CNBC Business News Update - Market Open: Stocks Mixed, ADP: More New Jobs Created In September, Tesla Deliveries Disappoint 10/2/24

Episode Date: October 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 by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Wall Street mixed this morning after yesterday's down day for the major averages. Israel vowed to respond after Iran launched a rocket attack. Oil back above $70 a barrel today. The Dow down 88 points, quarter percent. The S&P 500 index down 21 points, about four-tenths of a percent. and the Nasdaq is down 90 points. That's a half percent. I think we're still in the midst of a very tricky period because we've got the election in less than 35 days. And now we've got two things that investors don't know how to discount. One is the mounting tensions in the East, and then a port strike that is potentially going to cripple the economy. And so I think that if we get a dip, and a big dip, I think you still

want to buy that dip because the setup into your end has a lot of tailwinds. Fundstrat's Tom Lee on CNBC. Private companies added more new jobs last month than expected at 143,000, according to payroll company ADP. The big September employment report that comes out Friday morning from the Labor Department. Tesla shares were slipping after it said it delivered fewer new vehicles in the third quarter than expected. Day two of the port workers strike that has shut down 36 ports from Maine to Texas as 45,000 longshoremen walk picket lines. They say their key issue is automation that threatens their jobs. The biggest part of the negotiations that is not spoken about very much

is that they want to stop technology from coming in and replacing their jobs while they're asking for 77%. You can't have it both ways. South Carolina Republican Senator Tim Scott on CNBC. At Boeing, 33,000 machinists have been on strike for two and a half weeks now. Boeing has cut off health care benefits. New CEO, new plans for Nike, which withdrew its outlook for the full year as a new boss comes in.

The CEO who left, John Donahoe, shifted the company to selling everything online, ditching long relationships with major sporting goods chains. The amount of destruction that was done by one person, by Donahoe, is extraordinary. And we may have seen the peak for e-commerce when it comes to things over $100. The dismissal that they had for Foot Locker and for Dick's, so stupid, so arrogant. There wasn't anything that this company did right during this period. You can spend more than $100 for a pair of sneakers. You can try more.

Exactly. CNBC's Mad Money host Jim Cramer with CNBC's Carl Quintanilla. General Motors reported slightly better sales in the third quarter, which ended Monday. Small crossovers and electric vehicles were the best sellers. Time to book your Thanksgiving, Christmas and New Year's flights to get the lowest airfares. The best time to book those tickets is October. That is when, according to Hopper data, prices will be at their most affordable. CNBC's Ana Teresa Solas says the travel industry has already set a special sale day of its own in December for good prices, but those airfares may not be as low as they are

now. If you do miss by any chance this opportunity window of October, you do have like this quote unquote last resort date and that's December 9 or travel Tuesday. That's when essentially most of the travel industry goes on sale. And it's kind of the same gist as Black Friday, Cyber Monday. There's a lot more on holiday travel spending at CNBC.com. Tonight's Powerball jackpot, more than a quarter billion dollars at $275 million. Jessica Ettinger, CNBC. My dream entrepreneur, somebody who started with nothing and built an empire. It's the American dream. Shark Tank, tonight starting 7 Eastern, CNBC.