CNBC Business News Update - Markets Midday: Stocks Trade Cautiously, Paramount Shares Slide On Bronfman Exist, Home Prices Hit Record Highs In Largest Markets

Episode Date: August 27, 2024

The latest in business and financial news and what it means for your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Stocks are mostly lower as cautious trading continues on Wall Street, ahead of Nvidia's widely anticipated quarterly earnings report, due out tomorrow afternoon. The Dow down 73 points at 41,167, the S&P 500 just a half point lower, and the Nasdaq falling 9 points, or less than a tenth of 1%. The Dow is coming off a record close yesterday, its first since mid-July.

Shares of Paramount Global are down about five percent. Investor Edgar Bronfman abandoned his bid to buy National Amusements, parent of the media giant. That means Skydance Media's deal to buy National Amusements will go forward. Rich Greenfield, co-founder of LightShed Partners, notes that this is only the first part of a long process for Skydance. As much as it's been a difficult process for Skydance over the last, you know, nine to 12 months, the real reality is the hard part starts now. You know, once they get approval, which will take probably nine months, but I don't see any issue,

then they actually own linear TV and movie studio and streaming assets, and they've got to figure out how to earn a compelling return on those assets. Home prices in the nation's 20 largest metropolitan areas hit record highs in June, although price growth is slowing down. The S&P CoreLogic Case Shiller Index rose four-tenths of a percent in June and six-and-a-half percent over the 12 months ending in June. National Football League owners are expected to vote today to approve private equity investments in teams. The proposal on the table would allow PE firms to buy a stake of up to 10 percent in a franchise. Peter Schach now, CNBC. When you have a disability, you're treated like you can't do a lot of things.

Loose Rugby is the exact opposite. It says, no, you can do that. You can. My ambition is for people to see disability as just part of the human condition. The Paralympics starts August 28th on NBC and Peacock.