CNBC Business News Update - Market Close: Stocks Mixed, New Starbucks CEO With Observations, Bracing for Francine 9/10/24

Episode Date: September 10, 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Evinger, CNBC. Wall Street opens Wednesday morning after a choppy and mixed Tuesday of trading. The Dow fell 92 points, but that was off its low of 300. The S&P 500 index was in the green, up 24 points, about a half a percent. The Nasdaq was up 141 points on Tuesday, eight-tenths of one percent. The major averages all in the red so far for the month of September. Kind of hesitating. I think the market is in this mode of continuing to need almost daily reassurance that the macro is OK and that the consumer is hanging in there. CNBC's Mike Santoli. Uncertainty breeds volatility, and there's lots of uncertainty in this market. We have retail sales coming, and the consumer has really been driving this market all year. And then, of course, we have the much-anticipated Fed meeting next week. So I think there's a lot of anxious anticipation in the market. We expect to continue to see volatility for the remainder of the year.

Newburger Berman's Holly Newman Croft on CNBC. Starbucks new CEO Brian Nicol, on his second day in the job, is out with some plans on how to fix the struggling coffee chain. In an open letter to Starbucks partners, Nicol says that in each conversation he's had so far with employees and customers, two truths have emerged. First, that Starbucks is a beloved brand with wonderful people. And second, there's a shared sense that we have drifted from our core. In some places, especially in the U.S., we aren't always delivering. It can feel transactional. Menus

can feel overwhelming. Product is inconsistent. The wait too long or the handoff too hectic. These moments are opportunities for us to do better. CNBC's Kate Rogers. Meantime, Ritholtz Welts, Josh Brown told CNBC it's going to take time to fix Starbucks. Not a complicated situation to fix. You should not be standing in Terminal 5 waiting for a stupid JetBlue flight and see 700 people online outside of the only Starbucks. 20 million people come through that terminal every year, literally one Starbucks, and they're trying to make 700 different drink recipes. This is easy stuff. I don't think you need Brian Nickel to fix the problem here. The thing is, though, you've got thousands of stores. It's global. And it's going to take time to figure

out the configuration of these kitchens and retrain the staff in a way that's going to take time to figure out the configuration of these kitchens and retrain the staff in a way that's going to be meaningful. If they just put a Band-Aid on it, it's not going anywhere. Corrig, Dr. Pepper, paying a civil penalty of $1.5 million to settle with the Securities and Exchange Commission over inaccurate statements about how you can recycle K-Cup single-use coffee pods. The insurance industry watching as Tropical Storm Francine threatens the Texas-Louisiana border and could make landfall as a Category 2 hurricane. On Wednesday's watch list, we're going to get the latest on inflation

Wednesday morning, CPI Consumer Price Index for August. Markets will hold their traditional moments of silence to mark the 23rd anniversary of the 9-11 terrorist attacks and it is Patriot Day, a national day of service and remembrance. Jessica Ettinger, CNBC. CNBC unveiling its inaugural NFL valuations list. Dallas Cowboys number one at 11 billion dollars. The NFL is the biggest and most profitable sports league in the world. Exclusive NFL team valuations now on CNBC.com slash sport.