CNBC Business News Update - Market Close: S&P 500 and Nasdaq Close At All Time Highs, Apple Shares Hit Record High, Paramount-Skydance Deal Collapses 6/11/24

Episode Date: June 11, 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 Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Wednesday morning after a volatile and mixed day for the markets, but record-setting, the S&P 500 index and the Nasdaq each closed Tuesday at record highs. The Dow was in the red. It was down 120 points, three-tenths of a percent. The S&P 500 index up 14 and the Nasdaq up 151 points. Companies whose shares have hit fresh all-time highs include Costco, Eli Lilly, Applied Materials, Broadcom and Micron. Investors are waiting for the latest on inflation coming Wednesday morning, 8.30 Eastern with the May CPI report, the Consumer Price Index. As long as the CPI remains, you know, kind of at where it's been about 3.4 percent, that should be enough to keep the momentum in the market going.

Essex Investments' Nancy Pryor on CNBC. By Wednesday afternoon, we get the decision on interest rates. The Fed is expected to hold them steady. Fed Chair Jay Powell will answer questions about the economy. Apple shares hit a record high on Tuesday after investors initially gave a big yawn to the company's AI plans for new iPhones. But CNBC Mad Money host Jim Cramer says he spoke with Apple's CEO, and he's sold on it. I spent a lot of time talking to Tim after, Tim Cook, CEO,

and I think that what you have to do is you have to say, all right, if you put all these things together, unless you own the Pro or the Pro Max 15, you're going to want to upgrade. I think there's a lot of little things that add up to something that's incrementally revolutionary. A shocker in the negotiations for Skydance to take over Paramount Global. It's not happening.

Control over Paramount is held by Sherry Redstone within the National Amusements Company. CNBC's David Faber says the two sides couldn't agree on non-economic terms. Employees at Paramount Pictures, CBS News, Comedy Central, and so many more properties have jitters over the future of their company. Boeing shares were lower Tuesday. The

company reported no sales at all for its 737 MAX jets for a second straight month in May. That was its best-selling plane and the model that had a side panel blowout during a flight in January. Consumer spending is higher this month, according to Bank of America's consumer checkpoint data. We're seeing the consumer spending growth continue to be positive, but it's growing at a softer level. It's stable. B of A Institute's Liz Everett-Chrisburg on CNBC. These data are important because B of A has a lot of customers. We look at 69 million consumer and small business accounts and we are not taking surveys. We are actually looking at what they're doing. Yeah. That's about a quarter of all adult and small business accounts in the U.S. Kia is recalling nearly a half million Telluride SUVs

because of a fire risk. Kia wants owners to park them outside and away from other cars and structures. It's the front power seat motor on the affected SUVs. It could overheat with a stuck power seat slide knob that could result in a fire. Krispy Kreme is launching new donut dots, joining the glazed donut holes on the permanent menu. Dots come in several flavors. On Wednesday's watch list, two biggies. The latest on inflation in the morning with the CPI. And in the afternoon, the decision on interest rates from the Fed. Earnings are coming Wednesday from Broadcom and Dave & Buster's.

Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.