CNBC Business News Update - Market Open: Stocks Lower, Tesla Deliveries Beat Expectations, Oil Higher as Beryl Hits Cat 5 7/2/24

Episode Date: July 2, 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. Wall Street modestly in the red this morning. The Dow down 26 points, the S&P 500 index down 8. The Nasdaq is down 42 points. Tesla delivered more EVs than expected in the last quarter, but it was a mixed picture. Tesla delivering 443,956 vehicles delivered worldwide in the second quarter. 95% of them, as it usually is, Model 3 and Model Y. And so this is much better than was expected. Earlier today, we got Tesla's China numbers, and that had a few people a little bit nervous. Remember, China is the world's largest EV market.

In June, sales totaled 71,007 vehicles, down 24% year over year. CNBC's Phil LeBeau. Watch cruise line shares today. Hurricane Beryl ripping through open waters now after devastating the Southeast Caribbean. Yesterday, Carnival and Norwegian shares shed about 5% each. Royal Caribbean shares were down a little more than 1.5%, and all three are lower again today. Hurricanes can disrupt the oil business, too, which relies on shipping. U.S. crude now at its highest since the end of April. Burrell is now the earliest hurricane to reach Category 5 status in history. Oil prices moving higher.

It's the first in what could be the busiest hurricane season since 2005. CNBC's Frank Holland. Paramount Global shares were ticking higher on reports its streaming company was in talks with several rivals about a potential merger. One possible partner, Warner Brothers Discovery, in a tie-up with Max. Meantime, IAC's Barry Diller exploring a bid to take control of all of Paramount Global. Everpass is lining up Sunday tickets streaming in bars and restaurants for the coming NFL season. Everpass is a joint venture between the NFL and Redbird Capital and owns the commercial rights to Sunday ticket, which are out-of-market NFL games. Manhattan being called a buyer's market in New York City. Home prices are falling. More apartments are coming on the market. High rents are helping

the sales market. People are just tired of renting as they look to buy. Steve Ballmer, now the world's sixth richest person. It's the first time the former Microsoft CEO has been worth more than the company's co-founder and his old boss, surpassing Bill Gates. More than 90% of Ballmer's $157 billion fortune is tied to Microsoft shares, while Gates has diversified his wealth. Ballmer's move comes as Microsoft shares are at a record high, up 21% this year. CNBC's Bertha Coombs. Krispy Kreme will hand you an original glazed donut on the 4th of July if you walk in wearing red, white, and blue. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.