CNBC Business News Update - Market Close: Stocks Rally, Inflation Lower, Carnival Shares Cruise Higher 12/20/24

Episode Date: December 20, 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 Monday morning for a full trading session, with Tuesday a half day after a Friday rally for stocks. This after investors rode the Dow down 1,100 points last Wednesday on a signal the Fed may not cut interest rates next year as much as first thought. On Friday, the Dow up 498 points, more than 1%. It was led higher by shares of Nvidia, which were up 3%. The S&P 500 index up 63 points, more than 1%.

And the Nasdaq up 199 points, more than 1%. Apple with a fresh all-time high on Friday. But some investors are cautious. Maybe sell out some of the cyclical stars a little bit and just move the portfolio. It's still invested, but move it a little towards more defensive posture. Because we haven't had a correction since October of 2023. And while everyone feels that things are good now because the Fed's easing, most other things are tightening. Paulson Perspectives author Jim Paulson on CNBC.

On Friday, investors loved the latest on inflation. After several months of it going higher, a lower number in December in the PCE, the Personal Consumption Expenditures Report, 2.4 percent. That was lower than expected. Coming into the Christmas season and it's nice to get a number that's better than expected. And I've been feeling that we're still on path to get to 2%. And at least for this new month, you don't want to make too much out of any one month. But I'm hopeful that this suggests that the couple of months of firming were more of a bump than a change in path. Chicago Fed President Austin Goolsbee on CNBC. Big weekend at retail ahead of Christmas with Super Saturday,

the second biggest shopping day of the year. Sunday's the fourth busiest. Yeah, this is an exciting time. It's really sort of a track meet at this stage. Kickoff on Thanksgiving and the end of the game at Christmas. The question is, can the retailers process all the transactions they need to? Former Walmart CEO Bill Simon on CNBC. No big sales at Party City, though the party's over.

It closed all stores Friday after struggling, according to CNN. Carnival shares cruised higher Friday. And if you want to go on a cruise next year, you should have booked a while ago because prices aren't coming down. As great a year as 2024 was, we're actually better booked at higher prices today than we were a year ago. So I think the outlook is pretty fantastic. People are wanting to buy experiences. And that is what we deliver, right? It's food.

It's bar. It's shore excursions. It's spa treatments. It's things that make people enjoy their holidays with their loved ones. And that's what people are spending on. So somebody's going to get a cruise under their Christmas tree. I would encourage everybody, if you want a cruise in 2025, book now because we're running out of inventory.

Carnival CEO Josh Weinstein on CNBC with CNBC's Courtney Reagan. On Monday's Watch List, we get the latest on consumer confidence. Monday is the third biggest shopping day of the year. Retailers will be open late Monday night for shoppers before many have modified shorter hours on Christmas Eve Tuesday. Jessica Ettinger, CNBC. Inside Wealth, an exclusive newsletter

for a select audience. Inside Family Offices, how the wealthy become ultra wealthy. Robert Frank's high net worth perspective. Join the list at cnbc.com slash inside wealth.