CNBC Business News Update - Market Open/Midday/Close - Crowdstrike Software Update Causes Global Disruptions, Stocks Mixed, Netflix Rises After Earnings 7/19/2024

Episode Date: July 19, 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 and reported by CNBC's Peter Schacknow

I'm Peter Schachnow, CNBC. Businesses around the world are slowly returning to normal operations after a software update issued by cybersecurity firm CrowdStrike caused computer systems to shut down. CrowdStrike has now issued a fix, but the problem impacted operations at airlines, financial services firms, and many other industries. CNBC's Phil LeBeau says airline operations are returning to normal, but be prepared for some delays. We're a ways from this being worked out. No doubt we're seeing the

long lines. We're seeing this at other airports in the United States. A lot of people very frustrated that they are showing up today expecting to take a flight somewhere. They can't even check in. They can't get anywhere close to boarding a plane because the flights just are not going right now. That has not helped shares of CrowdStrike. They're down about 15% this morning. Shares of Netflix are now up 5% after initially moving lower after the company's quarterly earnings report. Netflix beat Wall Street estimates on the top and bottom lines and added substantially more subscribers than expected. The initial disappointment stemmed from warnings of a slower-than-expected benefit

from its move toward ad-supported options. Stocks are lower once again. The Nasdaq has borne the brunt of the recent tech sell-off, and it is all but certain to see a six-week win streak come to an end. The Dow is down 255 points at 40,410, the S&P 500 falling just over two points. The Nasdaq was lower but is now edged into positive territory. American Express reported better-than-expected second-quarter earnings and raised its profit forecast for the full year on robust spending by wealthy consumers. Peter Schach now, CNBC.