CNBC Business News Update - Market Midday: Stocks Higher, Nasdaq Crosses 20k For The First Time, Inflation Higher 12/11/24

Episode Date: December 11, 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 for November came in hotter, but as expected, and not so high that it would prevent maybe, investors think, the Fed from cutting interest rates next week. Stocks are higher this afternoon on Wall Street. The Dow up 40 points, being led higher by shares of Salesforce, up almost 3%. The S&P 500 index up 54 points in the NASDAQ, up 333 points. The NASDAQ has crossed the 20,000 mark for the very first time. Companies whose shares have hit fresh all-time highs today include Google Parent Alphabet, Amazon, Facebook Parent Meta, Netflix, Costco, and Apple for the ninth trading day in a row. The CPI at a rate of 2.7 percent. That is higher than the Fed's target of 2 percent. November consumer price index expected up three-tenths of a percent. On the headline comes it exactly as expected. Year over year, up 2.7, as expected. 2.7 is the warmest since July when it was 2.9. The high water mark is 3.5 from March of this year. CNBC's Rick Santelli. And inflation's going in the wrong direction for a few things. The reacceleration of food at home, up 0.5 percent

of used cars, up 2 percent percent these numbers have been negative for a while now they seem to be coming back up the peril turning around had been negative in the prior month up 0.2 percent that's cnbc senior economics reporter steve leesman it's unmistakable that the last four months with core up 0.3 percent month over month is a trend and so that's an uncomfortable trend. BNY Wealth's Alicia Levine on CNBC but she says interest rates are still too restrictive. She believes the Fed can make a rate cut next week. The Philadelphia Eagles, the latest NFL team to sell a stake to private equity as team owners use the newly approved by the league tool to take cash out of their teams. Meantime, Nike has renewed its contract with the NFL after the league briefly courted other

bidders. Mortgage rates have been moving around, but even tiny ticks down have helped push demand. Mortgage rates actually fell again last week. Not a huge drop, but enough to push a little surge in refinance demand. Demand from home buyers has been gaining over the last several weeks as more inventory comes onto the market. Mortgage rates, though, did gain 10 basis points to start this week. That's according to a separate survey from Mortgage News Daily. That erased a lot of last week's drop. CNBC's Diana Olick, the average rate today on a 30-year fixed rate home loan, 6.7 percent, according to Mortgage News Daily. Insurance stocks have been struggling after the murder of the CEO of UnitedHealth on public outcry over the health insurance business model

of denying claims to boost profits. Albertsons is suing Kroger and terminating their merger agreement one day after a judge blocked the proposed deal. According to the New York Times, the companies had said it was their way to survival against the biggest grocery seller in the U.S., which is Walmart. While critics called the idea anti-competitive and would lead to higher prices for consumers. Amazon Autos, open for business. Amazon's selling cars now. Its first brand is Hyundai, but it's working to add more manufacturers and dealers to buy a car on Amazon.

You can get a loan there, schedule a pickup, and trade in your existing vehicle on the site. Jessica Ettinger, CNBC. CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.