CNBC Business News Update - Market Midday: Stocks Higher, Investors Hoping For September Fed Cut, McDonald's Adds "Kit Kat Banana Split McFlurry" 7/10/24

Episode Date: July 10, 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's in the green. The Dow higher after opening lower. It's up 95 points. The S&P 500 index up 20 points. The Nasdaq now up 94 points. That's a half percent. The S&P and the Nasdaq are building on fresh record highs. They opened with this morning. Apple shares have hit a fresh all-time high today. Other companies too, Royal Caribbean, TJ Maxx and Marshall's parent TJX companies, and Eli Lilly. Investors looking for a Fed interest rate cut, possibly in September. After Fed Chairman Jay Powell's remarks to a Senate committee yesterday, he is speaking to a House committee today. He lowered the landing gear. By that, I mean he's setting us up for a September cut and maybe even the day after election cut.

Blank shines. Robert Shine on CNBC. Walmart will open five automated distribution centers around the U.S. with chilled and fresh food areas as it tries to remain the number one grocery retailer in the country. Robotic systems will grab boxes and automatically stack pallets with things like eggs or peaches at the top. Slightly more people applied for mortgages last week than the week before, up just 1%.

It was down last week, 13% from the same week a year ago. The summer housing market remains slow. The average rate on a 30-year fixed home loan, 7% today, according to Mortgage News Daily. CNN is cutting 100 jobs. Tractor maker Deere cutting about 600 workers from three U.S. factories. It's moving production to Mexico. The U.S. is forecast to have 16% more millionaires in the next five years. And the new UBS Global Wealth Report, the country that's making the biggest percent of its population millionaires in the next five years. And the new UBS Global Wealth Report, the country that's making the biggest percent of its population millionaires,

is not America. It's Taiwan because of the booming microchip industry there. The U.K. is forecast to lose millionaires, partly because of sanctions of wealthy Russians and people who will move out of the U.K. to new low-tax locations. Meantime, the wealth flight from higher tax states to lower tax states like Florida may be turning around. States like Florida are facing a home insurance crisis, record heat, and a forecast for a record hurricane season. More than 250,000 taxpayers moved out of New York and California in 2022. That's according to the latest migration data from the IRS. The big winner was, yes, Florida, which added $36 billion in income in 2022. Texas gained $10 billion.

But out-migration is slowing down about 10% for both states. And the flows from Florida to New York, those were up, suggesting taxpayers are coming back. CNBC's Robert Frank. McDonald's with a new dessert on menus today. The Kit Kat Banana Split McFlurry for a limited time. Starbucks is giving away multicolor reusable summer straws today only with a cold drink purchase. Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run

forever. And then there's this one moment where everybody else starts to die and you're like, I'm not about to die. I'm about to get faster. The Olympics from Paris starts July 26th on NBC and Peacock.