CNBC Business News Update - Market Open: Stocks Lower, Microsoft and Facebook Parent Meta Disappoint, Starbucks To Bring Back Sharpies 10/31/24
Episode Date: October 31, 2024From 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. Ancho...red by CNBC's Jessica Ettinger.
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I'm Jessica Ettinger, CNBC, right on the screen on this Halloween morning and the final trading day of October.
The Dow is down 159 points, being led lower by shares of Microsoft, which are down more than 5% this morning.
The S&P 500 index down 43 points.
The Nasdaq down 241 points now.
The major average is on pace for a losing week,
and the Dow is the major average on pace for a losing month.
Facebook parent Meta and Microsoft
each out with disappointing quarterly results.
That's not helping that NASDAQ.
Inflation fell again,
this time to its lowest in three and a half years
in the Personal Consumption Expenditures Index,
the Federal Reserve's favorite measure
of inflation. Year-over-year price index, exactly 2.1, which was expected. One-tenth smaller than
our last look at 2.2. CNBC's Rick Santelli. Fewer people applied for unemployment benefits last
week, 216,000, as job cuts remain at historically healthy levels. It's below the pre-pandemic average.
Supermicro's $50 billion stock collapse underscores the risk of AI hype since being
added to the S&P 500 in March. Supermicro's lost about two-thirds of its value and now faces the
risk of an NASDAQ delisting. New Starbucks CEO Brian Nichols says he'll fundamentally change
the chain's strategy as sales fell for a third straight quarter. Wait times for drinks have to
come down. The menu has to be simplified. Sharpies are coming back so baristas and customers can
connect. We are. We're going to get back to doing that. We're tracking down the sharpies and we're
going to get back to writing little notes on the cups.
It may not be everybody's name because, you know, but we will definitely be getting back to writing on cups again here in the not too distant future.
Starbucks CEO Brian Nickel on CNBC.
Carvana shares are soaring today.
The company reported earnings of 64 cents a share, more than doubling estimates of 25 cents a share.
Revenue also beat.
And the company said full-year earnings would be significantly above the high end of its previous target of $1.2 billion.
The stock was a pandemic darling that fell back to earth,
but it's now up more than 800 percent in the last year after the company restructured operations and cut costs
in late 2022. CNBC's Joe Kernan. Peloton set for a soft quarter but raised its full-year profit
outlook. It's bringing in a new CEO who was an executive at Ford. Comcast, the parent company
of NBCUniversal and CNBC, out with strong results helped by the Summer Olympics in Paris.
Jessica Ettinger, CNBC. This campaign is all about business and money. Live from the New York Stock Exchange. If you were going to watch this election happen, you'd want to
watch it through the eyes of CNBC. November 5th, CNBC.