CNBC Business News Update - Market Open: Stocks Mixed, NFL Commish Goodell Testifies in Sunday Ticket Trial, Flyers Paying Less to Travel 6/17/24

Episode Date: June 17, 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 Eppinger, CNBC. The S&P 500 index little changed as the benchmark tries to build on records. The Dow down 120 points this morning out of the gate. The S&P 500 index is down four. The Nasdaq's in the green, but it's up only one point. NFL Commissioner Roger Goodell set to take the stand today in the Sunday ticket package class action trial. The league is accused of inflating prices by restricting competition. Today we're expecting Commissioner Roger Goodell to take the stand,

with Cowboys owner Jerry Jones also set to testify after Goodell, so that could happen either later today or tomorrow. The plaintiffs argue that the NFL and its 32 teams restricted competition by selling its out-of-market games exclusively through the Sunday ticket package sold by DirecTV. They say that enabled them to charge artificially higher prices for out-of-market games. Now, the NFL disagrees. As Chief Media Officer Brian Rolapp testified last week, saying that Sunday ticket is a high-value premium product that is complementary to its other offerings, pointing to free broadcasts of in-market games on broadcast networks,

something that no other sports league offers. CNBC's Julia Borsten, homebuilder, told Brothers shares were higher. It's getting some help from analysts at Goldman Sachs, who've upgraded that stock to a neutral rating from a prior sell. The target price goes up to $124. It was $112 to get in line a little bit more with the current price after a 16% gain so far on a year-to-date basis. They think a better macro backdrop of newer home sales and outperformance will help drive profitability

and revenue at the maker of luxury homes. CNBC's Dominic Chu. Best Buy shares were also higher this morning on an analyst upgrade from UBS, saying new products and an appliance upgrade cycle could strengthen that stock. Broadcom shares were higher, extending Friday's gains. The chipmaker's up more than 30% just this month alone on better-than-expected earnings. Walmart Plus Week starts today. Seven days of sales. It's only for loyalty program members,

although the Plus program isn't available to consumers who don't live near a Walmart physical location. The company trying to goose some sales ahead of rival Amazon's Prime Day sale next month, although the dates for that have not yet been announced. Fourth of July holiday weekend quickly approaching, and more people are flying this year. We asked the lead economist at travel app Hopper if travelers are paying more or less to fly. Less. Airfare domestically is down about 18 percent compared to this time last year.

International airfare is down different amounts to different regions, but the good news is most travelers are paying 10% less or more on some of those most expensive long haul tickets. Hoppers Haley Berg on CNBC. Disney Pixar's Inside Out 2 set a record at the weekend box office and Hollywood is breathing a sigh of relief that people are still going to the movies. The animated sequel earned about $155 million in ticket sales in North America, the best debut since Barbie last summer. It set a record for global ticket sales at almost $300 million. Jessica Ettinger, CNBC.

The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.