CNBC Business News Update - Market Open: Stocks Higher, Peloton Is Losing Less Money, Canadian Railways Lock Out Union Workers 8/22/24

Episode Date: August 22, 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, Wall Street with modest gains this morning out of the gate. The Dow up 98 points, the S&P 500 index up 18 points, and the Nasdaq is up 73 points this morning. With the S&P 500 index up 18 percent this year, as of today, a pullback could be coming. We should pause a little bit. It's just a pause ahead of the election where people get a little bit nervous about election outcomes. So I think that sets up the market for the next rally. Typically what happens after the election, you tend to get a nice rally into year end. Bank of America's Stephen Sutmeyer on CNBC. The number of Americans who applied for unemployment benefits rose modestly last week,

but remains at a healthy level. It came in right as expected. The Jackson Hole Economic Summit begins today. Fed Chair Jay Powell will speak tomorrow. There's full coverage on CNBC and CNBC.com as investors wait for a Fed rate cut at September's meeting. Peloton shares were popping this morning, more than 10 percent as the turnaround plan at the fitness company starts to take hold. It's losing less money. Canada's major railways locked out union workers this morning. Contract talks have failed. U.S. crude oil hovering around $72 a barrel. It's erased most of its gain for the year. Gas prices almost 50 cents lower today for a gallon of regular than at this same time last year. AAA says the national average right now is

$3.38 a gallon. 75 days till the presidential election. This political season is poised for record ad spending and targeting the ads like never before, especially on streaming services. Hulu, Peacock, and Paramount Plus all accept political ads. Apple, Amazon, and ad newcomer Netflix do not accept political ads. Now the appeal of these connected TV platforms is that over two-thirds of the US population streams on them with far better targeting capabilities

than on traditional TV. You could target the consumer better. So you could reach someone based on their zip code, but also based on their other shopping preferences. I mean, these platforms have so much information about who's watching what. CNBC's Julia Boorstin. Starbucks has its popular pumpkin spice lattes back in stores this morning, the earliest in the 21-year history of the drink that signals fall to many. Jessica Ettinger, CNBC. Extraordinary levels of enthusiasm from Democrats for the fight ahead. The Democratic National Convention, special coverage

this week on MSNBC.