CNBC Business News Update - Market Open: Stocks Mixed, Bitcoin Back Above 71k, Nestle's "Vital Pursuit" Brand To Target GLP-1 Weight Loss Drug Users 5/21/24

Episode Date: May 21, 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 mixed this morning. The Nasdaq opened at a fresh record high, but it's down 58 points. The S&P 500 index down six points. The Dow in the green, up four points out of the open. Investors are bracing for some big swings for stocks tomorrow afternoon after the closing bell. NVIDIA reports quarterly results. We kind of all know if tech goes, the market goes. And look, all eyes are on NVIDIA because of that concentration and also because of what it means for that AI wave. RBC's Amy Wolf Silverman on CNBC. Bitcoin back above 71,000 today on optimism that another crypto exchange traded fund

could be approved by regulators. This one for Ethereum. Optimism that another crypto exchange traded fund could be approved by regulators. This one for Ethereum. Ether is extending its rally today after the crypto surged 20% yesterday. The move is coming on renewed optimism. The SEC will approve spot ETFs. Following reports, the agency has asked for more documents from potential issuers and exchanges. CNBC's Silvana Hanau. Nestle launching a frozen food brand called Vital Pursuit, targeting consumers taking GLP-1 weight loss drugs like

Wegovia and Ozempic. Nestle's U.S. president tells CNBC the frozen bowls, sandwich melts, and pizzas will deliver certain nutrients to help the customer stay healthy for under $5 a meal. Lowe's reported solid quarterly results today, beating Wall Street estimates for earnings and revenue, even as consumers spent less on DIY projects. They're definitely better. I mean, let's just say modestly better than expected, but still weak. You know, I think just like we were talking about Home Depot a week ago,

you know, this shows this ongoing struggle in the home improvement sector. Oppenheimer's Brian Nagel on CNBC. Macy's turnaround plan showing some early progress. The retailer beat earnings estimates for the last quarter. Macy's, the namesake, is actually the weakest of the three brands. We're continuing to see Bloomingdale's and Blue Mercury do better. And that's why Macy's recently announced it's going to be closing about 150 stores. What Macy's is trying to point to is signs of momentum with stores it's investing in. So it's keeping 350 of its namesake stores open. And it says the first

50 stores it's invested in are doing better. CNBC's Melissa Repko, Trump Media, the parent of Truth Social, reported less than a million dollars in revenue in the first quarter, but posted a loss of more than $300 million. Can you have a company that has only $770,000 of revenue in a quarter that's worth $4 billion? What was the loss number? The loss number you said was like $400 million, wasn't it? I'm trying to figure out how that works. Yes, $327 million.

You know what I'm saying? I'm sorry. It's hard for me to even make sense of any of it. It is weird. It's not a political statement. I mean, it's like a decimal point mistake. CNBC Squawk Box hosts Joe Kernan in New York and Andrew Ross Sorkin in Paris. Broadcom's CEO, Hock Tan, the highest paid

CEO last year with a pay package of $162 million. The Wall Street Journal analysis found that the median CEO pay was $15.7 million, a record. The NFL starts its spring league meeting in Nashville. Today, owners expected to vote on whether to let private equity firms buy stakes in their teams. Jessica Ettinger, CNBC. Wednesday, May 22nd. Join CNBC's Financial Advisor Summit. Economic experts focusing on market growth and risk.

Register now at cnbcevents.com slash FA.