CNBC Business News Update - Market Open: Stocks Mostly Higher, Netflix Surges On Upbeat Outlook, Amex Falls On Consumer Spending Caution

Episode Date: October 18, 2024

The latest in business, financial, and market news and how it impacts your money - reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Wall Street is seeing a mostly higher open following yet another record close yesterday for the Dow. The Dow, S&P 500 and Nasdaq are on pace to close out a sixth consecutive week of gains. Right now the Dow is down 160 points at 43,073, but the S&P 500 adding a tenth of a percent or seven points and the Nasdaq jumping half a percent or 97 points. Netflix shares are up nearly 7 percent in early trading. The streaming service reported better than expected quarterly earnings and issued an upbeat outlook as well. However, Barton Crockett, senior analyst at Rosenblatt Security, says there is reason to be cautious.

It's a transitioning story in a market where there's a lot of, you know, saturation. A lot of people have video entertainment and a lot of the growth is really in the free stuff that Netflix doesn't offer. So, you know, good company, brilliant, hats off to them. But, you know, after this great run, I don't know that you have to really lean into it today. American Express shares are down 2% in early trading. The financial services giant did report better than expected quarterly profit, but revenue guidance was at the lower end of its prior forecast as consumer spending turns cautious. Procter & Gamble reported a mixed quarter with better than expected profit, but sales falling slightly short of Wall Street forecasts. The stock is down slightly this morning. Housing starts fell half a percent in September, slightly more than expected.

However, that does follow yesterday's survey, showing confidence among U.S. homebuilders rising slightly this month. Peter Schach now, CNBC. CNBC's Changemaker List. Women innovating, redefining leadership, and transforming business. Do you know someone who could make the next list? To make your nomination now, go to cnbc.com slash changemakers.