CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.cnbc.com/ for more.
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Transcript
I'm Jessica Edinger, CNBC Wall Street opens Friday morning with a record setting Thursday
in the books and winning April in the books as well.
Both the S&P 500 index and the NASDAQ each closed at fresh all time highs.
Let's start with the Dow.
On Thursday, it's stored 790 points, one and a half percent counterpillar shares leading
at higher.
They were up almost 10 percent.
The S&P 500 index closing above 7200 for the very first time it was up 73 points.
The NASDAQ, up 219 points, shares of Nvidia were lower.
They were down more than 4 percent.
Companies who shares at fresh all time highs on Thursday include Google parent alphabet,
Amazon FedEx, AMD and counterpillar, which first started trading on the New York Stock
Exchange back in 1929.
For the month, the Dow gained 7 percent, the S&P 500 index, up 10 percent, and the NASDAQ
up 15 percent.
It's driven by earnings that continue to a far exceed estimates where over 80 percent
of stocks are beating estimates on earnings and sales.
They all on all.
You have to be encouraged by the overall action to new highs.
Truists Keith Lerner on CNBC Apple is out with better than expected quarterly results
after the closing bell.
Thursday shares were lower in after hours trading, possibly on disappointing revenue from
iPhone sales.
Big technologies Alex Cantrowitz tells CNBC, the incoming CEO John Ternis has a big AI
job ahead.
Where's the big AI device today?
It doesn't exist.
The consumer AI story has been slower, but that being said, Ternis has a window to figure
it out.
Prices at the pump are soaring.
Triple A says the national average for a gallon of regular hit $4.30.
And with the straight of hormones closed in the Middle East because of the U.S. War
with Iran, brace your budget.
It's going to get worse.
Lippau's a loyal associate's Andy Lippau saying that $4.50 is in the cards for the national
average over the next two weeks.
Now the latest U.S. inventory report is telling energy exports hit a record 14.18 million
barrels per day.
To put that in perspective, last year the average was just 10 and a half million barrels
per day.
The U.S. also flipped to a net crude exporter for the first time in decades.
Now, U.S. production hasn't increased and refinery runs are flat, meaning that oil
is coming out of storage and being sent abroad.
CNBC's Pippa Stevens, U.S. oil and gas producers are selling to the highest bidder, moving
product out of the U.S.
They're not state owned.
They have no obligation to keep prices low for Americans or American drivers.
Eli Lilly out with blowout quarterly results as diabetes and weight loss drugs, zepbound
and minjaro sales skyrocket.
Meantime Hershey says GLP ones are driving higher gum and mint sales.
It makes icebreakers gum and people are buying little sweet treats.
The premium treat substitution effect as people look for very small portions of something
sweet.
Mortgage rates rose Thursday as bond yields ticked higher, mortgages loosely follow
the rate on the 10-year treasury and the average rate on a 30-year fixed home loan, pushing
six and a half percent again, according to mortgage news daily.
On Friday's watch list, earnings are coming from Chevron and ExxonMobile, new in theaters,
Disney's The Devil Wears Prada 2, Jessica Edinger CNBC.
A new era in Omaha begins, newly-managed CEO Greg Able takes the helm at the Berkshire
Hathaway Annual Meeting, Becky Quicken, Mike Centolli with Full Coverage, watch live Saturday
starting 9.15 a.m. Eastern, only on CNBC.com.
What made you confident that you could do something that hadn't been done before?
I have no fear of failure, trailblazing women, changing the game.
One of my favorite pieces of advice, think about what your boss's boss needs.
Leadership can look in many, many different forms, it really does come down to just trusting
yourself, like the short, and you just gotta think big to accomplish big things.
Julia Bourston hosts CNBC Changemakers and Powerplayers, new episodes every Tuesday, wherever
