CNBC Business News Update - Market Open: Stocks Lower, Tesla Plunges 11%, AT&T Added Subscribers In The Last Quarter 7/24/24

Episode Date: July 24, 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 pulling back this morning. The Dow down 128 points. The S&P 500 index is down 57 points. That's more than 1%. And the Nasdaq is now down 321 points. It's down almost 2%. Tesla shares are dragging markets lower.

They're down almost 10%. After an earnings miss for the last quarter. The company's EV sales suffered from heavy discounts. Some investors are worried that CEO Elon Musk's public statements about things other than business have tainted the brand. You have to wonder whether his political tilt is impacting in some way. Sometimes I do wonder on the sales front. CNBC's David Faber. Investors were disappointed by Google Parent Alphabet's quarterly results. The company had a great quarter overall, but its YouTube division missed forecasts for ad revenue.

There's a question mark about YouTube, but I think the weakness there was largely due to tough comps. I don't think there's anything else going on. Evercore's Mark Mahaney on CNBC. AT&T beat estimates for subscriber additions in the last quarter. Shares were higher. The telecom giant is higher after reporting profits that were just in line with estimates, and revenues actually missed the mark. Slower iPhone upgrades were a headwind, but AT&T did beat on a few key metrics,

including mobile phone subscriber growth. It cited higher demand for its unlimited plans and fewer cancellation rates that churn as well. CNBC's Dominic Chu. Copper futures at their lowest in three months. That's good for businesses like home builders. Salt Lake City's been awarded the Winter Olympic Games for 2034 and all the money that goes with that. Meantime, Nike is back as an Olympic advertiser at the Summer Olympics in Paris this week. Retail Dive says the ads are edgy. Instead of promoting feel-good sportsmanship, they show athletes who want to end other athletes' dreams, embracing what it calls the ruthless drive to become an Olympian.

Early events in Paris today include soccer and rugby. The official opening ceremony is Friday. CNBC's parent, NBCUniversal, is carrying the Olympics on NBC channels and on the streaming service Peacock. Retailers like TJX Company's chain HomeGoods have put their Halloween items out. And in grocery stores, it's Christmas in July with International Delight holiday flavors of coffee creamers on store shelves. The hot chocolate marshmallow, frosted sugar cookie, and peppermint mocha creamers are inspired by the Home Alone movies. The brand is owned by Paris-based Dannon. Furniture, home goods, and electronics chain cons. Closing about 70 stores in 13 states. Reports say a bankruptcy filing could be on the table.

Jessica Ettinger, CNBC. Squawk Box from Paris. Don't miss exclusive interviews. Highlights from the games. Starts July 29th, CNBC.