CNBC Business News Update - Market Open: Stocks Mixed, Harvard Economist On Presidential Candidate Tax Plans, "Deadpool & Wolverine" Back At #1 At Weekend Box Office

Episode Date: August 26, 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. Markets are mixed on Wall Street. Out of the gate, the Dow popping up 90 points. The S&P 500 index up 8 points. The Nasdaq's in the red, down 16 points. It's traditionally a light week for trading. It's big vacation week in the Northeast. Stocks are coming off that rate cut rally from Friday after the Fed chair said it's time. Durable goods orders for July came in hot, up 9.9 percent from a dismal June,

which suffered from a big drop in plane orders. Dexcom has launched its first over-the-counter continuous glucose monitor for diabetes patients called Stello. A one-month supply online, $99. It's primarily intended for the 125 million Americans with prediabetes or type 2 diabetes not using insulin. Debate over taxes in the race for the White House. One economist says former President Trump says he'll protect the wealthy, while Vice President Harris says she'll protect everyday people. President Trump says he wants to raise taxes on the middle class in order to pay for the tax cuts for high-income corporations. He talked about replacing the income tax with tariffs. And then the across-the-board tariff proposal is like a small version of that.

Heritage people have been out there pushing that and defending that. And that's a real big difference. It's our taxes and tariffs going to go up on moderate income and middle income people, or taxes going to go up on high income people. I'd much rather do the latter than do the former. Harvard economist Jason Furman on CNBC. NVIDIA will release quarterly results on Wednesday. Investors are on hold for that from the AI chipmaker. NVIDIA, if anybody's going to pull a rabbit out of the hat, it tends to be NVIDIA. I think investors are going to focus more on management commentary after the fact. I mean, hey, I would love to see a sales beat and an

earnings beat, but I think management commentary is especially important in this quarter, you know, now that the AI story is cooling off a bit. Red Holtz Welts, Kaylee Cox on CNBC. Amazon says it'll hold a big sale again this October, another prime big deal days event to juice a sometimes slow month for retail ahead of the busy holiday shopping season. Apple TV Plus a step closer to bringing back Ted Lasso for a season four. The show ended more than a year ago. The Hollywood Reporter says Ted Lasso has picked up options for several cast members, including for characters Roy Kent and Rebecca Welton. Babe Ruth's called shot jersey sold over the weekend at auction after a six-hour bidding war for more than $24 million. It's said to be the jersey he was wearing in the 1932 World Series

when he was thought to have called his shot and hit a home run to center field. Did he really call it? That's the question, yeah. So this Babe Ruth jersey from 1932 where he called his shot supposedly. Some people say it was $24 million. That's unbelievable. But he was pointing at the Cubs dugout. Or at the pitcher saying, I'll throw it again. And there's grainy video, but hey, somebody's willing to put down $24 million for a 92-year-old jersey.

CNBC's Mike Santoli and Joe Kern and the buyer remains anonymous. McDonald's with a new Happy Meal toy today. A series of characters from Yu-Gi-Oh! and Sanrio. Disney Marvel's Deadpool and Wolverine, number one at the weekend box office again after being pushed out last weekend by Disney's Alien Romulus. The never-ending pasta bowl, back today at Olive Garden for the fall. $14, same price as it was two years ago. No one won mega millions over the weekend.

Tomorrow night's jackpot is well over a half billion dollars at $575 million. Jessica Ettinger, CNBC. I was born without my lower legs. My ambition is to show people the thing that makes them different is their greatest gift. I have no limitations. The Paralympics starts August 28th on NBC and Peacock.