CNBC Business News Update - Market Open: Stocks Soar, US Crude Oil Plunges, McDonalds Set To Return Onion-Free Quarter Pounders To Select Menus 10/28/24

Episode Date: October 28, 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger. CNBC stocks are higher on Wall Street. The Dow is up 337 points out of the gate this morning, being led higher by shares of 3M. They're up more than 2%. McDonald's shares up more than 2%. The S&P 500 index is up 27 points. That's a half percent. The Nasdaq building on the record high it opened with. It's up 103 points now. That's a half percent. We do expect some volatility in coming weeks and there are a number of catalysts unfolding. The election creates some uncertainty. The timing of Fed policy creates some uncertainty. But we think the path forward will be led higher by earnings. So earnings season has been OK. Silver crests Robert Teeter on CNBC. U.S. crude oil back down to around $67 a barrel this morning, plunging 6% for its worst day in more than two years after Israel's strike on Iran avoided oil facilities there. Ultimately, no one knows, right? There could have been the risk of some oil installations being taken out. And I think those are the positions that are being unwound right now.

Energy Aspects, Amrita Sen on CNBC. 21 states now have prices at the pump at $3 a gallon or down in the twos for regular. AAA also says the national average today for a gallon of regular is $3.13. It's the busiest week of earnings season. Magnificent seven tech stocks are in focus this week. Quarterly results coming from biggies like Apple, Amazon, Google parent Alphabet, Microsoft, and Facebook parent Meta. McDonald's says testing has ruled out beef patties as the source of the deadly E. coli outbreak.

Turns out it was the onions. The chain will sell quarter pounders with no onions at the affected locations and the sandwich will be added back to the menus of about 900 stores this week. As of last Friday, at least 75 people were sickened in 13 states with one death. Morgan Stanley's Brian Harbour on CNBC. Delta suing CrowdStrike after that widespread IT outage that caused 7,000 cancellations last July. Delta's accusing CrowdStrike of negligence and breach of contract. Delta says the outage cost $550 million. Now, CrowdStrike says Delta's claims reflect a desperate attempt to shift blame for its slow recovery away from its failure to modernize its antiquated IT infrastructure.

CNBC's Silvana Hanau. President Biden slamming Elon Musk for hypocrisy on immigration after a published report said the Tesla CEO once worked illegally in the United States. Musk was born in South Africa. The Post says he worked illegally in the U.S. while on a student visa. Musk claimed on Twitter Now X that he was allowed to work. Number one at the weekend box office, Sony's third Venom movie, Venom, The Last Dance. World Series game three tonight, New York Dodgers and Yankees with the Dodgers leading the series two games to none. Jessica Ettinger, CNBC. This campaign is all about business and money.

Live from the New York Stock Exchange. If you were going to watch this election happen, you'd want to watch it through the eyes of CNBC. November 5th, CNBC.