CNBC Business News Update - Market Open: Stocks Slightly Higher, May Retail Sales Miss, Industrial Production Hotter Than Expected, Boeing CEO Testifies 6/18/24

Episode Date: June 18, 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. Ancho...red and reported by CNBC's Jessica Ettinger.

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Starting point is 00:00:00 I'm Jessica Ettinger, CNBC. The S&P 500 index opened this morning at a fresh record high. We've got the major averages ticking into the green. The Dow up a point. The S&P 500 index up three points, building on that record out of the open. And the Nasdaq up two points. We think the market is going to grind higher. I think there's probably going to be some more election uncertainty and political uncertainty as we head into the second half of the year. So, you know, don't complain about the noise of opportunities knocking. KKR's Henry McVeigh on CNBC. Retail sales came in weaker than expected last month.
Starting point is 00:00:36 I think it's a potentially very important report. There has been concern about the consumer slowing. The revisions will bring down this sense that we had a pretty robust quarter underway. CNBC senior economics reporter Steve Leisman there. One expert tells CNBC as retailers cut prices, especially at the grocery store, of course the retail sales numbers are going to be lower. Understand what's happening with food, particularly because food's been a huge burden on the consumer. Food inflation is easing. That could explain some of the revisions and some of the myths.
Starting point is 00:01:12 Former Walmart CEO Bill Simon on CNBC. Industrial production came in hot. May industrial production expected to be up three-tenths, triple that, up nine-tenths of a percent, almost up one percent. That's the strongest month-over-month gain in industrial production since January of 23. CNBC's Rick Santelli. Boeing's CEO Dave Calhoun on Capitol Hill today testifying on quality control of the company and whether Boeing should face deferred prosecution for not complying with a deal several years ago it made to clean up after two fatal MAX crashes killed nearly 350 people outside of the U.S. The whistleblowers who've come to us, we have about 12 of them so far, have told us about the use of non-conforming parts, defective or damaged parts in airplanes, continued lying to the FAA.
Starting point is 00:02:09 The kind of concealment and pressure against the whistleblowers, in fact, telling them to shut up instead of the program Speak Up. Connecticut Senator Richard Blumenthal on CNBC. EV maker Fisker has filed for bankruptcy. It hopes to restructure its debt by selling assets. The EV maker is facing stiff competition, but has investors like Google, Adobe, and SAP. Shares of furniture chain Lazy Boy were jumping on better-than-expected quarterly results.
Starting point is 00:02:39 Homebuilder Lennar shares were lower even after better-than-expected results. It's forecasting a drop in new home orders and that may be worrying investors. We get results after the closing bell today from home builder KB Home. The orange juice business is in crisis fueled by disease, drought and competition. Orange juice prices have hit fresh all-time highs recently prompting some OJ makers to look at whether mandarins, apples and pears can be used to make the drink or something like it. Jessica Ettinger, CNBC.
Starting point is 00:03:11 The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.

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