CNBC Business News Update - Market Open: Stocks Retreat After Dow Record High, Bronfman Withdraws Paramount Bid, Apple To Replace CFO

Episode Date: August 27, 2024

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

I'm Peter Schach, now CNBC. Stocks have opened lower as caution remains on Wall Street ahead of a key earnings report from tech bellwether NVIDIA Wednesday afternoon. Nonetheless, the Dow is coming off its first record high since mid-July, and the major averages are all on track for solid August gains. 39 points at 41,201. The S&P 500 shedding 16 points, about three-tenths of a percent. The Nasdaq six-tenths of a percent lower, or 97 points. Chris Verone, head of technical research at Strategas Research Partners, acknowledges the focus on NVIDIA's results, but says the tech sector is no longer at the center of the Wall Street spotlight. If you think about this in context of what's the new leadership, the REITs are working, the industrials are still good, the financials are very good. So I think if anything, what you're seeing is this shift in character under the surface of the tape.

I don't think it's bearish. I welcome the inclusion of all these sectors that haven't been involved for, in many cases, much of the year. Home prices fell one-tenth of one percent in June compared to May, according to new government figures. The total increase for the 12-month period ending in June came to 5.1 percent, the smallest in nearly a year. The slowdown is being attributed to higher mortgage rates and an increase in inventories of homes for sale. Investor Edgar Bronfman has dropped his bid to buy National Amusements, the parent of media giant Paramount Global, that clears the way for National Amusements to be bought by Skydance Media, a deal that had already been in place prior to Bronfman's bid. Apple chief financial officer Luca Mastri will step down next year.

He'll be replaced by Kevin Parrick, Apple's vice president of financial planning and analysis. Peter Schach now, CNBC. I was born without my lower legs. My ambition is to show people the thing that makes them different is their greatest gift. I have no limitations. The Paralympics starts August 28th on NBC and Peacock.