CNBC Business News Update - Market Close: Stocks Fall But Cut Earlier Losses, CPI Hotter Than Expected, One Fed Official Suggests Skipping Next Rate Cut

Episode Date: October 10, 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, now CNBC. Stocks have wrapped up their first down day since Monday, and the blame can be placed squarely on today's economic numbers. The September consumer price index rose two-tenths of a percent, twice what was expected, and first-time claims for jobless benefits rose by a bigger-than-expected 33,000 to 258,000. The Dow lost 58 points to close at 42,454. The S&P 500 was down two-tenths of a percent or 12 points. The Nasdaq dropped nine and a half points, less than a tenth of one percent,

and the averages did finish well off session lows. Chicago Fed President Austin Goolsbee is not overly concerned about today's inflation and labor market numbers. The overall trend is what's important. And the overall trend over 12, 18 months is clearly that inflation has come down a lot and the job market has cooled to a level which is around where we think full employment is. And we'd like to get both of them to stay kind of in the space where they are right now. However, another Fed official, Atlanta Fed President Rafael Bostic, said he wouldn't be averse to skipping a rate cut at the Fed's November meeting, given the month-to-month volatility in the inflation and

employment readings. Despite the down day for the markets, a number of notable names hit all-time highs during the session, including Netflix, T-Mobile, Royal Caribbean, and IBM. CVS Health also bucked the market trend, rising 1.3 percent following an upgrade at Barclays. It was the seventh straight positive session for the drugstore operator and pharmacy benefit manager, and the 13th rise in 14 sessions. Peter Schach now, CNBC. Invest with an advantage with CNBC.