CNBC Business News Update - Market Open: Stocks Mixed, August Jobs Report Weaker Than Expected, Business Leaders Sign Harris Endorsement Letter 9/6/24

Episode Date: September 6, 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 Ettinger, CNBC. Wall Street mixed with the Dow popping after a weaker-than-expected August jobs report. The Dow is up 176 points this morning, being led higher by shares of Merck, which are up more than 1%. The S&P 500 index in the green, up 7 points. It's the Nasdaq that's lower, down 43 points. The U.S. created 142,000

jobs last month, fewer than the 161,000 economists had forecast. Look, in a normal world, this would be a good number because we've gotten so used to these big numbers near 200. Clearly, the job market's softening. Clearly, it's weakened. We have to take this number with a grain of salt because you have these downward revisions. That happens a lot. CNBC senior economics reporter Steve Leisman. The unemployment rate fell, though, ticking down to 4.2 percent from 4.3. It's considered low. CNBC Mad Money host Jim Cramer says the Fed doesn't want to see the labor market get too weak.

So it's going to cut interest rates at its next meeting a week from Tuesday. And that's going to be good for stocks. If you care about interest rates like I do, you're going to have a good market. And we're not supposed to. It's September. And I understand this week is down more than 2%. It may not be the solution instantly. Vice President Harris being endorsed today by a large number of business leaders to become president.

88 current and former CEOs from across the private sector are out with a letter laying out their support for Harris, saying that she would be the best candidate for business. Now, this is a wide-ranging group. It includes Facebook co-founder Dustin Moskovitz and former Pepsi CEO Indra Nooyi, as well as the current CEOs of Box and Yelp. James Murdoch is on this list, and so is Tony James, former president of Blackstone, and a substantial number of former public company CEOs. That's Dan Schulman of PayPal and Alan Mulally of Ford, someone who was once

considered to be Secretary of State under Trump. Now, their letter highlights Harris's election as, quote, the business community can be confident it will have a president who wants american industries to thrive cnbc's megan casella oil prices are on pace for their worst week in almost a year since october of 2023 opec plus delayed plans to increase production as oil sold off steeply this week and drivers are enjoying falling prices at the pump. The NFL calls tonight, first Friday, with the Packers and Eagles playing in Brazil. It's part of the NFL's international growth plan. It's only streaming on Peacock, a sister company to CNBC. Red Lobster, the latest company set to exit bankruptcy after a court approved its restructuring plan. A group of investors under

the name RL Investor Holdings will acquire Red Lobster by the end of the month. Drugstore chain Rite Aid recently exited bankruptcy. Other chains that filed for bankruptcy this year include Express, Joanne Fabrics, and restaurant chains like Buca di Beppo and Rubio's. The Boeing Starliner spacecraft, scheduled to undock from the International Space Station this evening to fly back to Earth empty. Fashion Week is starting today in New York City. New in theaters, Plan B's and Warner Brothers' Beetlejuice Beetlejuice, plus A24's horror film The Front Room. Jessica Ettinger, CNBC. September 10th, CNBC and Boardroom host a high-powered event exploring the intersection of sports, business, and entertainment. Be there for Game Plan.

Get in on the action. Get in on the Game Plan. Register now at cnbcevents.com slash gameplan.