CNBC Business News Update - Market Open: Stocks Plunge on Weak July Jobs Report, Intel Shares Tank on Disappointing Results, Exxon Earnings Beat 8/2/24

Episode Date: August 2, 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. A big miss for job growth in July and stocks are tanking on Wall Street. Bond yields also falling. The Dow down 608 points, one and a half percent. The S&P 500 index down 127 points, that's 2.3 percent. The Nasdaq plunging 578 points, that's 3.3 percent. The Nasdaq plunging five hundred seventy eight points. That's three point three percent. The U.S. created one hundred fourteen thousand new jobs last month. The unemployment rate moved up to four point three. That is the warmest it's been since October of twenty one. CNBC's Rick Santelli. The Labor Department notes that Hurricane Beryl knocked out power to more than two and a half million homes and businesses in Texas in early July, likely impacting the numbers. Not that there's a lot of firing or job loss going on. There's not a lot of hiring. This is a weak report. Used to be a pretty normal level, 114 we'd be pretty happy with. I think we're at this phase

right now where the catch-up hiring, especially in the health and education sector and in the government sector, that at least in the month of July has come to an end. CNBC senior economics reporter Steve Leisman. And here's Urban League president and economist Mark Morial on CNBC. We can't over-interpret one month of jobs data. So while the jobs data is down, the growth rate in the second quarter was almost 3%. Because it's one month, and we've seen months down before over the last three years, and then they bounce back. Investors worried about the chip trade being over. Intel shares plunging after weaker than expected earnings and revenue for the second quarter.

It's really bad. Intel, I mean, the expectations were low headed into the quarter. The stock was down 42 percent year to date. But this was this was a disaster. Not only was the quarter a disaster in terms of missing revenues, earnings and gross margins, they're losing market share. They missed the AI cycle. It's going to take a long time for their new strategy to take hold. High Towers, Stephanie Link on CNBC. ExxonMobil shares were trying to tick higher after the energy giant reported a stronger than expected profit for the second quarter amid record production in Guyana and the Permian Basin. Amazon shares tanking on weaker than expected quarterly results. New in theaters, Columbia's family movie Herald and the Purple Crayon and Warner Brothers PG-13 thriller Trap, both competing against week number two for the summer blockbuster

Disney Marvel's Deadpool and Wolverine. 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 on NBC and Peacock.