CNBC Business News Update - Markets Midday: Stocks Slide Ahead Of Nvidia Earnings, Mortgage Rates Keep Falling, Buffett's Berkshire Joins The Trillion Dollar Club

Episode Date: August 28, 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. Stocks are sliding as Wall Street awaits the quarterly earnings report from tech bellwether NVIDIA. That will happen after today's closing bell. The Dow falling 127 points to 41,124. The S&P 500 is six-tenths of a percent lower, or 33 points. The Nasdaq with a 202-point tumble, or 1.1 percent. The Dow had been up the past three days in a row and closed at a record high Tuesday. Barry Knapp, managing partner at Ironside's Macroeconomics,

says there are potential bumps in the road ahead for the markets. The fundamental backdrop, the earnings story, looks fairly weak right now. We did have a strong earnings quarter in the second quarter, but we were copping against the low point for the three-quarter earnings recession we had, which was the fourth quarter of 22 and first half of 23. Earnings are only expected to be up about 5% or so in the third quarter. Extech and communication services, only about two. Mortgage rates have fallen to their lowest since April of last year. A weekly report from the Mortgage Bankers Association shows the average 30-year fixed rate mortgage at 6.44%.

That rate had topped out at 7.9% last October. Shares of food producer J.M. Smucker are down more than 5% today after the maker of Jif peanut butter and Smucker's jelly lowered its full-year outlook, citing a challenging macroeconomic backdrop. Peter Schach now, CNBC. September 10th, CNBC and Boardroom host a high-powered event exploring the intersection of sports, business, and entertainment. Be there for Game Plan. Get in on the action. Get in on the Game Plan. Register now at cnbcevents.com slash gameplan.