CNBC Business News Update - Market Open: Stocks Lower, Investors Wait for New Inflation Data Wednesday, Harris Campaign Raised 13 Mil in One Night 8/12/24

Episode Date: August 12, 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. Stocks pulling back this morning on Wall Street. The Dow down 120 points. The S&P 500 index down 9. The Nasdaq down 19. Investors are waiting for the latest on inflation, which comes the day after tomorrow when we get the July CPI Consumer Price Index on Wednesday morning. We're waiting for some results from retailers, too, and watching to see how the consumer is holding up. Yeah, I think the consumer is still in decent shape. We've got a lot of questions lately of what does all the election noise mean?

What we're looking for here as we get through earnings season, we'll hear from Home Depot tomorrow, Walmart later in the week. It seems as though investors are banking at a pretty weak Q2 period, at least for home improvement. So as long as we get this sort of stabilization in spending and then couple that with a lower back half guide, I think that's basically what's expected in the marketplace right now. Mizzou host David Bellinger on CNBC. CNBC, your money, your vote. Last night, Vice President Harris's campaign brought in some big money. New fundraising numbers from the Harris camp following a massive event in Silicon Valley last night.

The campaign raised more than $13 million for the Democratic ticket in a single night. Among the notable attendees, LinkedIn co-founder Reid Hoffman, also former Walt Disney Studios chairman Jeffrey Katzenberg, as well as Box co-founder Aaron Levy. Now, since Harris stepped in for Vice President Biden, the vice president's campaign says in July she has raised $310 million, while the Trump campaign and affiliated committees raised roughly $139 million. CNBC's Dominic Chu. Starbucks shares were higher after the Wall Street Journal reported an activist investor, Starboard Value, has taken a stake in the coffee chain to try to boost its stock.

The insurance industry and the cruise industry have their eyes on a new disturbance in the Atlantic. It could become a tropical storm tonight. Its name would be Ernesto. The current path has it moving north and east from the Caribbean, well off the U.S. coast. Meantime, Florida's condo owners facing a reckoning as new laws take effect to force owners to upgrade the buildings. After the Champlain Towers collapse, special assessments are now being issued to apartment owners across the state to pay for massive repairs. Disney will focus on the bad guys with a new Villains Land coming to the Magic Kingdom theme park.

And even though consumers are pulling back from the parks, Disney doesn't think that's going to last. Among the highlights from this weekend's D23 Expo, we've got a Monsters, Inc. inspired land at Hollywood Studios and new Indiana Jones and Encanto rides in California. The weekend unveil comes just days after Disney reported a slowdown in its parks division. What it expects will last for at least several more quarters. CNBC's Silvana Hanau. Disney's Deadpool and Wolverine crossed the one billion dollar mark at the global box office and was number one in the U.S. for a third week in a row over the weekend. Jessica Ettinger, CNBC.