CNBC Business News Update - Market Close: Stocks Lower, Dow Retreats From Record, Bitcoin Ticks Toward $90k, New Inflation Data Wednesday 11/12/24

Episode Date: November 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 by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Wall Street opens Wednesday morning after a down day for the markets on Tuesday. As the post-election rally takes a breather, the Dow down 382 points, eight-tenths of a percent. It's back below 44,000. The S&P 500 index was down 17 points and the NASDAq was also down 17 points. So I think it's just a breather. I actually think it is going to, we are going to see the markets resume their strength seasonally. November and December are very strong months. Hightower's Stephanie Link on CNBC. Companies whose shares hit fresh all-time highs on Tuesday include Delta Airlines, Royal Caribbean, Netflix, and Live Nation. Live Nation reported its biggest summer concert season ever this year. It's a live event company that owns Ticketmaster.

Strong quarterly results profit up 39% over the same quarter last year as Americans spend big on concert tickets. Live Nation, we just pulled out the soundbite of the CFO on just the bullishness that they're still seeing in the concert space. Listen. We're, I think, in a period of unprecedented level of activity for Ticketmaster in Q4, and then that'll continue into Q1 and through next year. There you go, and the Heiress Tour even wraps up by the end of the year. So it's not just all Taylor then? Not just all Taylor. CNBC's Sarah Eisen and David Faber there. Spirit Airlines getting set to file for bankruptcy protection.

This is from the Wall Street Journal. Merger talks with Frontier Airlines broke down. Amazon is reportedly closing its freebie ad-supported streaming service. Bitcoin approached $90,000 on Tuesday after it pulled back slightly. The cryptocurrency has been on fire since the election. President-elect Trump has promised to make the U.S. the Bitcoin capital of the world. The crypto industry, meantime, spent more than $100 million on election ads through political action committees. Most of the candidates they backed won. Crypto groups, they made a $131 million bet in the 2024 general elections, and it has paid off.

Coinbase, Ripple, Andreessen Horowitz and others, they poured millions into a super PAC fair shake to make sure that lawmakers started paying attention to the issue and ensuring that crypto will be top of mind next year in Congress. They backed 59 lawmakers donating to their races, and of those, 52 so far have resulted in the crypto-backed candidate winning. CNBC's Emily Wilkins. Americans picked up their spending in October. Consumer confidence continued to go up for the fourth month in a row. The spending on necessity goods, so gas for example, it's coming down. Why? Because gas is deflating, because prices are coming down. If we look at groceries, food inflation is also coming down. So as consumers are feeling better about not having to spend as much on necessities,

we're starting to see an increase in discretionary services. Restaurants in particular continue to go up. Bank of America's Liz Everett-Krisberg on CNBC. Bank of America credit card data are used to gauge the U.S. consumer. On Wednesday's Watch List, it's all about inflation with the CPI, the Consumer Price Index, for October. Earnings are coming from Cisco Systems. We get the latest on credit card debt and more in the New York Fed Household Debt and Credit Report. And Wednesday, Krispy Kreme will hand a free dozen glazed donuts to the first 500 people at each participating store for World Kindness Day.

Jessica Ettinger, CNBC. Don't miss CNBC Pro's best deal of the year. Sign up now at cnbc.com slash pro early access. Terms and restrictions apply.