CNBC Business News Update - Market Close: Stocks Mixed, Bitcoin Hits 91k And Pulls Back, Inflation Hotter In October 11/13/24

Episode Date: November 13, 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 Thursday morning after a mixed day for stocks. The Dow was up 47 points. It's back below 44,000, but it was led higher by shares of Amazon, which were up 2.5%. The S&P 500 index was up one point. The Nasdaq fell 50 points on Wednesday. Look, market's very firm. It's sort of consolidating in an incredibly painless way this week.

CNBC's Mike Santoli. Companies who shares hit fresh all-time highs Wednesday include Netflix, T-Mobile, Amazon, Marriott and Hilton, Royal Caribbean, TJ Maxx and Marshall's parent TJX companies, Walmart and Delta Airlines. October's inflation rate was higher than September's. Year over year, 2.6 as expected, but two tenths hotter than the rearview mirror. Two tenths hotter than the rearview mirror. That is basically a very important issue to pay attention to,

considering that this really has been, out of all the inflation metrics following a linear path down pretty much every month this year. So we see that pop. CNBC's Rick Santelli. Bitcoin popped up over $91,000 on Wednesday before falling below 90. And the cryptocurrency called Dogecoin spiked after President-elect Trump announced a Department of Government Efficiency, or DOGE. It's going to be Elon Musk and Vivek Ramaswamy leading the Department of Government Efficiency, or DOGE.

That's the Republican former candidate, by the way. For Musk, though, this puts him in charge of making recommendations for cuts at the same federal agencies that regulate his companies that range from Tesla to SpaceX to Neuralink. Doge has until July 4th of 2026 to make its recommendations. But even with those recommendations, Congress will likely have to approve cuts that can't happen through executive orders from President Trump. CNBC's Steve Kovach. Chipmaker AMD says it's cutting a thousand jobs or about four percent of its workforce. About half of all U.S. states have under three dollar a gallon

gas. AAA says the national average for a gallon of regular is three dollars and seven cents and under the Biden administration the U.S. became the world's biggest oil producer but with so much supply low prices and low demand, investors don't necessarily want more production in the incoming Trump administration. While President-elect Donald Trump has said he wants to drill, baby, drill, it's really unclear whether or not the industry will actually heed that call because, of course, the market already looks oversupplied. We had OPEC out with its monthly oil report bringing down its demand forecast and so

it's not as if executives want to increase their output so much into a market that's already pretty well supplied for 2025. CNBC's Pippa Stevens. Chinese-owned social media app TikTok may get a lifeline to exist in the U.S. TikTok faces a potential U.S. ban in January if not divested from parent company ByteDance, which has been accused of using the app to spy on Americans through their phones. President-elect Trump may save TikTok after trying to ban it in his first term. Tesla Cybertrucks have been recalled for the sixth time in a year. More than 2,000 have defective drive inverters,

according to a filing with the National Highway Traffic Safety Administration. On Thursday's watch list, we get earnings from a big one, Disney. We also get the latest on inflation at the wholesale level with the PPI, Producer Price Index. We find out how many people applied for unemployment benefits last week. Taylor Swift begins her heiress tour in Toronto. Jessica Ettinger, CNBC. Don't miss CNBC Pro's Best Deal of the Year. Sign up now at cnbc.com slash pro early access.

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