CNBC Business News Update - Market Close: Stocks Lower, Fed Chair Signals Slower Rate Cuts Ahead, Mortgage Rates Pop 11/14/24

Episode Date: November 14, 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 Edinger, CNBC. Wall Street opens Friday morning after the Trump rally fizzled on Thursday and stocks were lower. Fed Chair Jay Powell signaled caution on rate cuts after some new data show a slight tick higher for inflation. The Dow fell 207 points Thursday, down 0.5%, led lower by shares of Salesforce, which were down about 3%. The S&P 500 index down 36 points, and the Nasdaq was down 123 points. We don't see a cheap market right now, but at the same point in time, we think we can earn into that market. We think that investors should continue to leg into markets, and you're going to get some volatility here as the market reacts to some of the policy moves,

as it gets ready for the new year. And it's not necessarily easy enough to say, well, you should just wait on the sidelines. Regions Wealth's Alan McKnight on CNBC. Companies who shares at fresh all-time highs on Thursday include Amazon, Hilton, Netflix, T-Mobile, Morgan Stanley Delta Airlines, and TJ Maxx and Marshall's parent TJX companies. Bitcoin held around $88,000 on Thursday. The yield on the 10-year treasury is at its highest since last July and mortgage rates are back up above 7%. Mortgages loosely followed the 10-year. They're not really impacted directly by any Fed rate cuts. The Fed is cutting overnight rates and mortgages are long-term debt. The average rate now on a 30-year fixed home loan is 7.02 percent according to Mortgage News Daily. Disney

shares popped on Thursday on strong quarterly results. They were up more than six percent, their best day since last spring. The Disney Plus streaming service swung to a profit. It was a good summer for movies with Inside Out 2 and Deadpool and Wolverine. The theme parks did better after they had underperformed for several quarters. CNBC Mad Money host Jim Cramer says he's also watching that Disney Cruise Line. I think that there's far more to do with the weather that people don't talk about when it comes to Florida. I think if Bob Iger would tell you, lay off the theme parks, they're a gem. And then we've got these big ships coming up. I know people might think that that's not that important, new ship coming in. But if you look at Royal Caribbean, you look at Norwegian Cruise, you say to yourself,

you know what? If you have a ship, you can make a long-term projection. Your dollar's going a lot farther in other countries. With President-elect Trump set to return to the White House, the U.S. dollar's gotten stronger, rising the most in years against a basket of other major currencies. The strength means if you're traveling, say, to Canada anytime soon for the holidays, your one American dollar is now worth, as of Thursday, $1.40 north of the border. Shares of hims and hers had their worst day ever on Thursday. Amazon announcing Prime members can access new upfront pricing to treat five common conditions like men's hair loss. Hims and hers stock dropping 25% as a result.

CNBC's Kelly Evans. On Friday's watch list, it's all about retail. We get the latest on retail sales for October. Friday's Mega Millions jackpot, $387 million. New in theaters, Amazon MGM's Christmas movie, Red One, with Dwayne Johnson. Jessica Ettinger, CNBC. How did a master cyber criminal and a Russian oligarch with ties to the Kremlin hack into America's financial system, scamming millions? CNBC presents The Crimes of Putin's Traitor. Listen wherever you get your podcasts.