CNBC Business News Update - Markets Midday: Stocks Turn Mixed, Personal Income And Consumer Spending Rise, Crowdstrike Exec To Testify Before House Panel
Episode Date: August 30, 2024The latest on business, financial news, and the markets and how it affects your money - reported by CNBC's Peter Schacknow ...
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I'm Peter Schachnow, CNBC. 158 points, or a third of 1%. The Dow and S&P 500 are still on track to finish a positive August,
a month that started out with sharp losses, while the Nasdaq is right around break-even for the
month after tumbling 8% over August's first three trading days. Investors are encouraged by yet
another tame inflation reading, with the Personal Consumption Expenditures, or PCE, index rising
two-tenths of a percent in July,
as expected. The latest numbers continue to support the narrative of inflation under control,
as espoused by Fed Chairman Jerome Powell in his Jackson Hole speech last week.
David Wessel is a senior fellow at the Brookings Institution.
They don't ever say mission accomplished or take a victory lap because that's bad luck,
but he came pretty darn close. I've always thought that if the Fed thought you get a two-handle on inflation persistently
and that they could reasonably forecast it will continue to come down over what they say the medium term,
which is whatever they want it to mean, that they're now free to focus on the other side of their mandate,
and that's what they're doing.
The other side of the mandate being maximum employment,
something that will be highlighted a week from today when the August jobs report comes out.
The latest consumer spending data indicates a U.S. economy still on firm ground.
Spending rose half a percent in August,
while personal income rose a greater than expected three-tenths of one percent.
A senior executive at cybersecurity firm CrowdStrike is set to testify
before a House panel on September 24th
on the errant software update that caused a global outage last month.
CrowdStrike shares, meanwhile, are up more than 1% today following an analyst upgrade at HSBC.
Peter Schach now, CNBC.
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