CNBC Business News Update - Market Open: Stocks Rise Ahead Of 3-Day Holiday Weekend, Fed's Preferred Inflation Measure Remains Tame, Lululemon Rallies Despite Mixed Quarter

Episode Date: August 30, 2024

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

I'm Peter Schach, now CNBC. The Dow and S&P 500 will likely finish August with solid gains. Today's gain has pushed the Nasdaq back into positive territory for August. In today's mix, a fresh batch of economic numbers. The PCE price index, the Fed's preferred measure of inflation, rose 0.2% in July as expected. Consumer spending also matched expectations with a 0.5% rise. Personal income rose 0.3, slightly more than expected. Bethann Vivino, chief economist at U.S. Bank, says the more important numbers come a week from today when the August employment report is released. I think what markets and what the Fed needs to see is a rebound in those readings because they do indicate that they're a bit nervous about the jobs numbers. We're expecting about $175,000. Could we see something a little

higher? Sure, that would be okay. But if we saw something much lower, say under $100,000, that would really spark the Fed's interest and probably make them be a little bit more aggressive than maybe what markets and we are thinking right now. Among stocks on the move this morning, Lululemon is up 4% despite mixed quarterly numbers and a cut to its sales forecast, with some analysts expecting even weaker numbers than what the athletic apparel maker reported. CrowdStrike is up 1.7% after HSBC upgraded the cybersecurity stock to a buy, saying the worst is behind the company, following last month's massive outage caused by a faulty software update. And Intel

is jumping 6.5% following news that the chipmaker was working with bankers to explore various options to strengthen its business. Peter Schach now, CNBC. How did a master cyber criminal and a Russian oligarch with ties to the Kremlin hack into America's financial system, scamming millions? CNBC presents The Crimes of Putin's Traitor. Listen wherever you get your podcasts.