CNBC Business News Update - Market Close: Stocks Slide Ahead Of Inflation Reports, S&P 500 and Nasdaq Have Worst Day In 3+ Weeks, TikTok Tries To Prevent US Ban

Episode Date: December 9, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow.

I'm Peter Schach, now CNBC. points. The Nasdaq also lost extensive a percent or 123 points. The losses for the S&P and Nasdaq were the largest in more than three weeks, although the Nasdaq did set another record intraday high early in today's session. Former Boston Fed President Eric Rosengren says he'll be paying close attention to the fresh inflation figures and what the Fed has to say about its interest rate expectations for next year. In September, they were expecting four cuts over 2025. My own expectation is they're going to lower that probably to two, and that's going to reflect the uncertainty about what fiscal policy is going to be in the coming year. And also that if you look at core prices, core PCEs flattened out at a level

that's a bit higher than they want. TikTok is taking steps to prevent a U.S. ban in January. It's asked a federal appeals court to block a law requiring TikTok parent ByteDance to sell TikTok or face a U.S. ban. TikTok says such an action would cost U.S. creators and small businesses $1.3 billion in the first month alone. Optimism about household finances hit their highest since just before the pandemic in November. Those expecting their financial situation to be better a year from now amounted to 37.6%, the highest since February 2020,

according to a new survey from the New York Federal Reserve Bank. Peter Schach now, CNBC. Experience the power, CNBC.