CNBC Business News Update - Market Open: Stocks Open Lower, Treasury Yields Jump Over 4%, Crude At Highest Since End Of August

Episode Date: October 7, 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. the Nasdaq down by a third of a percent or 62 points. Among the factors that are weighing on stocks this morning, oil rising to its highest level since the end of August on the ongoing Middle East tensions, and rising Treasury yields with the 2-year and 10-year notes now yielding over 4%, the highest in about two months. Still, Sylvia Jablonski, co-founder and CEO of Defiance ETFs, is optimistic about the market's outlook. The Fed has been favorable to markets, supportive of markets, at least with the last rate cut. It is projected to be the same depending on data going forward.

And I think earnings are looking pretty good. We're expecting 4.7% growth year over year. People are working, jobs are strong, and earnings are good. I think that bodes well for a soft landing and a bull market into the year end. Automaker Stellantis has filed eight additional lawsuits against the United Auto Workers Union and 23 union locals over threats to walk out. The union claims the Chrysler parent violated its contract by delaying planned investments. Stellantis had already sued the UAW in Los Angeles over the same issue. Shares of drug maker Pfizer are up 3% this morning.

Activist investor Starboard Value has taken a roughly $1 billion stake in Pfizer, according to sources, and is pushing for changes to boost financial performance. Peter Schach now, CNBC. Who am I? I am a producer and a reporter. I'm Silvana. I am all that I am. Hispanic Heritage, celebrating all that we are.