CNBC Business News Update - Market Close: Stocks Higher After A Whipsaw Day, Annual Inflation Lowest Since 2021, Trump Media Shares Down 10% 9/11/24

Episode Date: September 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. Ancho...red and reported by CNBC's Jessica Ettinger.

Transcript
Discussion (0)
Starting point is 00:00:00 I'm Jessica Edinger, CNBC. Wall Street opens Thursday morning after a volatile whipsaw Wednesday, but the markets finished in the green. The Dow was up 124 points Wednesday. It had been down 650, a major recovery. The S&P 500 index up 58 points, more than 1%, and the Nasdaq was up 369 points, more than 1%. And the NASDAQ was up 369 points, more than 2%. Shares of NVIDIA were up 8%, helped pushing that NASDAQ higher.
Starting point is 00:00:33 September is living up to its reputation. You know, the last 10 years, it's been a down month. And the volatility that hit right after Labor Day has continued. BDA's Barbara Duran on CNBC. The annual inflation rate now at its lowest in more than three years. CPI month-over-month headline up two-tenths exactly as expected. If you look at the year-over-year numbers, 2.5. 2.5 is the smallest amount going back to February of 2021. CNBC's Rick Santelli. Mortgage rates are now at their lowest since February of 2023. People are noticing their rates are coming down. We have a six and a
Starting point is 00:01:13 quarter percent rate today. It wasn't that long ago with seven and a quarter. And that's meaningful for your business. It's very meaningful. We can get that rate into the fives and it feels like that's where it's headed. If we have three cuts cuts in this fall we should have a 30-year fixed no-point mortgage in the fives and look out look out look out means what the market should take off toll brothers ceo doug yearly on cnbc the average rate on a 30-year fixed home loan popped lower on wednesday afternoon 6.1% now, according to Mortgage News Daily. Shares of Trump media fell more than 10% Wednesday after Tuesday night's debate between the former president and the current vice president, Kamala Harris. Trump could dump his shares a week from Thursday and have fresh cash to buy campaign ads. September 19th is the end of the lockup. And it's a question as to
Starting point is 00:02:04 how much, if any, he will sell. Because obviously if he sells a big slug of it, that's going to pull the downward pressure. Oh, sure. And a lot of supporters who put money in will see that they've lost money. CNBC's Tyler Matheson. Seniors can expect next year's cost of living increase in Social Security checks to be the lowest since 2021 because inflation's fallen so much. The Senior Citizens League says recipients are on pace for a 2.5% payment increase.
Starting point is 00:02:33 For those who haven't yet taken Social Security, the payment increases about 8% a year for every year you wait until you hit your maximum delay age, which for many is age 70. An Apple computer just went for nearly a million dollars at auction. It was one of only 200 of the first Apple computers. It was hand-built by Steve Wozniak back in 1976. It is only one of 70 that still exists, and this is the only one that came from the desk of Steve Jobs. Christie's selling the Steve Jobs Apple I for $945,000. That's way above the $500,000 low estimate, and it is a record for any vintage computer. CNBC's Robert Frank. On Thursday's watch list, we get the latest on inflation at the wholesale level, the PPI, producer price index.
Starting point is 00:03:24 Earnings are coming from Adobe, Cignet Jewelers, and the biggest pure grocery chain in the U.S., Kroger. We find out how many people applied for unemployment benefits last week. Streaming service Peacock broadcasts its first ever live comedy special Thursday night. Hosted by Colin Jost and Michael Che from Saturday Night Live. Peacock is a sister company to CNBC. I'm Jessica Ettinger, CNBC. For me, Squawk Box is breakfast with the most interesting people in the world. Squawk Box, weekday mornings, 6 a.m. Eastern, CNBC.

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.