CNBC Business News Update - Market Open: Stocks Mixed, Tech Pullback Might Be Buying Opportunity, Car Dealers Still Waiting for Software Fix 6/24/24

Episode Date: June 24, 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 Peter Schacknow.

I'm Peter Schach, now CNBC. Stocks are posting a mixed open as the final trading week of June begins. The Dow up 59 points at 39,210, but the S&P 500 edging lower by 2 points and the Nasdaq down by 21 points. This also marks the end of the first half of 2024 after this week, and as of today, the S&P 500 has gone 377 days without a 2% sell-off, which is the longest such stretch since the financial crisis of 2008. Many market watchers took note of a pullback in the tech sector last week, particularly in the hot AI trade. Gene Munster, managing partner at Deepwater Asset Management,

says that pullback represents a buying opportunity, and he says confidence will be restored when chipmaker Micron reports its earnings later this week. I'm surprised about some of the concern. I guess it's warranted given part of the run, and I think this is going to be a great week for AI investors because ultimately I think Micron is going to exceed that 87% revenue target that they have out there, and investors are going to be more confident in the 50% growth that they have out there, and investors are going to be more confident in the 50% growth that they have for next year. So feeling very good about the AI trade

here. There are no economic reports on today's calendar, but we will get a few reports of significance later this week, including the so-called PCE price index, the Fed's preferred inflation measure. That will be out on Friday morning. CDK Global, whose software is used by auto dealers across the country, is working on restoring its systems following a cyber attack. Bloomberg had reported that a hacker group was demanding millions of dollars in ransom, but CDK did not say whether such a ransom has been paid. Peter Schach now, CNBC. The latest market news and analysis. Listen to CNBC wherever you get your podcasts.