CNBC Business News Update - Markets Midday: Stocks Resume Rally, More Record Highs, Oil Slides Despite Middle East Tensions, Canada Goose Shares Shiver

Episode Date: October 14, 2024

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

I'm Peter Schach now, CNBC. Another day, another rally for Wall Street, with both the Dow and S&P 500 hitting record intraday highs. The Dow is up 135 points to 42,999. The S&P 500, six-tenths of a percent higher, or 36 points. And the Nasdaq Composite up seven-tenths of a percent, or 127 points. The stock market is operating normally today, but the bond market and many businesses are closed because of the Columbus Day holiday.

Crude oil is down about 2 percent to about $74 a barrel, falling for the fourth time in five sessions. Amrita Sen, founder of Energy Analytics, says under normal circumstances and with the current situation in the Middle East, we'd be looking at $100 per barrel oil. It's an interesting dichotomy because inventories globally are super low, but the market's kind of looking forward to 2025 and talking about, oh, it is going to be very oversupplied and somehow kind of has gotten itself into this mindset of it doesn't matter what's going on right now. It is the kind of future and the bearish future that's what's dictating prices today. Among stocks on the move, Canada Goose is sliding by about 7 percent. Wells Fargo downgraded the outerwear maker's stock to underweight from

equal weight, citing economic concerns in the China market as well as fewer positive mentions on social media. FinTech company SoFi is saying its stock jumped 7.3%. It struck a $2 billion deal with Fortress Investment Group to expand SoFi's loan platform business. And Reuters reports that Acting Labor Secretary Julie Hsu has flown to Seattle to meet with executives and the union representing 33,000 striking Boeing workers in a bid to get both sides back to the bargaining table. Peter Schach now, CNBC.