CNBC Business News Update - Market Close: Stocks Higher, S&P 500 Index 4 Day Winning Streak, Disney Plus Cracking Down On Password Sharing, Holiday Hiring is On 9/12/24

Episode Date: September 12, 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. Stocks opened Friday morning after another whipsaw, but winning day for stocks. The Dow was back above 41,000. It was up 235 points on Thursday, more than a half percent. The S&P 500 index now on a four-day winning streak. It was up 41 points, three quarters of a percent. The Nasdaq soared up 174 points, one percent. It's up more than five percent this week alone. Nvidia shares up almost two percent on Thursday. Companies whose shares hit fresh all-time highs Thursday include Walmart, IBM, MasterCard, and Oracle. With cooler inflation data at both the consumer and producer levels this week for August, the Federal Reserve is expected to cut interest rates by a quarter percentage point next week. Gold hit a fresh intraday record high, $2,583 an ounce on Thursday. Disney says no more

sharing passwords for the Disney Plus streaming service, and it's raising prices. Disney is cracking down on password sharing. Disney is offering Disney Plus Basic with ads for $1.99 a month for three months. And this comes just after Disney announced that it is raising prices to $10 a month. That price hike goes into effect starting in October. Now, Disney is offering this cut price $2 a month plan just until the 27th of this month, pushing subscribers to lock in for three months before those price hikes go into effect. CNBC's Julia Boorstin. Kroger, the largest pure grocery chain in the U.S., is out with solid quarterly results, but it's waiting to be approved to buy the Albertsons

chain. And CNBC's Sarah Evans asked Kroger's CEO about that. You're fighting the FTC, which argues that the history of grocery mergers in this country is not great for consumers, store closures. I mean, you have made a lot of promises and now under oath that the customer prices will come down if you are able to merge. We've made commitments that no stores will close as a result of the merger, and we did that on day one. What we will find is efficiencies that allow us to make those investments in the customer and for our associates. Becoming a national retailer will

allow us to have scale to be able to compete against Walmart and Amazon and Costco. Kroger CEO Rodney McMullen on CNBC with CNBC's Sarah Eisen. Here comes the holiday hiring. Aldi says it's hiring thousands of seasonal store and warehouse workers. Kohl's holding a national hiring event next Thursday and Friday. Neiman Marcus paying $20 an hour for seasonal workers. Macy's Herald Square in New York City looking for a seasonal Santa Land train usher for its flagship store. It's full time at $16 an hour to start. Amazon celebrating the start of its football season by streaming the NFL's Thursday night football games on Amazon Prime Video. And Al Michaels is doing the play-by-play. Streaming is the future. I know the first year on Amazon, a lot of people would say to me, where do I get the game? How do I get it? And now if you go onto Amazon, it's right there

for you. So they make it easier to find. That's Al Michaels on CNBC. On Friday's watch list, investors are hoping it's a lucky day on Wall Street for Friday the 13th, the first of two of them this year. We get the latest on consumer sentiment. New in theaters, Lionsgate's thriller The Killer's Game and Universal's Speak No Evil. Universal is a sister company to CNBC. Jessica Ettinger, CNBC. Weekdays at 5 a.m., success starts early. Worldwide Exchange, 5 a.m. Eastern, CNBC.