CNBC Business News Update - Market Close: Stocks Mixed, Oil Higher, Gold Hits Record High, Biden Plan To Make It Easier To Cancel Subscriptions 8/12/24

Episode Date: August 12, 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 Edinger, CNBC. Wall Street opens Tuesday morning after a mixed day for the markets. The Dow was down 140 points, three-tenths of a percent. The S&P 500 index was up just two-tenths of a percent, but that counts as in the green. And the Nasdaq up 35 points. The Dow had its first losing day in three. Companies whose shares hit all-time highs Monday include T-Mobile, GoDaddy, and Welltower. Gold closed at a fresh record high on Monday, $2,504 an ounce. It's up 20% so far this year. Oil also ticking higher as tension rises in the Middle

East. U.S. crude topping $80 a barrel for the first time in about three weeks. The three-year inflation outlook has hit a record low as Americans are feeling better about the direction of the economy. The New York Fed survey of consumer expectations put the three-year inflation outlook at 2.3 percent. But that's a forecast. We're going to get real inflation data with the Consumer Price Index Tuesday morning. And the overall is expected to tick slightly higher. But the core number would come down. Looking at the upcoming data here, the CPI on Tuesday, seen firming, but not a bad number.

Zero-two year-over-year from zero-one in the prior month. The core going up by a tenth to 0.2%. So the monthly CPI numbers are expected to bring the year-over-year rates to 3 percent for the headline and 3.2 percent for the core remains high by Fed standards, but the core would fall a tenth, moving slowly in the right direction. CNBC's senior economics reporter Steve Leisman. Regional bank Keycorp shares popped Monday after the Bank of Nova Scotia agreed to take a stake in the company. JetBlue shares sank on news it's raising more than $3 billion

by issuing debt to improve its liquidity. The borrowing will be backed by its loyalty program, TrueBlue. It's fascinating. Yeah, well, obviously, you know, it's being taken as a little bit of a slightly desperate move. But those are that's where the value is. I mean, if you even look at Delta, it's it's it's the value is in the rewards program, believe it or not. CNBC's Mike Santoli. CNBC, your money, your vote. Sunday night, Vice President Harris's campaign brought in some big donations. New fundraising numbers from the Harris camp following a massive event in Silicon Valley. The campaign raised more than $13 million for the Democratic

ticket in a single night. Among the notable attendees, LinkedIn co-founder Reid Hoffman, also former Walt Disney Studios chairman Jeffrey Katzenberg, as well as Box co-founder Aaron Levy. Now, since Harris stepped in for Vice President Biden, the vice president's campaign says in July she has raised $310 million, while the Trump campaign and affiliated committees raised roughly $139 million. CNBC's Dominic Chu. And the Biden administration out with a new time is money initiative to make it easier for people to get refunds and to cancel subscriptions. The initiative targets companies that design ways to waste consumers' time and needlessly burden them with red tape to increase their profits. In one example, some subscription services need just one or two clicks to sign up,

but to cancel, you have to jump through time-consuming hoops. On Tuesday's watch list, there is a biggie for earnings. It's Home Depot and McDonald's trying to lure in people for a new collector's meal that comes with a collectible cup. Launching Tuesday, the cups will feature Barbie and Hot Wheels, Beanie Babies, Coca-Cola, Hello Kitty, and other nostalgic themes. Jessica Ettinger, CNBC.