CNBC Business News Update - Markets Midday: Stocks Rebound From Monday Sell-Off, New Lawsuit vs. TikTok, Boeing Back At Bargaining Table

Episode Date: October 8, 2024

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

I'm Peter Schach, now CNBC. Stocks have staged a rebound following the Monday sell-off, ahead of some key inflation data later in the week and the kickoff of quarterly earnings season. The Dow adding 67 points to 42,021. The S&P 500 eight-tenths of a percent higher, or 46 points. And the Nasdaq jumping one and a quarter percent, or 224 points. The S&P 500, by the way, is in its 11th session of alternating between gains and losses. Drew Mattis, chief market strategist at MetLife

Investment Management, says one mistake investors may be making is counting on more interest rate cuts than the Fed will ultimately deliver. We know the labor market's slowing. If unemployment moves higher, inflation will probably come lower. And so that's the mechanism. And then the question is, you know, how much does the Fed have to cut in order to make sure that they can pretty well predict where the peak in unemployment is? And I think that's where markets have it wrong. Markets have priced in just a significant amount of easing from the Federal Reserve, even though there's very little evidence to suggest there's any sort of weakness in the economy that would warrant that kind of reaction. Social media platform TikTok has been sued by 13 states in the District of Columbia, accusing it of harming young people and failing to protect them. The suit seeks new financial penalties against TikTok. Boeing and its largest union are continuing

contract talks today as the jet maker tries to strike an agreement that would return 33,000 West Coast factory employees to work. Peter Schach now, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now. Patriotic. And this November, we're all chanting, it's your turn. Voter up.