CNBC Business News Update - Market Open: Stocks Mixed, Bull Market Year 2 Wrapped Up, Banks Out With Strong Results, Crude Oil Drops 10/15/24

Episode Date: October 15, 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. The Dow slipping this morning from the record high it opened with on Wall Street. The S&P 500 index also opened at a record this morning. The Dow now down 252 points, about a half a percent. It has slipped below 43,000. The S&P 500 index is higher, up three points, and the NASDAQ is up 35 points this morning. The U.S. markets just wrapped up year two of a bull market, and there's some caution out there. Investors should not assume that we're going to see another 34 percent gain in the third year that we did in the second year, which, by the way, was the best of all second year bull markets since World War Two. CFRA researches Sam Stovall on CNBC. U.S. crude oil fell back below $70 a barrel,

then ticked up to 70. But Middle East tensions have eased. New reports suggesting that Israel may not strike Iranian oil targets have somewhat eased supply disruption concerns in this market as well. And that is contributing to the downward pressure that we see on oil prices right now. CNBC's Dan Murphy in Abu Dhabi, AAA says the national average for a gallon of regular gas is one cent lower than it was a month ago, now sitting at $3.20 a gallon. Big banks are out with big quarterly results today. Goldman Sachs out with better than expected results as stock trading and investment banking boosted results at the

Wall Street Giant. The Goldman quarter was beautiful. I mean, look, Goldman is a money machine. They've added, what, under, what is it, $100 billion in market cap? I mean, this thing's extraordinary. It's a juggernaut. CNBC Mad Money host Jim Cramer. Citigroup beat earnings estimates for its last quarter and Bank of America out with strong results as well today. United Airlines, big name reporting results after the closing bell this afternoon. Boeing says it'll raise as much as $25 billion from the banking industry to shore up its balance sheet. As it begins to cut 17,000 jobs, the machinists union workers have been on strike for more than a month now. Cody shares were under pressure. It says consumers aren't buying as much makeup. The parent company of CoverGirl warning

that comp store sales growth will probably come in below its prior forecast because of a slowdown in the United States. For the fiscal first quarter results that are due, they're coming out on November 6th. The cosmetic maker said that very tight order and inventory management by retailers resulted in weakness in certain markets. CNBC's Becky Quick. Cody also owns Sally Hansen Nail Products and Kylie Jenner's Kylie Cosmetics. True Value Hardware declared Chapter 11 bankruptcy and sold itself to a rival hardware chain. CNN says the Do It Best chain bought most of True Value's assets.

Most of True Value's independent stores are not part of the bankruptcy. Walgreens will close about 1,200 underperforming stores in the U.S. The chain has been struggling for years. It says about 500 stores will be closed by the end of this year. 7-Eleven closing more than 400 underperforming stores in the U.S. by the end of the year. It blames, in part, slower sales of cigarettes and other tobacco products. The NFL two-day Fall league meeting is on in Atlanta. Tom Brady expected to become a minority part owner of the NFL's Las Vegas Raiders.

The Powerball jackpot inching toward a half billion dollars. No winner last night, so for tomorrow night, the jackpot is $408 million. Jessica Ettinger, CNBC. Earnings season. When the CEOs have a big announcement, they come here first. A wild hour of earnings. Earnings season. Special coverage all this month on CNBC.