CNBC Business News Update - Market Close: Stocks Mixed, Dow On Longest Losing Streak Since 2020, Broadcom In 1 Trillion Dollar Club 12/13/24

Episode Date: December 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 Ettinger, CNBC. Wall Street opens Monday morning after a mixed week for stocks. The Dow is on its longest losing streak since 2020, down seven straight trading days. On Friday, the Dow down 86 points, led lower by shares of Nvidia, which were down more than 2%. The S&P 500 index was down just a fraction of one point. The Nasdaq was in the green on Friday. It was up 23 points. Companies whose shares hit fresh all-time highs on Friday include O'Reilly Auto Parts, Tesla, Williams-Sonoma, and Broadcom,

which is now a $1 trillion company. Its shares popped 20% on Friday. You know, that's unassailable trend in the S&P 500. You're like 1% off the highs. We haven't been below 6,000 since before Thanksgiving. So that's hanging in there fine. But without the buying panic and Broadcom, it might be a different story. And we still have more stocks down than up for the 10th straight session. CNBC's Mike Santoli. Investors hoping that the year-end rally picks up again. Some say a Fed rate cut at the coming meeting on Tuesday and Wednesday. Well, that's already baked into stock

prices now, even though inflation's been ticking higher. What will the Fed do? Yeah, I don't think it's an easy decision. I think on the margin, they'll probably cut. But I think we need to see demonstrable improvement in inflation from here because I want to be very cautious and deliberate after this meeting. Former Dallas Fed President now with Goldman Sachs, Vice Chairman Richard Kaplan on CNBC. Apple and Google, which own the Apple App Store and the Google Play Store, where users get apps for their phones. Both have been instructed by a House committee to prepare to dump TikTok next month. TikTok could be banned or sold off in the coming weeks. Many in Congress dead set that it shouldn't be on the phones of 150 million

Americans while it's owned by China. Listen, it's amazing with technology how we can work things out, how quickly, given how innovative our folks are, that they can make these things work. And I have full faith that if we sold to an American, if they sold to an American company, everyone would be up and running. And we made sure that, you know, all of our small business owners would be taken care of. And we protect our national security. Listen, again, I'm all for the app as long as it's not controlled by our number one adversary who seeks to do us harm and push disinformation to our citizens and undermine our strength and national security. New Jersey Congressman Josh Gottheimer on CNBC. The holiday season is on. Americans have jobs. They're making more money and they're spending the economy in pretty good shape.

This year, what we really saw is that wage growth outpaced the rate of inflation. So it's not only inflation, it's relative to what folks are getting paid. Folks were taking home real wages that they could spend, and we continued to see a consumer that spends. We think that story continues into 2025. We think wage gains will continue to exceed inflation rates. Edward Jones, Mona Mahajan on CNBC. Coffee futures have risen to near 50-year highs because climate change has impacted coffee bean producers. Starbucks giving smaller raises to baristas and other staff, according to Bloomberg, as the struggling chain tries to make a comeback. On the coming week's watch list, the Fed meets on interest rates. We get the

decision Wednesday afternoon. We get the latest data on retail sales, home sales, and consumer sentiment. And we get the latest read on U.S. economic growth with GDP gross domestic product. Jessica Ettinger, CNBC. Inside Wealth, an exclusive newsletter for a select audience. Inside Family Offices, how the wealthy become ultra- ultra wealthy. Robert Frank's high net worth perspective. Join the list at CNBC.com slash inside wealth.