CNBC Business News Update - Market Midday: Stocks Higher, Inflation Ticks Up In October, DJT Insiders Sell Shares 11/13/24

Episode Date: November 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger. CNBC inflation came in as expected last month. Stocks are now higher on Wall Street this afternoon. The Dow up 171 points. It's up three-tenths of a percent. Amazon shares leading it higher. They're up almost two percent. The S&P 500 index up 11 points. The Nasdaq barely hanging in. It's up two points. October's inflation rate was higher than September's. Year over year, 2.6 as expected, but two tenths hotter than the rear view mirror. Two tenths hotter than the rear view mirror. That is basically a very important issue to pay attention to, considering that this really has been, out of all the inflation metrics, following a linear path down pretty much every month this year.

So we see that pop. CNBC's Rick Santelli. The cryptocurrency called Dogecoin spiking after President-elect Trump announced a Department of Government Efficiency, DOGE. It'll be run by Tesla and Twitter now ex-CEO Elon Musk and Vivek Ramaswamy. Trump Media's chief financial officer and two other insiders. Well, they're cashing out, selling millions of dollars worth of Trump Media shares. Ticker symbol DJT, Donald J. Trump. The company owns Truth Social. Mortgage demand stalled last week as the housing market digests a Trump presidency.

Applications to buy a home were up just 1% last week from the same week a year ago. Mortgage rates are a full 1% lower now than they were a year ago. About half of all U.S. states have under $3 a gallon gas. AAA says the national average for a gallon of regular, $3.07. Under the Biden administration, the U.S. became the world's biggest oil producer. But with supply so high, demand so low, and prices down, investors don't necessarily want any more production in the incoming Trump administration. While President-elect Donald Trump has said he wants to drill baby drill, it's really unclear whether or not the industry will actually heed that call because, of course, the market already looks oversupplied. We had OPEC out with its monthly oil report bringing down its demand forecast. And so it's not as if executives

want to increase their output so much into a market that's already pretty well supplied for 2025. CNBC's Pippa Stevens. Amazon shutting down its ad-supported streaming service called FreeV. It launched five years ago. It was free. Content will be moved to Prime Video, which is not free. Holiday sales are forecast to be up this year, but it'll be below average growth, according to the new S&P Global Ratings U.S. Holiday Retail Sales Outlook, which says budgets are pressured for families, and there are five fewer shopping days this year between Thanksgiving and Christmas, just 27 this year instead of last year's 32. Paramount says the return of the series Yellowstone for part two of its final season on Sunday night delivered the show's biggest audience ever. Krispy Kreme has been handing out free dozen glazed donut boxes to the first 500 people at each participating store today.

It is World Kindness Day. Jessica Ettinger, CNBC. Don't miss CNBC Pro's Best Deal of the Year. Sign up now at cnbc.com slash pro early access. Terms and restrictions apply.