CNBC Business News Update - Market Open: Stocks Lower, Striking Boeing Workers Vote On New Offer, Nvidia To Replace Intel in the Dow 11/4/24

Episode Date: November 4, 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. First full week of November trading is here and markets are in the red this morning. Pulling back from Friday's gains, the Dow is down 129 points, about a third of a percent being led lower by shares of Intel, down almost 4%. The S&P 500 index down 17 points. The Nasdaq is down 116 points. That's more than a half percent. Some investors are looking for bargains in the bumpiness on Wall Street. Using any volatility that we get this week from the elections, from earnings, from the Fed, and make a shopping list to be buying because the economy is strong. We're running at about 2.5%, 3% growth.

Inflation is coming down. The consumer continues to be spending. Hightower's Stephanie Link on CNBC. It is a busy week ahead. Today, the Boeing Union factory workers are voting on the latest offer from the company as they've been walking picket lines for what's now their eighth week.

Tomorrow, the Fed begins a two-day meeting on interest rates. It's also election day. And one investor tells CNBC stocks may benefit just by having the election in the rear view. Just having this election being over, actually, probably is a good thing. And having it be over, do we know who the president is going to be?

Is it going to be final? If we know that by Thursday morning or Thursday afternoon, it's actually probably a good thing. It's not something that market's necessarily expecting. Horizons, Scott Ladner on CNBC. On Wednesday, we're going to find out whether the Fed decides to cut interest rates. The announcement comes Wednesday afternoon. At the end of the week, NVIDIA will replace Intel as one of the Dow Jones 30 industrial stocks in that index. After a more than 25-year run, S&P Dow Jones Indices is saying goodbye to Intel, kicking it off the 128-year-old Dow Industrial Average ahead of the opening bell

this Friday to make room for rival chipmaker NVIDIA. Now, Intel was first added to the index on November 1st, 1999, and along with Microsoft, was one of the first NASDAQ-listed stocks to join the Dow, which came just months before the dot-com bubble burst. CNBC's Silvana Hanau. Over the weekend, Berkshire Hathaway reported quarterly results. A highlight was the amount of cash Warren Buffett's company is sitting on. It's now about $325 billion. Pulse, a highlight, was the amount of cash Warren Buffett's company is sitting on. It's now about $325 billion.

So now he's actually sitting on a third of his market cash. Exactly. He's in cash. But that doesn't make us nervous. That gives us even more confidence. He's getting ready to do something. This isn't just a war chest. This is a warning that he's going to make a move.

And the last time he made a big move in 2016, he made an acquisition. We don't think there's anything to be nervous about. He is a very disciplined investor, and this is just another sign of that discipline. R360's Barbara Goodstein on CNBC. Also over the weekend, Dallas-based TGI Fridays filed for bankruptcy protection. There are only about 160 restaurants left in the U.S. now after peaking at more than 600 back in 2008. Number one at the weekend box office for a second week in a row, Sony's third Venom movie called Venom the Last Dance. 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. 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.