CNBC Business News Update - Market Midday: Stocks Flat, GameStop Volatility Halts, Google Gears Up for IO Conference 5/13/24

Episode Date: May 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 Edinger, CNBC. Wall Street trying to keep its head above water this afternoon after opening 100 points higher. The Dow is now just up five points. The S&P 500 index up three points. The Nasdaq up 53 points. That's about a third of a percent. The market is in a good spot. We could see more move up from here, especially if we get an inline CPI print this week.

Callen Family Office's Raeanne Mitrioni on CNBC. The CPI print, by the way, the Consumer Price Index, that's the latest on inflation, and it's coming out Wednesday morning. Investors watching shares of GameStop. In its first hour of trading today. Eight volatility trading halts. About 20 minutes of actual trading. Shares popped more than 60 percent. This after the meme stock trader Roaring Kitty posted on Twitter, now X, for the first time in three years. Tech investors are paying attention for the next few weeks because the companies they're investing in are making big announcements.

Open AI with one today. On AI, Google starting a big event tomorrow. Tomorrow is Google's developers conference called IO, expecting more updates to its AI model called Gemini, which has kind of stumbled out of the gate. And Microsoft's developer conference exactly one week later on May 21st, expecting a lot of this to focus on AI PCs, also expecting more AI features in Windows 11, and of course, updates to the co-pilot assistant. And the most consequential of the bunch, it's going to be Apple's Worldwide Developers Conference on June 10th. This will be Apple's coming out party for generative AI. CNBC's Steve Kovach. The spring home selling season, very slow and disappointing for many real estate agents and would-be home buyers.

But it's ever so slightly better than last year. We are growing inventory year over year. New listings data is growing year over year. But context is key. 2023 was the lowest levels ever recorded in history. Housing Wires Logan Motoshami on CNBC. Hotel union workers ended their weekend strike against Virgin Hotels Las Vegas with contract talks now set for tomorrow. Apple store workers in Maryland voted to authorize a strike. And in the world of automobiles, the UAW faces a key test in the South with a vote this week at Alabama Mercedes-Benz plants.

Here's what's going to happen in Alabama. You've got approximately 5,100 workers at two plants near Tuscaloosa. The significance of this is, is this the next domino, if you will, in the foreign automaker plants in the South that's going to fall? If they are successful at the Mercedes-Benz plants in Alabama, then take a look at Hyundai and Toyota, two plants where the UAW has said, look, we believe we can organize those plants. The vote goes through Thursday. We'll have the results on Friday. CNBC's Phil LeBeau. Jessica Ettinger, CNBC. CNBC. Live ambitiously.