CNBC Business News Update - Markets Midday: Stocks Reestablish Positive Momentum, New Under-13 Messaging Rules For Roblox, CVS Rallies After New Board Members Join

Episode Date: November 18, 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 turned mostly higher after a mixed start, with the S&P 500 rising for the first time in three days, the Nasdaq for the first time in five days. The Dow is down 22 points at 43,423, but the S&P 500 is 23 points higher, or four-tenths of a percent, the Nasdaq two-thirds of a percent higher, or 119 points. Tom Lee, chief investment officer at Fundstrat,

says the market is poised to rise after the recent post-election pullback. I think most of the major indices have pulled back to what would be technically viewed by our technician Mark Newton as support. So the Nasdaq is on the support line. S&P did a 60 percent retrace of its recent rally, and small caps have held above their prior highs. These are all bullish support levels. Online gaming company Roblox is introducing new safety measures that prevent users under the age of 13 from directly messaging other users without parental consent.

That comes after the company faced claims of alleged child abuse on its platform. Shares of CVS are up more than 5% today. The drugstore chain operator and pharmacy benefits manager reached a deal with shareholder Glenview Capital, adding Glenview's CEO and three others to its board of directors. Vaccine maker Moderna also up more than 5%, following an analyst upgrade at Baird to a buy rating. That firm says the market is underestimating the potential positive impact of Moderna's product pipeline. Peter Schach now, CNBC. Don't miss CNBC Pro's best deal of the year. Sign up and save with exclusive Black Friday early access alerts. Sign up now at CNBC.com slash pro early access.

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