CNBC Business News Update - Market Close: Stocks Lower, Investors Wait for New Inflation Data, Florida Condo Cliff 12/10/24

Episode Date: December 10, 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. A little breather for the year-end stock rally on Tuesday. Oracle shares fell on disappointing results, plus investors are bracing for the latest on inflation, which can influence whether the Fed cuts interest rates next week. We get the CPI, Consumer Price Index, Wednesday morning. On Tuesday, the Dow fell 154 points, led lower by shares of Caterpillar, which were down almost 3%.

The S&P 500 indexed down 17. The NASDAQ was down 49 points. You have a general case of the market treading water, churning around a little bit. The S&P is flat on a one-month basis. CNBC's Mike Santoli. Apple shares hit a record high for their eighth straight trading day Tuesday. It's on pace to be the first company ever to reach a major milestone. Look at what we've just seen with Apple. Don't tell anyone. Apple's about to hit four trillion dollars in market cap.

Ritholtz Welts, downtown Josh Brown on CNBC. Alphabet shares jumped Tuesday five percent after Google touted a new breakthrough quantum chip. Taylor Swift's impact on the entertainment industry will be long-lasting, say experts, after the Arras tour wrapped up Sunday night. The legacy of the $2 billion Arras tour is shaping the concert and the entertainment industry. Taylor Swift's approach of doing mini-residences shows only over the weekend in fewer cities, normalized concert travel, which created a more robust fan experience by having these mini-residencies as she gave herself a couple of days to rest, which allowed her to perform for three and a half hours for three or four nights in a row.

And that also allowed them to build these giant sets. I mean, if she was doing a concert for one night or two night in many more different cities, it would not have enabled her to have such elaborate sets or for her to physically rest after that three and a half hour performance. CNBC's Julia Boorstin. Florida heading for a condo cliff? Realtors are telling CNBC, yes. At the end of this year, when these new rules go into effect and people start to see the bills they're hit with, you know, calling it the cliff. CNBC's Diana Olick. After the deadly Surfside condominium collapse three years ago, Florida lawmakers set new rules that are about to take effect.

They require buildings over 30 years old to be inspected and repaired, and condo unit owners have to pay for that. Some owners are hoping to sell, others are walking away already, and three quarters of all the condo units for sale are more than 30 years old and subject to the new rules. As the inspections are done, the bills are coming due, and for some associations, costs are in the millions of dollars, meaning condo owners are on the hook. The vast majority in the older buildings are retirees. They saved up, they bought it, they've budgeted for this certain amount, and now they're getting hit with hundreds of thousands of dollars. They simply can't afford it. Your coffee could cost more down the road with a stunning record high. Coffee futures hit their

highest since 1977. Climate change has been affecting coffee bean producers worldwide. On Wednesday's Watch List, it's all about inflation and we get earnings from Adobe. Jessica Ettinger, CNBC. CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.