CNBC Business News Update - Market Open: Stocks Mixed, S&P 500 and Nasdaq at New Records, BP Shares Down on a Warning 7/9/24

Episode Date: July 9, 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. Mixed markets on Wall Street, but the S&P 500 index and the Nasdaq are building on records that they opened with. The Dow down 60 points, the S&P 500 index up 10 points, and the Nasdaq's up 70 points in early trading. Investors are waiting for new inflation data coming later this week. Some investors say a pullback for the markets would be pretty normal. We've got a 40-year high in these top 10 mega cap stocks in terms of their concentration, the S&P 500, and for sure they are ripe for correction. That would be a viable dip. 213's Greg Sarian on CNBC. It is day one of Fed Chair Jay Powell's regular testimony on Capitol Hill at the Senate Banking Committee hearing today.

Tomorrow will be the House. Investors will be listening to hear for any hints of a possible interest rate that could be coming. Oil giant BP shares are lower. On a warning. The company warning it expects to post an impairment of up to two billion dollars in the second quarter on lower refining margins and oil trading performance. BP also says upstream production in the last three months will likely be broadly flat compared to the first quarter. The company is set to report results on July 30th. CNBC's Silvana Hanau. Etsy, working on a turnaround.

It's lost 80% of its value over the past three years. The online sales platform tried to offer original crafts and goods made by real people, but was flooded with mass-produced merchandise often made in China as resellers gamed the website to crowd out the handcrafted items. Corning shares are popping as the AI boom is driving stronger than expected demand for equipment from that company.

Express cutting jobs in Ohio where it's based. Express is one of a number of retailers that's filed for Chapter 11 bankruptcy protection this year. Retail Dive says Express is cutting distribution workers. It's also planning to close about 100 underperforming stores. More Americans are starting to list their homes for sale, finally ready to give up those 3 and 4 percent once-in-a-lifetime mortgages. We are seeing more inventory of existing homes beginning to rise. And as we get more inventory, I believe home prices will stop accelerating. I think there will be slight

growth, but not the strong growth. And we certainly need more stabilizing home prices. National Association of Realtors Chief Economist Lawrence Yoon on CNBC, the average mortgage rate in the U.S. since Freddie Mac began keeping track in 1971 is about 7.5 percent. Today's average rate on a 30-year fixed mortgage is 7%, according to Mortgage News Daily. If you've been eyeing a Porsche Macan, Reuters says Porsche will stop making the gas version of the SUV for non-European markets after 2026 as it moves toward EVs. Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run forever. And then there's this one moment where everybody else starts to die.

And you're like, I'm not about to die. I'm about to get faster. The Olympics from Paris starts July 26th on NBC and Peacock.