CNBC Business News Update - Market Midday: Stocks Higher, Sling To Offer 1 Day Streaming Passes, Social Security Head Not Worried About Solvency 8/13/25

Episode Date: August 13, 2025

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 Eddinger, CNBC. Wall Street is back in the green this afternoon. The Dow is up 336 points, being led higher by shares of United Health, which are up 3.5%. The S&P 500 index back in the green, up 10 points. The NASDAQ, also in the green, up 22 points. InVIDIA shares, however, are still sitting in the red. They're down almost 1.5% this afternoon. The S&P 500 index and the NASDAQ, and the NASDAQ, also in the green, also NASDAQ each hit fresh record highs today. Sling TV, offering a low-cost one-day live TV streaming pass for consumers who are just done with paying for streaming services. They're not watching. The Hollywood reporter says a one-day pass will be $5. It'll activate live TV instantly, and it's perfect if you just want to watch one football game or one awards show. President Trump now considering 11 candidates for the next Fed chair. With inflation climbing, New estimates for the Social Security cost of living increase for next year are now out. It stands at 2.7 percent. Nothing's final. But it does go up as inflation goes up. And inflation is rising. About one in five Americans collect Social Security. The increase for this year was 2.5%.

And the head of the Social Security Administration says they're not running out of money. Isn't the future insolvency? Like, isn't that the hard truth about? Social Security? Well, you know, we will always face a curve and there will always be a solution, right? I mean, if you hear what people will forecast, it's 83% in 33. We're in 25. There's lots of time to fix this.

The Inspector General found 17 billion in improper payments. We already reduced half of that. So proper payments matter, I expect when we get to the latter half of the year and into next year. We'll be talking about what to do about solvency. Social Security Commissioner Frank Bisignano on CNBC. With mortgage rates sitting closer to 6.5% last week, refinancing activity popped higher. And the number of people who applied for mortgages to buy a home was up 17% over the same week last year. Home prices are weakening, but they're still quite high historically compared with it.

incomes. Mediterranean food chain Kava stock was lower after the company lowered its outlook on disappointing same store sales growth. Kodak says it may not be able to stay in business. This just a day after Spirit Airlines said it would need a cash infusion to keep flying. The number one challenge for businesses trying to hire new workers last year was candidates will drop out of the running for positions where remote work isn't offered, at least for a few days a week. A new hire rights survey found that at least some of the businesses not embracing flexible, remote work or missing out on some of the best available talent.

Candy giant Mars investing in gene editing research through a company that uses CRISPR to develop new cocoa plants more resistant to disease and hotter temperatures to try to stabilize the supply of cocoa. Food dive says aging trees and plant disease in West Africa, which produces 70% of the world's cocoa, have depleted the crop and that's been pushing cocoa prices to record highs. Jessica Eddinger, CNBC. Start streaming. Go to CNBC.com slash plus.