CNBC Business News Update - Market Open: Stocks Higher, S&P 500 Index Fresh Record High, September Retail Sales Best Since March 10/17/24

Episode Date: October 17, 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, Wall Street in the green as investors cheer a strong consumer. Retail sales popped up last month, the best number since March. Chipmakers are rallying today and the S&P 500 index is at a fresh record high. So let's look at the Dow up 121 points solidly above 43,000 at 43,201 it's up a third of a percent being led higher by travelers shares they're up almost seven percent this morning the S&P 500 index up 20 points a third of a percent and the NASDAQ up 105 points that's more than a half percent overall retail sales were up four tenths of one percent in September and than a half percent. Overall retail sales were up four-tenths of one percent in September. And up a half percent when excluding auto sales.

Also better than forecast. Now let's strip out autos and gas. Up seven-tenths of a percent. That's the best since June. And the control number, when you synthesize everything, you come up with a core. It's up another whopping seven-tenths. That's pretty powerful. Cumulatively, cnbc's rick santelli fewer people applied for unemployment benefits last week than expected as the job market remains strong falling by the most in three months

meantime there are job cuts out there facebook Meta is starting some as companies begin to shed staff in the fourth quarter as the year gets set to close out. Meta's laying off people. Yeah, WhatsApp, Instagram and Reality Labs, according to people familiar with the matter, is what The Verge is citing. We are sort of beginning to track some year-end headcount reductions. Nokia of some in Europe and China. Deere, a few hundred. And of course, Boeing is the big one. Yeah, $17,000. CNBC's Jim Cramer, Carl Quintanilla, and David Faber. Investors are waiting for a big quarterly earnings report coming this afternoon from Netflix. Elevents Health shares are plunging today.

It's been losing on Medicaid, it says. Yum! Brands owned KFC restaurants are adding original recipe chicken tenders to menus. They were tested in Cincinnati last year and in several other markets this year. According to Brand Eating, the chain once offered original recipe chicken strips a long time ago, but they haven't been on menus for a while. No Powerball winner last night. Saturday night's jackpot inches toward a half billion dollars. Now at $437 million. Jessica Ettinger, CNBC.

Earnings season. When the CEOs have a big announcement, they come here first. A wild hour of earnings. Earnings season. Special coverage all this month on CNBC.