CNBC Business News Update - Market Open: Stocks Stage Modest Rebound, Treasury Yields Keep Rising, PepsiCo Cuts Sales Forecast

Episode Date: October 8, 2024

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

I'm Peter Schach, now CNBC. is 30 points higher, or half a percent, and the Nasdaq Composite jumping 140 points, or eight-tenths of one percent. The Dow would be even higher were it not for an 80-point drag from Caterpillar, which is down more than 3 percent today. PepsiCo is now slightly higher after falling earlier. The beverage and snack giant reported better-than-expected quarterly profit, but its revenue was short of estimates, and it cut its full-year sales forecast. Brian Spillane is a senior food and beverage analyst for J.P. Morgan. When we look at the snacks and beverage business, the real weakness is isolated in the convenience store channel.

You know, the price points are definitely very high. Consumers are also prioritizing other things. You know, if they've got a limited wallet as they walk into the C-store, you know, they're prioritizing nicotine first, and then, you know, the other attachments are actually falling off. And that's really where the serious weakness is right now. One of the factors weighing on yesterday's stock market sentiment was higher treasury yields, and that trend has continued today. Both the 10-year note and 30-year treasury bond are yielding well over 4 percent, their highest levels since August 1st. Small business sentiment rose in September, with the latest index from the National Federation of Independent

Business at 91.5 compared to 91.2 in August. But that is below the long-term average of 98, and the uncertainty gauge within that index rose by 11 points. That's the largest one-month jump on record. Peter Schach now, CNBC. Overtime's about understanding what just happened in the markets that day and preparing for tomorrow. I'm looking to talk to all investors, sophisticated investors, beginning investors. I'm always learning. Closing bell overtime for Eastern CNBC.