CNBC Business News Update - Market Open: Stocks Lower, Bond Yields Higher, GM Strong Quarter, Walmart To Deliver Prescription Medicine 10/22/24

Episode Date: October 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 by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Bond yields rising, stocks lower out of the gate this morning. The Dow down 163 points, the S&P 500 index down 23 points, and the Nasdaq falling 54 points this morning. You could be down two days in a row for the first time since September 6th. Historically, when we get ahead of ourselves into the election, we see the market sell off. The last four elections, 2020, we were down 7.5% from the first week of October into election day. 2016, down 4%. 2012, down again. So what I'm looking for is this market to kind of pull back and hit the brakes for a little while as we head into that election,

which will then set us up for what we historically do after the election. We rally into the end of the year. Freedom Capital's Jay Woods on CNBC. Silver hit a 12-year high already today. General Motors out with strong quarterly results. Its outlook was better for vehicle sales, too, but its shares were struggling a little. GE Aerospace out with disappointing quarterly results. 3M beating estimates in the last quarter. Decker's outdoor

shares were ticking lower after an analyst said the maker of Hoka running shoes and UGG boots is heading for some slower growth. Former Abercrombie & Fitch CEO Mike Jeffries has been arrested in Florida in a sex trafficking case he left the company 10 years ago. Billionaire investor Paul Tudor Jones telling CNBC the Trump tax cuts enacted in 2017 need to end or sunset at the end of next year. Can I just say this? Yep. You have to let the tax cuts expire. You have to.

You have to let those expire. That's 390 billion. We're going to have, again, we're going to be broke. Also in 2017, the Trump administration cut the corporate tax rate from 35 percent down to 21 percent. Last month, Trump promised to lower the tax that companies pay to just 15 percent if re-elected. Walmart will start delivering prescription medicine directly to customers' doors. As CVS and Walgreens struggle, Major League Soccer attendance and sponsorship revenue hit regular season record highs. The popularity of soccer continues to grow. Watch Cheesecake Factory shares today. Houston-based activist investor JCP has reportedly built a roughly two percent stake in Cheesecake Factory. Now, according to the Wall Street Journal,

it is calling on the restaurant chain to spin off its smaller brands into a separate public company. CNBC's Silvana Hanau. Starbucks and Universal have teamed up to sell drinks starting today to promote the movie Wicked, Glinda's Pink Potion and Elphaba's Green Cold Brew. Universal is a sister company to CNBC. The movie will be out for Thanksgiving. No Powerball winner last night. The jackpot pushes toward a half billion dollars tomorrow night at $478 million. Jessica Edinger, CNBC.