CNBC Business News Update - Market Close: Stocks Mixed, Investors Expect Interest Rate Cut Wednesday, Toy Insider's Top Holiday Toys 2024 9/17/24

Episode Date: September 17, 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 Wednesday morning after a volatile and mixed day for the market. But after the Dow and the S&P 500 index each hit fresh record highs on Tuesday, they closed little changed. The Dow was down 15 points, the S&P 500 index up a point, the NASDAQ was in the green up 35 points. The market and the data have impressed me. I think what we're getting is, you know, more signs that a soft landing is something that can be navigated here by the Fed, and that clearly is what the market's responding to. So I'd say we're still in this position here where Goldilocks is looking and feeling pretty good for now. Cities, Scott Cronert on CNBC. Companies whose shares hit fresh all-time highs Tuesday include American Express, MasterCard, Visa, Travelers, and IBM. The Fed wraps up a two-day

meeting on interest rates Wednesday with an interest rate cut expected to be announced for the first time in about four years Wednesday afternoon. The new CNBC Fed survey said most believe it's going to be a quarter percentage point cut with a soft landing for the economy. A quarter percent is the same as 25 basis points. That's how experts refer to the move. I think 25 feels like the right way to start. A rate cutting cycle that, quite frankly, is not an emergency cutting cycle. It's a luxury to be able to cut at this point.

It's not necessarily a necessity that they need to go crazy. So I think that's where we are right now. Red Holtz welts Josh Brown on CNBC. Interest rate cuts mean that it becomes less expensive to borrow money. Good for businesses and good for consumers. Alaska Airlines and Hawaiian Airlines will be allowed to merge. The DOT has cleared the way for Alaska Airlines to close its merger with Hawaiian Airlines. There are some stipulations in terms of consumer protections, things like no expiration of miles, family seating is required. This means that Alaska, which was the fifth largest airline, solidifies its position. By the way, Hawaiian will continue flying under that brand, as will Alaska.

CNBC's Phil LeBeau. Toy Insider is out with its Hot 20 holiday toys for 2024. Hasbro's Play-Doh pizza delivery scooters on the list for three- to four-year-olds, along with a radio-controlled Godzilla made by Jada Toys. On the 12 under 20 toy list, that's a budget-friendly toy list, all under $20. Mattel's mini Barbie Land and Melissa and Doug's Sticker Wow set. Christmas is just 99 days away. On Wednesday's watch list, the Federal Reserve expected to announce an interest rate cut.

We get earnings from General Mills. We get housing starts and building permits numbers. The Business Roundtable releases its quarterly CEO Economic Outlook survey. Wendy's starts selling junior bacon cheeseburgers. For one cent on Wednesday, you have to make an additional purchase. It's to mark National Cheeseburger Day. And the deal runs through the weekend. Jessica Ettinger, CNBC.

CNBC unveiling its inaugural NFL valuations list. Dallas Cowboys, number one at $11 billion. The NFL is the biggest and most profitable sports league in the world. Exclusive NFL team valuations now on CNBC.com slash sport.