CNBC Business News Update - Market Open: Stocks Mixed, S&P Rises After Worst Day In 2 Years, Uber Results Better Than Expected 8/6/242

Episode Date: August 6, 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. Stocks trying to rebound a little bit from yesterday's ugly global sell-off. As some investors see some buying opportunities, the S&P 500 index coming off its worst day in two years. The major averages are mixed at the open. The Dow down 48 points. The S&P 500 index up 18. The Nasdaq is up 81 points. That's a half a percent. What's going on in the market is a currency issue. And because we spend

all our time talking about stocks and sometimes bonds, we don't often talk about currencies. The fall apart we saw yesterday was forced liquidation. And it happened because back on July 10th, the MAG-7 stocks topped and the yen bottomed. And since then, the yen has gone up 14 percent and the MAG-7 stocks have gone down 18 percent. So people that were short the yen and long the MAG-7 are 30 percent upside down before applying leverage. So somebody got taken out on a gurney yesterday. That's what really moved the markets around. Waddell Associates, David Waddell on CNBC. Japan's Nikkei had its best day today overnight since 2008. That country's markets rebounded from the sell-off. European markets are mixed as stocks there tried to rebound but kind of fizzled out. Bitcoin rising slightly today.

Many Americans' retirement accounts took a hit yesterday, but financial advisors say the best way to handle it is to ignore it. Down markets are normal. A market drop of at least 10 percent from a recent high, which is called a correction, happens about once a year. Google's search engine has been illegally exploiting its dominance to kill competition. And a federal judge's ruling could lead to the judge forcing the sale of the business or just a change in the way it does business. Stuff like this, it takes years to kind of hash out. Google's obviously going to fight it. You know, it's going to go to the next layer here in terms of what is the exact remedy in dealing with this.

And then there's going to be challenges on that. So it'll take a while, but you can't ignore it. It's a meaningful thing. Light Shed's Walter Pysik on CNBC. Uber is out with better than expected quarterly results. Watch those shares today. Palantir shares are higher after the data analytics company raised its full-year forecast. Caterpillar shares are up on strong quarterly results.

Lucid rallying up more than 10 percent. The electric vehicle maker's revenue beat estimates in the last quarter as EV car buyers look to brands other than Tesla. The National Transportation Safety Board holding a hearing today on the Boeing door plug blowout from an Alaska Airlines jet earlier this year. The Hospitality Workers Union dismissing GOP presidential hopeful Donald Trump's pledge of eliminating taxes on tips. The union instead has endorsed Vice President Kamala Harris for president. And CNBC is reporting this morning she has selected Minnesota Governor Tim Walz as her running mate. Jessica Ettinger, CNBC. I think track and field is really special and unique

in that you get out exactly what you put into it. When I am in the blocks, it's a really intense time. And then I just feel like I'm flying. The Olympics from Paris on NBC and Peacock.