CNBC Business News Update - Market Close: Stocks Mixed, Fed Cuts Interest Rates By .25%, Nvidia Poised To Enter The Dow 11/7/24

Episode Date: November 7, 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 Friday morning after mixed markets on Thursday. The Dow just dipping into the red, down a half a point. The S&P 500 index was in the green, up 44 points, three-quarters of a percent. The Nasdaq soared, up 285 points, one and a half percent. On Thursday, Netflix, Amazon, and NVIDIA, all Nasdaq companies, up 285 points, 1.5% on Thursday. Netflix, Amazon, and Nvidia, all NASDAQ companies, they all hit fresh record highs.

The Fed cut interest rates by a quarter percentage point. The economy is expanding at a solid pace, same language as last time. Labor market conditions have generally eased before. In the prior statement, it said that labor market conditions have slowed. I think that's a little bit better characterization than it had been. Inflation, it says, has made progress towards the 2% target. CNBC senior economics reporter Steve Leisman, if you're carrying a balance on your credit cards, don't expect any near-term relief. That's right, especially for things like credit cards where the average is still over 20%. I mean,

really the advice there is get a 0% balance transfer card, work with a reputable nonprofit credit counselor, do what you can to pay it down. Credit card rates are high. They're going to stay high. Bank rates, Ted Rossman on CNBC. More Fed rate cuts are ahead, according to some experts. I think inflation they're comfortable with. Inflation has been coming down. Their biggest concern is if there is a slowdown in the economy and if the unemployment rate starts to rise very, very quickly, then they will have wished that they've continued on with their pace to cut interest rates. 25 today, 25 in December, and I think they're on a mission to 4% and then they're going to reevaluate. Morgan Stanley's Jim Caron on CNBC. Slightly more people applied for unemployment benefits last week with job cuts

still at historically low levels. 221,000. They continue to be well behaved. CNBC's Rick Santelli. Zillow shares jumped on strong quarterly results with the average rate on a 30-year home loan at its highest in four months. CNBC's Sarah Eisen asked Zillow's CEO about the Trump plan to bring down home prices. Housing affordability, clearly front and center issue for Americans in the campaign. What President-elect Trump had said about it is that a lot of it, the affordability problems is due to illegal immigration, and that after he carries out the largest deportation operation in history, that will ease prices by reducing demand.

Do you agree? Are you optimistic that that can help? The big challenges in the real estate market are affordability and availability. Those are the two structural problems we have to work on. CNBC's Sarah Eisen with Zillow CEO Jerry Waxman on CNBC. On Friday's watch list, NVIDIA and Sherwin-Williams will be added to the Dow as Intel and Dow Chemical leave that index. Earnings are coming from CBS parent Paramount, AMC Networks, and Outback Steakhouse parent Blumen Brands. The Grammy nominations come out Friday morning. New in theaters, Lionsgate's The Best Christmas Pageant Ever, Sony's Overlord, The Sacred Kingdom, Vertical's thriller Elevation,

and A24's horror film Heretic. Jessica Ettinger, CNBC. November 13th in New York City, an elite group will gather, discussing what the business of tomorrow will look like, and you can be a part of it. Register now at DeliveringAlpha.com.