CNBC Business News Update - Markets Midday: 2024's Best Week For Stocks, Ulta Even More Beautiful, Tapestry Still A Fashionable Stock

Episode Date: August 16, 2024

The latest in business and financial news as well as stock market updates and what it means for your money, reported by CNBC's Peter Schacknow.

I'm Peter Schachnow, CNBC. and a half points. Investors have been encouraged by economic data this week, which shows the U.S. economy holding up better than many had thought. One sector not providing encouragement, though, is housing. July housing starts fell a larger than expected 6.8 percent. That follows yesterday's report showing homebuilders' sentiment is weakening. It's not just the mortgage interest rate for the buyer that the builder's concerned about. It's really their own interest rates, their borrowing costs. And we're hearing that more and more from the builders. We heard that in the builder's sentiment survey when they said the costs of land, labor, materials, everything, but also their own borrowing costs are really hampering them from putting more holes in the ground. And that's going to obviously, hopefully improve this fall if we do see rate

cuts and we see interest rates come down. That's CNBC real estate correspondent Diana Olech. H&R Block share is surging 17% and have hit an all-time high today thanks to better-than-expected quarterly results and a 17% dividend hike. Two of yesterday's stock winners are putting on a repeat performance. Tapestry, the company behind the Coach and Kate Spade brands, is up 3.5% to lead the S&P 500. It rose a similar amount yesterday following better-than-expected earnings. And Ulta Beauty is up 2.7% following an 11% surge yesterday, that after Warren Buffett's Berkshire Hathaway reported a new stake in the cosmetics company. Peter Schach now, CNBC.