CNBC Business News Update - Market Close: Stocks Lower, Nasdaq Retreats From 20K, Trump Tells CNBC Corporations Can Earn A 15% Tax Rate 12/12/24

Episode Date: December 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 coming off a day in the red after a warm inflation report. But the markets are still very close to record highs when they opened Friday morning. On Thursday, the Dow down 234 points, a half percent, led lower by shares of UnitedHealth, down more than 3 percent. The S&P 500 index down 32 points. The Nasdaq was down 132 points. NVIDIA shares down almost one and a half percent on Thursday. It is getting to be just a little bit more of an anxious churn. Really, we're barely off the highs in the S&P 500. CNBC's Mike Santoli. Companies who shares hit fresh all-time highs Thursday include Tesla, MasterCard, Kroger, and Priceline and Booking.com parent Booking Holdings. Apple closed at its 10th

straight record high on Thursday. Inflation at the wholesale level ticked higher in November. That's the producer price index after the tick higher in consumer inflation in the CPI that was out Wednesday. Year over year, not very good news here. 3% on headline. That's a big jump. CNBC's Rick Santelli. President-elect Trump at the New York Stock Exchange Thursday morning ringing the opening bell, touting the strong economy and promising more. And he told CNBC Mad Money host Jim Cramer that corporations

will be getting their tax cuts from his first term extended and they could earn even bigger tax cuts. We're going to try getting it down to 15 percent, but you have to build your product, make your product in the USA. Trump's visit to the New York Stock Exchange dovetailed with Time naming him its person of the year. We see this interview in Time magazine for the person of the year issue. And in that interview, NBC News just flagged a fascinating moment here. Trump is asked about the prices of groceries and the question of whether prices can come down on the price of groceries. On the campaign trail, he pledged that prices would come down for groceries. Such an important moment in this election. Now in this interview, he says it's hard to bring things down once they're up. CNBC's Eamon Javers in Washington. The banking industry

says it's exploring all options to push back on a new rule that caps account overdraft fees for bank customers. As of October 1st next year, banks can only charge $5 instead of $35 for taking out more money than is in the account. The Consumer Financial Protection Bureau says banks readily allow overdrafts, especially on debit cards, so they can generate these fees. The New York Mets have introduced Juan Soto as their newest player, the highest paid professional athlete, at $765 million over 15 years. I call Juan a centurion, and he's one of the few players that in a century meet the mark of performance at such a young age. There were close to half the league wanted to participate in this. And in the end, we had difficulty reducing the numbers

because so many teams were seeking this rare value. Soto's agent, Scott Boros on CNBC. On Friday's watch list, it is a Friday the 13th, the second of the year, and next year there's only one. New in theaters, Sony's Craven the Hunter and Warner Brothers' Lord of the Rings, The War of the Rorim. Jessica Ettinger, CNBC. Inside Wealth, an exclusive newsletter for a select audience.

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