CNBC Business News Update - Market Midday: Stocks Lower But Off Earlier Lows, Pending Home Sales Tick Higher, "Mufasa" & "Sonic" Each Win 12/30/24

Episode Date: December 30, 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. Wall Street's in the red this afternoon, but the major averages are off their earlier lows. The Dow had been down 700 points. It's now down 340 points, being led lower by shares of Nike, which are down almost 2%. The S&P 500 index down 50 points. The Nasdaq down 185 points. That's just about 1%. Shares of NVIDIA in the green this afternoon, they're up 1%. Before the market opened, the S&P 500 index was up 25% so far this year.

It's best since 2021. It's now up 24% for the year. Still a very strong year, with one trading day left, a full day tomorrow. In observation of a national day of mourning after a president's death, the New York Stock Exchange will be closed on January 9th, the date of the state funeral for former President Carter. Would-be homebuyers are tired of waiting for mortgage interest rates to fall and pending home sales. Well, they ticked higher in November. Pending home sales in November were up 6.9% from November last year. That according to the realtors, that is slightly better than expectations. And the fourth straight month of gains. Remember, this count is based on signed contracts.

So that's people out shopping in November when the average rate on the 30-year fix spent much of the month over 7%. NAR's chief economist, Laura Stead, said in the release, consumers appeared to have recalibrated expectations regarding mortgage rates and are taking advantage of more available inventory. CNBC's Diana Olech. Boeing shares were down 4% earlier, now down less than 2% as they recover slightly this afternoon. Following the crash of a Jeju 737-800 in South Korea, killing 179 people, it's unclear what caused the crash. South Korea's transport ministry says it will carry out a comprehensive special investigation of the aircraft. America First Republicans are fighting the president-elect on immigration, saying Americans should be given top tech jobs. President-elect Trump weighing in on a feud among Republicans over H-1B worker visas. Trump telling the New York Post that he supports the program, which allows employers to temporarily hire non-citizens

for highly skilled jobs. Trump allies, including Elon Musk, have argued that the H-1B visas benefit the country. CNBC's Bertha Coombs. In a flip-flop, President-elect Donald Trump now wants to pump the brakes on a TikTok ban. President-elect Trump asked the Supreme Court to pause implementation of that law that would ban TikTok in the U.S. Believe it or not, it was going to happen on January 19th if the app isn't sold by its Chinese parent company. The court is due to hear arguments in the case on January 10th, and Trump's attorney said the president-elect takes no position on the underlying merits of the case, but requests that the deadline be paused while it considers the case, and then allow the incoming administration the opportunity to pursue a political resolution. CNBC's Joe Kernan.

The U.S. city where home prices climbed the most in 2024 is Anaheim, California. Prices up more than 12 percent in one year. Paying off debt, the number one money goal for Americans in the new year, according to numerous surveys studied by CNBC, members of the CNBC Financial Advisors Council say with the new year, it's a great time to make sure your spending aligns with your goals. 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.