CNBC Business News Update - Market Close: Record Closes For Dow & S&P 500, PPI Tape, Bank Earnings Upbeat

Episode Date: October 11, 2024

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

I'm Peter Schach, or 61 points. The day kicked off with two positive events, a tamer that expected producer price index report and upbeat earnings from some of the nation's banks. The producer price index was unchanged in September, and David Seeve, chief economist at Nomura Securities, says this keeps intact his prediction of two more quarter- point rate cuts this year. The key thing for the Fed is their preferred measure of inflation, core PCE. And when you actually look at the components from yesterday's print and just looking over today's PPI print that go into that core PCE, it actually looks pretty good. Didn't really raise our tracking

estimate by very much. And so we think the Fed is really still on track to cut 25 bps at each of the next two meetings based on these. As for those bank earnings, JPMorgan Chase, Wells Fargo and Bank of New York Mellon reported better than expected profits. JPMorgan shares rose about four and a half percent today, while Wells Fargo jumped nearly six percent. The National Labor Relations Board has issued a complaint against Apple. It accuses the company of interfering with workers' rights to collectively advocate for better working conditions by restricting the use of workplace messaging app Slack. Apple has previously said it respects the rights of employees to discuss pay and working conditions. Peter Schach now, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now.

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