CNBC Business News Update - Market Close: Stocks Mixed, 4th Straight Month Of Rising Inflation, Chevron Slashes Jobs 2/12/25

Episode Date: February 12, 2025

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. Another pop in inflation tanked Wall Street at the open on Wednesday before the major averages recovered a bit. Markets opened Thursday morning after a mixed finish. The Dow was down 225 points, a half percent. It was led lower by shares of Caterpillar, which were down almost 3%. The S&P 500 index lost 16 points. The Nasdaq was in the green, but barely up six points. Checking shares of Nvidia, they were down more than 1% on Wednesday. Robinhood shares popped after hours Wednesday on better than expected

quarterly results after the closing bell. Reddit shares went the other way, tanking 12 percent on disappointing quarterly results after the closing bell. Investors are worried that inflation won't be going away anytime soon as President Trump begins a trade war. The CPI Consumer Price Index for January showed inflation running at three percent. January read on CPI up half of one percent, up half of one%, up half of 1%. To find a higher number than 0.5, you're going all the way back to June of 22. And if we strip out the all-important food and energy, also hotter, up four-tenths, double what's in the rearview mirror. CNBC's Rick Santelli.

Inflation was higher for the fourth straight month in January. What we got was worse, right? So it's really disappointing news for the Fed that they were hoping for continued deceleration. It's disappointing for the market because they're hoping for continued deceleration. And the fact that this is a January number and doesn't include any potential tariff impact yet means that the risk going forward is for potentially higher inflation. MetLife's Drew Mattis on CNBC. And here's CNBC's Brian Sullivan with a look at just how prices have climbed. Can't make an omelet without breaking a few eggs, but who can afford eggs? The government reporting that eggs cost 53% more than they did last year. They're now up 14% in a month.

Eggs, not the only thing that are rising in price. Housing up in many areas. And that's CPI data reporting that car insurance continues to soar up nearly 12 percent in just a year. As prices soar, more Americans are losing their jobs. Chevron says it will slash up to 20 percent of its workforce, one in five people, as part of a cost-cutting plan. That's thousands. Facebook parent Meta started cutting 4,000 people this week. Salesforce says it's cutting 1,000.

Home buyers aren't budging, and the time it's taking for home sellers to sell their houses is at a five-year high. We are seeing days on markets rise exponentially, and that's why you're actually seeing the total inventory of homes for sale is actually pretty high. It's much higher than it was a year ago. But it's not because so many more people are listing their homes for sale. It's because all those homes that are not move-in ready, that are not priced well, and that people can't afford are just sitting on the market longer. CNBC's Diana Olick. The average rate on a 30-year home loan just over 7.1 percent according to Mortgage News Daily. On Thursday's watch list, earnings are coming from Sony, Deere, Duke Energy, Hyatt Hotels, Molson, Coors Brewing, Nestle, Nissan, Wendy's, Airbnb, and DraftKings. We find out how many

people applied for unemployment benefits last week. The World Ag Expo continues in Tulare, California. The duels at Daytona are on ahead of Sunday's Daytona 500. And Thursday is Galentine's Day. Jessica Ettinger, CNBC. Team values continuing to soar. The countdown is on. CNBC Sport official NBA team valuations revealed Friday in Squawk Box.