CNBC Business News Update - Market Open: Stocks Mixed In Muted Holiday Trading, Boeing Shares Slide Following Layoff News, Crude Oil Prices Fall As Demand Forecast Is Cut

Episode Date: October 14, 2024

The latest in business and financial news and how it impacts your money - reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Wall Street is seeing a mixed open following record-closing highs on Friday for both the Dow and S&P 500. The Dow falling 111 points to 42,753, but the S&P 500 is up 15.5 points, or a quarter percent, and the Nasdaq gaining six-tenths of a percent, or 105 points. Today could be a somewhat muted session for stocks, with the bond market and many businesses closed for the Columbus Day holiday. Investors are looking ahead to the resumption of corporate earnings season, with more banks reporting tomorrow. We'll be hearing from the likes of Bank of America, Goldman Sachs, and Citigroup. J.P. Morgan and Wells Fargo kicked off

earnings season Friday with better-than-expected profits. One of the big names reporting later this week is Netflix, which will issue quarterly numbers after Thursday's closing bell. Matt Bellany, founder of the news site Puck, tells us what investors will be looking for. I think everyone's looking at subscriber growth. They're looking at growth in the advertising tier because that's a crucial metric. And also they're looking at engagement. I mean, that's the metric that Netflix is looking at most closely is what are people watching? How much are people watching? And is that number going up after the password sharing brouhaha? Shares of Boeing are down about 2 percent this morning. The jet maker announced late Friday it is cutting about 17,000 jobs

and warned of deeper losses amid an ongoing machinist strike. Crude oil prices are falling about 2 percent after OPEC trimmed its oil demand forecast for both the remainder of this year and next year, largely due to an expectation of lagging demand in China. Peter Schach now, CNBC. Earnings season on CNBC takes you inside the numbers. And 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.