CNBC Business News Update - Market Open: Stocks Lower, Investors Wait For Tomorrow's Jobs Report, Day 3 of Port Strike 10/3/24

Episode Date: October 3, 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. Stocks in the red on Wall Street this morning with the Dow down 287 points, a half percent. The Dow being led lower by shares of Travelers, down 1%. The S&P 500 index is down 16 points, the Nasdaq down 11 points. Investors are monitoring what's happening in the Middle East, and they're waiting for the big September jobs report, which comes out tomorrow morning. That nonfarm payrolls report has been the biggest kind of macro catalyst for the last several months because of the implications for the Fed. You know, it was probably the thing that sparked

the Fed pivot in the first place, pushed them towards that jumbo size cut. So it's nonfarm payrolls that investors need to be watching tomorrow. Baird's Ross Mayfield on CNBC. Other investors warn that volatility is likely to stick around for a while. The war in the Middle East, the election. We had the vice presidential debate this week. We expect to see some more short-term volatility, especially over the course of the next 35 days. We've got the pork strike, all of those things. Pivotal's Tiffany McGee on CNBC.

The pork strike is now in day three. Pivotal's Tiffany McGee on CNBC. The port strike is now in day three. President Biden so far saying he will not intervene. Manufacturers and retailers have been urging the president to invoke a 1947 law to suspend the strike by 45,000 dock workers that shut down 36 U.S. ports from Maine to Texas. President George W. Bush invoked Taft-Hartley in 2002 after 29 West Coast ports locked out members of the International Longshore and Warehouse Union in a standoff back then. The two sides ended up breaching a contract. Slightly more people than expected applied for unemployment benefits last week. The four-week moving average of initial claims hit its lowest level. Since June 1st, though, the number came in right at the pre-pandemic weekly average,

as the labor market normalizes. 225,000. Pretty darn close to expectations. Overall, the economy's pretty solid, and the labor market may be slowing, but it's certainly not slow. CNBC's Rick Santelli. Apple's iPhone 16 with AI, what Apple calls Apple Intelligence, may not be that big a deal for buyers, according to a new survey. Perhaps Apple Intelligence isn't as exciting as the bulls in the street have thought.

JP Morgan had a really interesting survey out this week, and it shows that AI is actually the last thing customers who are upgrading to the iPhone 16 care about. That's behind features like the speed of the device, 5G, design, or that really cool camera. The street has been trying to figure out for weeks what iPhone 16 demand actually looks like. And so far, the signals are not that great. Analysts have been looking at the ship times for online orders. And the iPhone 16 Pro, that's the most important and expensive model Apple sells. That appears to be selling worse than they were last year and the year before that. CNBC's Steve Kovach. QVC will broadcast USA Pickleball as the home shopping network owner looks to experiment with sports.

QVC will also be the exclusive retail industry partner of USA Pickleball. Tesla recalling 27,000 Cybertrucks to fix a camera issue. No Powerball winner last night. Saturday night's jackpot? Well north of a quarter billion at $295 million. Jessica Ettinger, CNBC. September jobs report. Another crucial report for Wall Street and the Fed. Jessica Ettinger, CNBC.