CNBC Business News Update - Market Open: Stocks Higher, Procter & Gamble Disappoints, JetBlue With a Profit Surprise 7/30/24

Episode Date: July 30, 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. The Dow popped out of the gate. It's up 134 points, a third of a percent. The S&P 500 index up 18 points. The Nasdaq is higher. It's up 67 points this morning. Investors are waiting for the results of the two-day Fed meeting on interest rates that started this morning with an announcement and commentary from Chair Jay Powell coming tomorrow afternoon. They're hoping for hints that an interest rate cut is coming in September. Some economists say it's time to ease that monetary policy. We're too restrictive for an economy with an inflation rate of 2.5 percent. Moreover, if you looked at the New York Fed's multivariate core trend yesterday, 2.1 percent. There's an alternative metric where we measure the inflation like they do here in Europe. It's actually below 2 percent.

It's time to cut rates. RSM economist Joe Bousuelas on CNBC from the Olympics in Paris. Procter & Gamble earnings beat estimates. Shares were lower, though, today after sales in the quarter disappointed. The company's brands include Tide and Pantene, Loves and Pampers. And for one, parents are choosing cheaper diapers. We're facing some newer, stronger competition in the lower end of the market, and we lost share there. The good news is we have strong innovation coming out on Loves as we speak, and we should be able to address that. Procter & Gamble CEO John Mueller on CNBC. Merck shares dipping on a weaker earnings outlook for the year. Its blockbuster cancer medicine Keytruda will have its patent expire in 2028. The company's

working on replacement drugs. Pfizer reported strong quarterly results. It did some cost cutting. It's been working to offset the sales drop from the rapid decline in demand for its COVID drugs. JetBlue shares popped on better than expected quarterly results. Positive earnings when analysts had expected a loss. Delta Airlines, which melted down for about a week after the global tech outage on July 19th, lining up powerful attorneys to seek damages from CrowdStrike and Microsoft. Meantime, the airline is being slammed on social media for not reimbursing flyers who were stranded

while Delta sold first-class seats on flights that were flying instead of just putting stranded customers in those seats. Team USA has been decked out in Ralph Lauren apparel at the Olympics in Paris. This is an incredible opportunity for us to showcase the brand to the world, right? Opening ceremonies, I think record high ratings of 60% versus the Tokyo ratings. And it's incredible the number of individuals who approach us and say, hey, could we have access to this item, that item? Ralph Lauren CEO Patrice Louvet on CNBC. Krispy Kreme with its dollar donut day today celebrating the Paris Olympics, including the Team USA red, white and blue frosted donuts for a buck each. 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.