CNBC Business News Update - Market Open: Stocks Mixed, Cramer's Earnings Season Theory, Boeing Strike Tentative Deal 10/21/24

Episode Date: October 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 by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. We start this new week of trading on Wall Street with major averages mixed after a slight pullback for everybody at the open. The Dow pulling back from a record high at the open, down 54 points. Now the S&P 500 index just one point lower, pulling back from the record high it opened with this morning. The NasDAQ has popped into the green, up 13 points. Bond yields are higher. The yield on the 10-year Treasury is at its highest since the end of July. A lot of the more speculative stuff starting to run. That sometimes happens when a rally matures. Corporate insiders have picked up their selling, so maybe time for a rest. Also, Friday was an options expiration, and often the market can kind of move a little bit more freely and get a little bit more freely

and get a little bit jumpier after that happens, at least in the ensuing week. CNBC's Mike Santoli. Earnings season's been pretty great so far. Of the 14% of the S&P 500 companies that have posted results, 79% of them have exceeded expectations, and we get more this week. CNBC's Jim Cramer thinks a lot of investors are just pushing cash right into index funds. Many Americans have an S&P 500 index fund in a retirement account. Going into earnings season, we've got this massive $200

billion in money that went to index funds. That is far ahead of what happened last year and we're already there. You have the index fund sopping up the additional supply. You don't have a lot of stock trading. So you have like a Procter & Gamble, which could have been disappointing, ended up doing nothing. I just find that when you disappoint, you don't go down a lot. You don't go down. And when you do well, you soar. So that's an asymmetrical relationship.

That's a nice market to be an investor in, isn't it? Well, that's exactly what I'm talking about. It's halcyon time, David. You're not taking as much risk as you think you are. Right, because you're crunching so much stock with the S&P. CNBC Mad Money host Jim Cramer with anchor David Faber. Gold hit a new record high intraday today, $2,752 an ounce. Silver is at its highest in just about 12 years. Disney will name Bob Iger's

replacement as CEO in early 2026. That's later than investors thought. The International Monetary Fund and the World Bank meeting in Washington, D.C. today. A gathering of central bankers, finance and development ministers and private corporate executives talking economy and money. Boeing shares are higher. The five-week-long Boeing strike is closer to an end. There's a tentative deal between management and the machinists union. CNBC's Phil LeBeau. Amazon says its holiday beauty haul sale running for two weeks started this morning. It's the fourth year in a row that the retailer is discounting beauty products. Amazon also held one of these sales last spring.

Disney and Marvel's Deadpool and Wolverine just overtook Warner Brothers Barbie on the list of all-time money-making films at the domestic box office. It's sitting at number 12 now. Barbie still outranks Deadpool globally, however. Paramount's horror thriller Smile 2, that was your number one movie at the weekend box office. Halloween's a week from Thursday. Tonight's Powerball jackpot is pushing a half billion. It's up to $456 million. Jessica Ettinger, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now.

Patriotic. And this November, we're all chanting. It's your turn. Voter up.