CNBC Business News Update - Market Close: Stocks Rally, UAW Slams Musk & Trump For Union Busting Chat, Starbucks Shares Spike On New CEO 8/13/24

Episode Date: August 13, 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 winning day for stocks. On Tuesday, on tamer than expected inflation at the wholesale level, the S&P 500 Index and the NASDAQ are each on four-day winning streaks. Let's check the numbers. The Dow is up 408 points, more than 1%. The S&P 500 Index back above 5,400 up 90 points one and a half percent and the Nasdaq up 407 points that was almost two and a half percent. We are still a

few percent below the highs the record highs of a few weeks ago in the S&P 500 in the Nasdaq. The market behavior itself has been very encouraging every day without a surprise has meant the market makes a little more progress. CNBC's Mike Santoli. Chipotle shares fell 7% Tuesday as the CEO said goodbye. Brian Nickel leaving to take the top job at Starbucks, whose shares soared 24%. On that news, critics say Starbucks has become a slow coffee shop with dirty stores and high prices. People are really excited about nickel coming in. Look, this guy's a dream come true, okay? I mean, he came in at Chipotle with Chipotle, I don't know if you remember, which is in disarray.

Yeah. And he fixed the organization. Well, that's what Starbucks needs. When you get someone this monumental running the company, it is, there's hope for change. CNBC Mad Money host Jim Cramer. The United Auto Workers Union slamming Donald Trump and Elon Musk with federal labor charges over their union-busting comments in a delayed chat on Twitter Monday night. Now X. They cheered on the practice of firing employees who threatened to strike. The UAW is suing, threatening legal action, Musk and Donald Trump over those comments, saying it's anti-union,

you can't threaten to fire or fire people for going on strike or organizing. We know that Musk has been largely resistant to unionization within Tesla, even though that's still trying to happen. CNBC's Steve Kovach. Google has beaten Apple to the market with AI-powered Android Pixel 9 phones. The Google Gemini AI experience is available now on most Android phones as an overlay app. The Gemini Live feature will be available on select devices as a $20 a month subscription. The Pixel 9 Pro phone comes with a free year of Gemini Advanced, and the phone starts at $1,000. Home Depot says it expects sales

to worsen as consumers get more choosy about their spending. Some analysts remind investors that Home Depot had it pretty good in the pandemic. The Home Depot, the home improvement category, benefited significantly during the pandemic. Demand trends spiked higher. I think now we're just in that post-pandemic reset. Oppenheimer's Brian Nagel on CNBC. On Wednesday's Watch List, we get the latest on consumer inflation. It's the July CPI Consumer Price Index. Earnings are coming from Cisco, UBS, and Cardinal Health.

We find out how many people applied for mortgages last week. And here comes pumpkin spice lattes at Krispy Kreme. Brand Eating says both the latte and the pumpkin spice cake donut are back on the menu at Krispy Kreme through the end of November. Jessica Ettinger, CNBC. September 10th, CNBC.