CNBC Business News Update - Market Close: Stocks Mixed, Facebook Parent Meta On 17 Day Winning Streak, Valentine's Flowers Rarely Made In USA 2/11/25

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. Wall Street opens Wednesday morning after a mixed day for stocks. Investors have a lot of trade war worries on their minds. The Dow was higher, up 123 points, led higher by shares of Coca-Cola, which were up almost 5% on strong quarterly results. The S&P 500 index barely in the green, but up two points. The Nasdaq was down. It fell 70 points, a third of a percent. Shares of Nvidia were down a little more than a half percent.

Companies whose shares hit fresh record highs on Tuesday include Visa, T-Mobile, KFC and Taco Bell parent Yum Brands, Palantir and Costco. We know that there's going to be a lot of change on the horizon as we get through trade, immigration policy. There's really no way to get ahead of it and the best thing to do right now is to have a strategy but not to hit the panic button. Regions Wealth's Alan McKnight on CNBC. Facebook parent Meta started cutting thousands of jobs. Investors liked that and sent its shares higher on Tuesday. Meta shares are on their longest winning streak of any current NASDAQ 100 company since 1985, now at 17 straight winning days. Fed Chair Jay Powell told the Senate Banking Committee that the central bank doesn't need to be

in a hurry to lower interest rates any further. He testifies to a House committee on Wednesday. The federal agency that helps Americans fight big banks and other corporations has been told not to do any more work to help consumers. The CFPB, the Consumer Financial Protection Bureau, is the cop on the beat to go after fraudsters and scammers who cheat Americans out of their hard-earned money. And they have returned billions of dollars to the consumers who have been victims. And in doing so, they've earned some powerful enemies

who want to shut them down. And Elon Musk is doing that dirty work on behalf of those fraudsters. That's Maryland Senator Chris Van Hollen as Fed Chair Jay Powell testified to Capitol Hill. The Trump tariffs on Canadian oil expected to raise U.S. gasoline prices if they're enacted next month. U.S. refiners have become increasingly reliant on heavy crude from Canada because it's cheaper. With few viable alternatives, U.S. drivers would have to be ready for higher prices at the pump.

And Americans are making changes in how they're shopping. As inflation is everywhere, especially at the grocery store. We're seeing consumers make some choices. Egg price is really high, so we begin to see some trade-off. As consumers walk into that grocery store, that headline inflation of things like coffee and eggs is definitely on their minds. We're just seeing more choiceful behavior. Bank of America's Brian Spillane on CNBC. But consumers are buying Coca-Cola. They're paying for it in all sorts of sizes and packaging. The company's out with strong quarterly results and profit. We will have extra cash. We're in the process of working out what to do with that. Do we take the approach of reducing our debt levels or returning cash to shareholders? Coca-Cola CEO James Quincy on CNBC.

Valentine's flowers in demand for this Friday in this America First era. It's very difficult to buy American for your Valentine. About 90% of the fresh cut flowers being sold for Valentine's Day in the U.S. come from Colombia and Ecuador through Miami. On Wednesday's watch list, we get the latest on inflation, the January CPI, Consumer Price Index. Earnings are coming from Kraft Heinz, CVS, and Biogen. Practice begins for the Daytona 500 this weekend. Jessica Ettinger, CNBC. Team values continuing to soar. The countdown is on.

NBA team valuations revealed Friday in Squawk Box.