CNBC Business News Update - Market Open: Stocks Mixed, Nvidia Down Again, US Crude Oil Hits 9 Month Low 9/4/24

Episode Date: September 4, 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 Ettinger, CNBC. Wall Street is mixed after yesterday's ugly sell-off for stocks. We've got the Dow and the green up 124 points this morning. It's being led higher by shares of Travelers, up 1.5%. The S&P 500 index in the red, down 9 points. The Nasdaq down 127 points, 3 quarters of a percent. It's holding just above 17,000. U.S. crude oil hit a nine-month low this morning. The price ticked slightly up after that low. Prices at the pump, though, on average are 50 cents lower a gallon for regular than they were

last year at this exact same time, according to AAA. NVIDIA shares down another 2% this morning after yesterday's plunge that wiped out nearly $300 billion of the company's value. There was a Bloomberg report that NVIDIA is facing a Department of Justice investigation. But CNBC Mad Money host Jim Cramer says a reputable Wall Street analyst at J.P. Morgan put out a note that said NVIDIA is just facing new competition and other issues. And that's why some pro investors started selling. There are a lot of people who told me why it was down yesterday. And they were all wrong.

I mean, it's down because Michael Sembliss is maybe the most powerful strategic thinker right now on Wall Street. Yes, he didn't reveal he has a friend. Here's what the problem is with NVIDIA. These are going down because there are real thinkers, big thinkers who read Michael Sembliss. And they just changed their mind. Dick's Sporting Goods had a strong quarter and its claims, remember from last year at this time, that crime was impacting profits? Well, those appear to be in the rear view. Dollar tree shares are lower.

After it lowered its forecast, the discounter has struggled. It says some of its consumers are pulling back on their spending. The CEO also blamed general liability issues because of costs to reimburse, settle, and litigate claims related to customer accidents and other incidents inside its stores. Goldman Sachs says U.S. economic growth would suffer under a Trump presidency. Goldman Sachs is gaming out the economic impact of the U.S. November election, saying GDP would likely take a hit if Donald Trump wins the White House. Goldman, citing Trump's tariff history and what will likely be tighter immigration policies, should Harris and the Democrats sweep in November,

Goldman says new spending and expanded middle-income tax credits would slightly more than offset lower investment due to higher corporate tax rates. CNBC's Silvana Hanau. Homeowners who bought while mortgage rates were pushing 8% have been rushing to refinance those loans at lower rates. Refinance applications are up 94 percent from a year ago. The average rate on a 30-year fixed home loan today is 6.4 percent, according to Mortgage News Daily, the lowest since the spring of 2023. The NFL season begins tomorrow night. Chiefs and Ravens, cue the sports betting. No sport is more important

to U.S. sportsbooks than the NFL, and mobile betting is fueling incredible growth. For the first time, the American Gaming Association is projecting the amount Americans will legally wager, $35 billion throughout the NFL season. That would mean more than 30% growth year on year. Since last year, we saw Maine, North Carolina and Vermont launching sports betting and court decisions have permitted Hard Rock International to relaunch sports betting in Florida. CNBC's Contessa Brewer, Jessica Ettinger, CNBC. CNBC kicks off its first ever official NFL team valuations with sports business expert Michael Ozanian.

Team values and team finances are not public information. Exclusive NFL team valuations, September 5th, CNBC.