Trump impulsive. It's bipartisan and includes Republican Secretaries of Defense Chuck Hagel and William Cohen. Johnson & Johnson is again looking to avoid taking a hit to its bigger business in the talc cancer case. Johnson & Johnson has filed a third bankruptcy case to try and settle the mass lawsuits linking its talc products to cancer. It's another test of the strategy that's known as the Texas Two-Step. The company used Texas corporate law to move its talc-related liabilities into an affiliate that was specifically designed to file for Chapter 11. It could then resolve those liabilities in bankruptcy court without jeopardizing its valuable business assets.

The strategy is expected to face legal challenges. Its last two attempts were rejected. However, the new case was filed in Houston, where the judge is not bound to follow the same legal rationale as the previous judge who was in New Jersey. CNBC's Becky Quick. The average rate on a 30-year fixed home loan this morning, 6.1 percent, about the same as the days before the Fed cut interest rates a half percent

last week. Mortgage rates don't follow the Fed, which sets the short-term overnight bank lending rate. Mortgage rates loosely followed the rate on 10-year treasuries. This may be the first full day of fall, but the Climate Prediction Center says October through December will be a lot like summer, with warmer-than-average temperatures likely in 46 of the 50 states. USA Today says AccuWeather is calling this a fiery fall. Warner Brothers' Beetlejuice Beetlejuice won the weekend box office for a third weekend in a row, and The Hollywood Reporter calls it a surprise upset. Many thought Paramount's Transformers 1 would easily win.

Jessica Ettinger, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Go to cndc.com slash gymsclub.