CNBC Business News Update - Market Open: Stocks Rally Despite Weak Jobs Report, Manufacturing At 15-Month Low, Amazon Shares Surge After Earnings,

Episode Date: November 1, 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. Stocks are rallying despite a weaker-than-expected employment report, with both the Dow and S&P 500 seeing their largest one-day gains since September 19th. The Dow up 402 points at 42,165. The S&P 500 eight-tenths of a percent higher, or 47 points. And the Nasdaq adding 192 points, or 1.1 percent. The economy added just 12,000 nonfarm jobs in October, far less than the 100,000 that economists had anticipated.

But the unemployment rate remained at 4.1%, and economists note that job additions were disrupted by hurricanes and the Boeing workers' strike. That strike could be nearing a conclusion, with workers set to vote Monday on a new contract proposal. The raise is now 38 percent over four years. Remember, the previous offer was for 35 percent. The very first offer was for 25 percent. They've also enhanced the 401k match that the company will make to the machinist union. And then you have a $12,000 signing bonus if you're a rank-and-file member once the contract is approved. That's CNBC's Phil LeBeau, who notes that union leaders have recommended approval of the contract.

Boeing shares up more than 3% today. The stock market is also drawing encouragement from better-than-expected earnings from both Amazon and Apple. Amazon is up more than 7%, although Apple shares are down about 1% on some concerns about tepid revenue guidance despite upbeat iPhone sales. One other economic report out this morning. The Institute for Supply Management's monthly manufacturing index fell to 46.5 last month, a 15-month low. Peter Schach now, CNBC. CNBC's Changemaker List.

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