CNBC Business News Update - Market Open: Stocks Mixed, Oil At Its Lowest In More Than A Month, Strong Quarterly Results from GM, Coca Cola 7/23/24

Episode Date: July 23, 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, mixed markets on Wall Street, flattish as well. The S&P 500 index and the Nasdaq are coming off their best day since last April. Investors are combing through some big earnings reports today, with more coming after the closing bell this afternoon, including from Tesla. The Dow is down 30 points. The S&P 500 index in the green up seven. The Nasdaq up 42 points. Oil prices have dropped to their lowest in more than a month. General Motors out with strong quarterly results and plans to restructure its struggling China business. It's also increased

its forecast. The CFO says GM is not desperate for the Fed to cut interest rates. It's not just the full-size trucks and SUVs, but the new Chevy Trax. Every month, sales are up 100% and more EVs to come. Consumer affordability, certainly for our customers, they've proven very resilient in terms of demanding not just new vehicles, but also continuing to buy up trim levels, et cetera. So we think the monthly car payments could benefit from some future rate cuts.

But the business is performing well and has been even in this higher interest rate environment. GM Chief Financial Officer Paul Jacobson on CNBC. Coca-Cola is out with strong quarterly results. It's increased its outlook. Shares were higher. UPS out with disappointing results. Its shares were lower. It also lowered its outlook. Shares were higher. UPS out with disappointing results. Its shares were lower. It also lowered its forecast. Comcast, which owns NBC, Universal Studios, the Universal Theme Parks,

and more, out with a mixed quarter. CNBC parent company, Comcast, mixed second quarter results, beating on profits but missing on revenues due to pressures in its film studios and theme park segments. So Comcast shares in focus as well, up 1%. CNBC's Dominic Chu. CrowdStrike's CEO being called to testify to a House committee on last week's global tech outage. Meantime, the Delta Airlines meltdown continues much like what happened to Southwest about 18 months ago. The airline now saying it's working around the clock to try to restore operations after the global computer outage that took place on Friday canceled more than 1,100 flights yesterday. That's according to FlightAware. It brings the total since Friday

to more than 5,000 flights, including another 371 cancellations that have just taken place so far today. CNBC's Andrew Ross Sorkin. Google will keep cookies on its Chrome browser after years of promising to take those out. Cookies are user tracking code. Google instead is now siding with its advertisers, the biggest source of revenue, who don't want those cookies to go away. McDonald's is extending its $5 value meal through August now. It was supposed to end this weekend. It's driven more traffic into the chain,

and it wants to compete with Burger King, Wendy's, and Starbucks, which are still running their deals. The Spot Ether ETF exchange-traded fund has started trading in the United States with funds from BlackRock, Grayscale, and others. Jessica Ettinger, CNBC. Squawk Box from Paris. Don't miss exclusive interviews. Highlights from the games. Grayscale, and others. Jessica Ettinger, CNBC.