CNBC Business News Update - Market Open: Stocks Mixed, Private Companies Added Fewer Jobs Than Expected, Dallas Cowboys Top CNBC NFL Valuations Ranking 9/5/24

Episode Date: September 5, 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 mixed this morning. The Dow falling 128 points, a third of a percent. It's below 41,000 now. The S&P 500 index is in the green, up nine points. The Nasdaq up 121 points this morning. That's three quarters of one percent. Some investors are on hold.

For the Labor Department's big August jobs report that comes tomorrow morning. It's a jobs Friday. But in the ADP report on private sector hiring that came out this morning, companies added fewer jobs than expected last month. Private payrolls for the month of August rose by just ninety nine thousand. That's against an estimate of one hundred and forty thousand. It's the lowest level reported by ADP since twenty twenty one. There seems to be a gathering weakness here. How much deterioration? Well, we'll see tomorrow in the Bielsa payroll report. CNBC senior economics reporter Steve Leisman. And here's ADP economist Neela Richardson on CNBC. It tells me that after two years of outsides hiring and growth, we're finally seeing

a normalization that's a little cooler than expected, slower hiring than we've seen in the past. And so taken together with other data, it's pointing to a softer labor market. We're not falling off a cliff. These are not job losses, but slower hiring, stable wage growth. Fewer people than expected applied for unemployment benefits last week. Job cuts remain relatively low, the 227,000 number, right about where the pre-pandemic weekly normal average was. The Dallas Cowboys are at the top of the brand new CNBC NFL valuations ranking worth $11 billion. Jerry Jones is the greatest marketer there is in the history of sports. The Cowboys, through stadium sponsorships, through licensing agreements, get $800 million from stadium revenue.

Wow. The league average is less than $300 million. CNBC's Mike Ozanian. Now at the bottom of the 32-team list is the Cincinnati Bengals, still worth a pretty penny at more than $5 billion. You can see the whole list and methodology at CNBC.com. The NFL season kicks off tonight with the Super Bowl champion Kansas City Chiefs hosting the Baltimore

Ravens on our sister network CNBC. Investors selling stocks at a profit have long paid a lower capital gains tax than regular people paying income tax at their W-2 jobs. Capital gains tops out at 20 percent while all single taxpayers in the U.S. pay 24 percent income tax on W-2 earnings over $95,000 a year, Vice President Harris unveiled a capital gains tax increase. She wants to take it to 28 percent, which is lower than President Biden's proposed rate of nearly 40 percent. Dallas Mavericks owner and investor Mark Cuban called in to CNBC today to talk about the Harris people reaching out to him about being wealthy and paying more. You know, billionaires should pay more than, you know, average working people, firefighters, etc. And if you just look at the numbers, right, if a firefighter or someone who's working their butt off is making, you know, $150,000 a year, they're paying 24%. And she came out yesterday and said 28%

for capital gains, which when I talked to them, I thought was fair. I mean, they've been very clear to me and other business people that, look, we've realized that rich people have to pay their fair share. Billionaire Mark Cuban on CNBC. Jessica Ettinger, CNBC. How did a master cyber criminal and a Russian oligarch with ties to the Kremlin hack into America's financial system, scamming millions? CNBC presents The Crimes of Putin's Traitor. Listen wherever you get your podcasts.