CNBC Business News Update - Market Midday: Stocks Lower, Apple Shares Turn Around And Hit Record, Latest On Inflation Comes Tomorrow 6/11/24

Episode Date: June 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Edinger. CNBC markets in the red on Wall Street this afternoon. The Dow down 225 points and they're led lower by Boeing on disappointing orders and deliveries numbers. Boeing shares down three and a half percent this afternoon. The S&P 500 index down 16. The Nasdaq is down 11 points. Companies whose shares have hit fresh all-time highs today include Micron, Broadcom, Applied Materials, Eli Lilly, and Costco. The Fed is meeting right now on interest rates. It is a two-day meeting. The decision comes tomorrow afternoon. It's widely expected to hold them steady, but investors are on hold for tomorrow morning's data. The CPI, the Consumer Price Index for May, will be out at 8.30 Eastern. That's the latest on inflation.

Apple shares hit a record high today after investors initially gave a big yawn yesterday to Apple's announcement of new AI features in phones. CNBC's Mad Money host Jim Cramer says he spoke with Apple's CEO and he's sold on it. I spent a lot of time talking to Tim after, Tim Cook, CEO, and I think that what you have to do is you have to say, all right, if you put all these things together, unless you own the Pro or the Pro Max 15, you're going to want to upgrade. I think there's a lot of little things that add up to something that's incrementally revolutionary. Other investors agree. So many iPhone users need new phones. This might just get them to upgrade. This is going to drive iPhone replacement sales because

it only works for now on the iPhone 15 Pro. So you'll have to wait and see the new models come out to experience these AI services. And they have a huge installed base, which is coming up for overdue for replacement. Arita researches Richard Kramer on CNBC. Elon Musk speaking out against Apple's partnership with OpenAI. Tesla CEO and OpenAI co-founder Elon Musk now threatening to ban iPhones from his companies. He's citing the possible security risk around the Apple OpenAI deal in a series of posts on X, also known as Twitter. Musk calls the tech creepy spyware, adding Apple has no clue what's actually going on once they hand your data over to OpenAI. He also threw in there, they're selling you down the river. CNBC's Frank Holland. The port of Baltimore again opened for business. The shipping

channel had been cleared after the key bridge was hit by a container ship at the end of March. That resulted in the fatal collapse of that bridge. GM's board has approved a new six billion dollar share buyback plan. Eli Lilly shares were higher after a panel of FDA advisors recommended the approval of its new Alzheimer's drug. Tiana's Bayou Adventure, Disney's redo for the Splash Mountain Ride, which was torn down, is opening at the end of the month. It's the next step in Disney's $60 billion theme park investment. Tiana's Bayou Adventure is at Disney World in Orlando. Jessica Ettinger, CNBC. I just love this game. So excited to share it with the world.

The Olympics from Paris starts July 26th on NBC and Peacock.