CNBC Business News Update - Market Midday: Stocks Higher, Dow On Pace To Break 9 Day Losing Streak, SCOTUS To Hear Arguments On TikTok Divestment 12/18/24

Episode Date: December 18, 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 Ettinger, CNBC. On this Fed decision day, Wall Street is higher. The Dow riding its longest losing streak since 1978 at nine straight trading days, but it's up 163 points this afternoon, being led higher by shares of NVIDIA, which are up more than 3%. The S&P 500 index also in the green, up 16 points. The Nasdaq is up 52 points. Target shares are higher and on pace to break a four-day losing streak. Some new data show more shoppers may be choosing Target than first thought for the holidays. The Supreme Court will hear arguments over the TikTok divestment law. The court did not pause the law, which calls for the social media platform to be sold by its Chinese parent company or to be banned in mid-January. It is Fed decision day. The Fed's widely expected to cut interest rates by a quarter percentage point this afternoon and then perhaps announce a pause. The cut should lower the interest you pay on adjustable loans like credit cards. But credit card issuers have been slow to cut their rates as the Fed has cut.

I expect a cut. The Fed hasn't dissuaded us of that. And I think that's very likely. But I do think the tone will change. Powell will, in the press conference and in the statement after the meeting, make the case that the Fed should go much more slowly in its rate cuts going forward. Moody's economist Mark Zandi on CNBC. Mortgage rates are higher. Mortgage demand fell last week. The housing market is slow. It's the holidays.

And higher rates give fewer people a reason to refinance. Today's rate on a 30-year fixed home loan is 6.9 percent. That's according to Mortgage News Daily. Back in September, it was 6.1. Homebuilders, meantime, started building fewer homes overall in November, but there's a split. They started construction on fewer apartment buildings, but a few more single-family homes. Yes, it was a miss on that top line overall number of housing starts. But when you separate out the single-family and the multifamily, that's the story. The driver down on the miss was multifamily and starts down 24% month-to-month. Single-family starts were actually up 6.4% month-to-month,

still down over 10% year-over-year. So builders, they're waiting to see what happens after the new administration takes power and what happens with regulation, what happens with mortgage rates. CNBC's Diana Olick. Traveling north for the holidays, your American dollar will buy you even more in Canada right now. The Canadian dollar hovering at its lowest level against the U.S. dollar since March of 2020. This is the government of Canadian Prime Minister Justin Trudeau faces a political crisis following the sudden resignation of his finance minister. CNBC's Frank Holland, one U.S. dollar now worth more than $1.41 Canadian. Conversely, it's pretty expensive now for Canadians traveling to the U.S. The college football team that wins the 2024 Pop-Tarts Bowl this year gets a new trophy.

GE stepping in with a fully operational toaster as part of the trophy so the team can warm up their Pop-Tarts. The Pop-Tarts Bowl this year, December 28th in Orlando, Iowa State and Miami. Mega millions with no winner last night. Friday night's jackpot is now $825 million. Jessica Ettinger, CNBC. Jim Cramer is the benefit you get that you can't get anywhere else. He has a unique ability to know the market, explain it to people. It's a great value. Get invested.

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