CNBC Business News Update - Market Close: Stocks Lower, Trump Targets Credit Card Companies, Food Inflation Climbs In December 1/13/26

Episode Date: January 13, 2026

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I'm Jessica Eddinger, CNBC. Wall Street opens Wednesday morning after a down Tuesday for stocks with the S&P 500 Index pulling back from a record high. The Dow fell 398 points. Salesforce shares let it lower. They tanked 7%. The S&P 500 index lost 13. The NASDAQ down 24. Shares of Nvidia were higher.

They were up a half a percent. Companies whose shares hit fresh all-time highs Tuesday. include Google Parent Alphabet, Exxon, Caterpillar, and Micron. Credit card companies were lower again Tuesday. President Trump aiming at capping interest rates for 12 months as consumers cry out over inflation and affordability and more. Credit card stocks really extend losses as the president really continued to target the sector. Today, he actually urged lawmakers to support a measure forcing larger banks to offer retailers the option to just bypass Visa and MasterCard for transactions. CNBC's Christina Parts and Evelace. Inflation came in at 2.7% for December, as expected

and holding steady in the CPI Consumer Price Index from November. Just about double where it was in 2019 before the pandemic. Here's CNBC's Carl Kintanilla and Mad Money host Jim Kramer. Look, shelter still too high. Food at home still too high. Yeah, grocery. And seven-tenths. That's the biggest monthly gain in about three years. lot of that is tariffs. When you deal with Brazil, Brazil would be a way to get cattle down. Cattle is a principal source of food inflation. I'm surprised the president hasn't addressed it yet. Crude oil hit its highest Tuesday since before last Thanksgiving. You may see prices at the pump tick higher. If you're seeing higher airfares this spring, it may be because airlines are putting in

more premium seats at the front of the plane, leaving fewer regular seats. And when there's higher demand for fewer seats. Prices go up. Here's CNBC's aviation reporter Phil LeBoe with CNBC's Joe Kernan. Affairs like skyrocketing or something. I've done a couple of things recently. It's like, wait a second. This, I don't remember these types of numbers a year ago, even. Look, there has been capacity coming out of the system. The first quarter for the industry in the U.S. may be the first profitable first quarter since 2019. A lot of that has to do with capacity coming out of the system. Last summer, there was way too much within the system, hurting profitability. And Phil then talked about this with the CEO of Delta Airlines, Ed Bastion.

When you look at airfares, Joe asked me about this when we reported your results. He says, look, they seem high. And he's not just talking about Delta. He's talking about the industry overall. What's your sense of what people are seeing with airfares right now? Fares are driven by demand. And the demand set that we've talked a lot over the last several years, that's growing the fastest is our premium sector. Our premium demand is what drives fares because there's limited.

to how much supply we can put in. Bottom line, you might want to have your budget ready to pay more to fly. Global central bankers, uniting in defense of Fed Chair Jerome Powell, a joint statement, slamming what they call a politically motivated criminal investigation by the Trump Department of Justice into Powell. So you worry, in other words, other committee members scared to say not vote for rate cuts because they know that's what the president wants and then being investigated? Exactly.

Absolutely. I mean, it just basically tells you that the whole machinery can be thrown at you if you make great decision that is not in line with what the president expects. And that is really a bad, bad day for central banking. That's Harvard's Gita Gopinath with CNBC's Sarah Eisen. On Wednesday's watch list, more earnings, Bank of America City Group and Wells Fargo. Jessica Ettinger, CNBC. Breaking earnings news. Market reaction this week on CNBC and stream. streaming on CNBC Plus.