CNBC Business News Update - Market Open: Stocks Mixed, Oil Higher On Geopolitics, Gold Intraday Record High, Target Lowers Some Prices 5/20/24

Episode Date: May 20, 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. Wall Street is mixed out of the gate this morning. The Dow opened above 40,000 for the very first time and dropped 17 points. So it's slightly below 40,000. The S&P 500 index in the green up five points. So is the Nasdaq. It's up 39 points, a quarter percent. Lots of retail earnings reports are coming this week.

But one big tech name will report on Wednesday, and that's NVIDIA. You've seen NVIDIA up over 500 percent from January 1st, 2023. But right here, right now, I do think NVIDIA has high expectations. They've given you no reason that they're not going to beat. In the words of the late, great Tom Petty, waiting is the hardest part. So we have big expectations for this Wednesday, and that will dictate short-term market direction. KKM's Jeff Kilburg on CNBC. Oil prices are ticking higher as traders weigh geopolitics in the Middle East following the death of Iran's president in a helicopter crash over the weekend. Gold hit a fresh record high intraday today, $2,454.20 an ounce before pulling back slightly.

Silver at its highest since December of 2012. Copper with a new intraday all-time high today. Target says it's lowering prices on 5,000 items that are frequently bought, including grocery items after rival Walmart reported strong quarterly results as it lures in higher-end customers who are price conscious. Target reports its quarterly results tomorrow. Red Lobster filed for Chapter 11 bankruptcy but plans to keep restaurants open while it restructures. The nation's largest seafood restaurant chain has a deal in place to sell the business

to an entity controlled by its existing lenders, but it will close dozens of underperforming locations. You know, there are 600 Red Lobsters, and there is a chance that the endless shrimp deal that was not a long-term, that was meant to be a limited time only but then got long-term, did really hurt the company. I mention that because anecdotally that's what can happen to restaurants. And is that the beginning? CNBC Mad Money host Jim Cramer.

The container ship that struck the Key Bridge in Baltimore slowly backed away from the remaining structure this morning as crews continue to work to reopen the important shipping port. NBA fans may have a reason to pay for Amazon Prime soon. Amazon, it's inching closer to becoming one of the NBA's three media partners. Axios reports Amazon and the league have agreed to the framework of an agreement to stream a mix of regular season and playoff games on Prime. Now, the NBA would add to Amazon's fast-growing sports business. It's heading into its third season as the exclusive

home for the NFL Thursday Night Football and will air its first ever playoff game in January. It will start streaming NASCAR races next year. CNBC's Silvana Hanau. Disneyland employees who play characters in costume and perform in parades voted to join a labor union in California. Airlines overall have lowered prices to fly this year from last year, but not for some destinations. Places where average airfares have gone up include flights to Tokyo, Canada, South America, the Middle East, and Africa. The best way to save is to be flexible with dates, book well ahead, and avoid checked bag fees. Number one at the weekend box office was Paramount's Ryan Reynolds film, If. Jessica Ettinger, CNBC.