CNBC Business News Update - Market Open: Stocks Higher to Start July, Q3, and the Second Half of 2024, Boeing to Buy Back Spirit AeroSystems, Inside Out 2 Hits $1 Billion Mark 7/1/24

Episode Date: July 1, 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 in the green to start this new month of July, the third quarter and the second half of the year. Markets are coming off a losing session on Friday, but the Dow is up 163 points this morning, almost a half percent. The S&P 500 index up 15 points, the Nasdaq up 37 points. It's a holiday shortened week. The markets will be closed on Thursday for the 4th of July. First half, very strong. Investors excited about artificial intelligence and the industry that's building up around that. The Nasdaq leading the way up about 18% year-to-date. The S&P 500 index up 14%. The Dow's up 3%. First half versus second half and what it does typically imply when we've seen the kind of gains we have. Something like better than 75% after you've been up big in the first half, let's call it 10 or 15%.

You are up in the subsequent six months. That's a little bit better than the historical average of just all years. And the actual returns, medium returns, are like the high single digits were close to 10 percent. This is all depending on how you slice it and what time period you cover. CNBC's Mike Santoli, CNBC's David Faber there. Boeing has agreed to buy back fuselage maker Spirit Aerosystems in a $4.7 billion deal. It spun that company off nearly 20 years ago. The most important plant, the one that gets the most attention when it comes to Spirit Aerosystems is in Wichita, Kansas. That's where they build the 737 MAX fuselage. Boeing wanted to buy that plant and buy all of Spirit so that it

has better quality controls because so many of the problems that have hurt Boeing over the last couple of years, many of them originated at the facilities in Wichita as well as the other spirit facilities. Boeing now believes that it can improve quality control. CNBC's Phil LeBeau. Fewer couples chose Las Vegas for their weddings last year as the number of marriage licenses issued by Clark County dropped by about 5,000 from 2022. Still about 74,000 licenses were issued, which was slightly higher than the number in 2019 before the start of the pandemic. Sephora is joining Walmart, Target, Amazon with its first ever summer deal week. The sale on beauty products runs from July 4th through the 10th. This is according to The Hollywood Reporter. It also competes with beauty product discounts, which

you don't see all the time, announced by TikTok in the TikTok shop Deals For You Days event that starts July 9th. Disney Pixar's Inside Out 2 won the weekend box office and tops the billion dollar mark globally. Disney's Inside Out 2 has crossed the one billion dollar mark at the worldwide box office in less than three weeks of its release, reaching that level in the fastest time of any animated film in history. The film is the highest grossing movie of the year and the only one to cross a billion dollars so far in 2024. CNBC's Becky Quick paramounts a Quiet dollars so far in 2024. CNBC's Becky Quick. Paramount's A Quiet Place prequel. Second over the weekend with a record $53 million opening. Kevin Costner's Horizon.

Disappointed at the box office. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.