CNBC Business News Update - Market Open: Stocks Lower, Constellation To Restart Unit 1 At Three Mile Island, Nike CEO Out 9/20/24

Episode Date: September 20, 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's in the red after yesterday's impressive rate cut rally. The Dow is down 41 points this morning. The S&P 500 index down 8 points. The Nasdaq is down 18 points. Nike shares are popping, though. They're up 7% this morning after its CEO, John Donahoe, decided to step down. The replacement is company veteran Elliot Hill coming out of retirement to take the top job at the struggling sneaker giant.

CNBC Mad Money host Jim Cramer says it's time. Look, they're in trouble. Now, it isn't shocking that they're in trouble because you looked at the stock chart and it says they're in trouble. But there were so many mistakes made by this man that you kind of wanted to figure out, did they think he had some sort of master plan that nobody knew? He didn't. I think that this is a welcome change to bring someone back in. But what they really need to do is try to figure out how to make better shoes, which somehow got lost in the shuffle. CNBC's Jim Cramer.

Constellation Energy restarting the Three Mile Island nuclear plant in Pennsylvania using Unit 1 to sell power for AI data centers. Three Mile Island, fire that baby up. Microsoft is signing a 20-year deal to purchase the power output from that venture. The plant's expected to be ready for service in 2028. Three Mile Island was the site of the biggest nuclear accident in the history of the U.S. nuclear power generation. A partial meltdown of the reactor led to radioactive gases and iodine being released into the air back in March of 1979. CNBC's Joe Kernan. Now, Unit 1 is separate from the reactor that partially melted down

in 79 in the worst nuclear accident in U.S. history. Apple's iPhones and other devices are available to buy today. The new iPhone 16 is out. Investors are worried that demand for it is less than stellar. FedEx shares were tanking. It lowered its revenue outlook for the full year. I think the reaction is a little bit overdone. So the first quarter is really, really weak. Not a lot to be happy about in the results.

But we read this more as a delay in some of the structural costs take out in what is usually a seasonally softer quarter. Second quarter is also going to be a little bit on the softer side when you think about how the earnings normally build throughout the year. But as you get into the back half of the year and they catch up, we should hopefully be past some of this cyclical weaker soft period. Bernstein's David Vernon on CNBC. Eli Lilly seeking access to the records of people around the U.S. who took knockoffs of its weight loss drugs, compounded versions. Macy's says it's hiring more than 31,000 seasonal workers for the holidays. At Kohl's, today is day two of a national holiday hiring event.

Disney dropping the internal third-party messaging system Slack after Slack exposed company data. Many big name companies have found email to be a security risk, so they have deals with Slack to provide communication services between employees. New in theaters today, Paramount's Transformers won and Lionsgate's never let go. Jessica Ettinger, CNBC. This is the best solution I have ever seen. I want to be in it to win it with you. Shark Tank, tonight starting 7 Eastern, CNBC.