CNBC Business News Update - Market Midday: Stocks Lower, Dow on Longest Losing Streak Since April, Broadcom Now A 1 Trillion Dollar Company 12/13/24

Episode Date: December 13, 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. down 41 points this afternoon, and it's being led lower by shares of NVIDIA, which are down 2.5%. The S&P 500 index down 7, the NASDAQ down 38 points. There are companies whose shares have hit fresh record highs today, and they include O'Reilly, Auto Parts, Tesla, Williams-Sonoma, and Broadcom, which is now a $1 trillion company, Broadcom shares popping 20% this afternoon. United Health Group's CEO with an open letter after the CEO of the health insurance division was murdered in New York. United Health Group CEO Andrew Witte has a guest essay in the New York Times published early this morning. And he says the company is struggling to make sense of the unconscionable murder of executive Brian Thompson, as well as the vitriol directed at UnitedHealth colleagues who have been barraged by threats. He says in his words, we know the

health system does not work as well as it should. We understand people's frustrations with it. CNBC's Joe Kernan. Business leaders signaling to President-elect Trump to be strategic about deporting immigrants. I want to look at how the job market is going to be affected and workforce growth is going to be affected by these deportations. Deporting criminals, great. Sealing the border, great. But I want to be careful that we don't inadvertently shrink the workforce. We need workforce growth. Workforce growth is disinflationary.

And it's one of the reasons why the Fed has been able to do the cuts they've done. Goldman Sachs Vice Chairman Robert Kaplan on CNBC. Consultant McKinsey & Company paying more than a half billion dollars to settle a U.S. opioid consulting investigation. And an ex-partner will plead guilty to obstruction in that case. As coffee futures rise to near 50-year highs because climate change has impacted coffee bean producers, Starbucks will give smaller raises to baristas, according to Bloomberg,

as the chain tries to make a comeback. YouTube TV will cost more in the new year. Alphabet's YouTube TV is raising the price of its streaming plan by $10 a month to $82.99 a month. That is a 14% hike. For new subscribers, the change takes effect immediately. It kicks in for existing subscribers on January 13th. The company citing rising content costs for that change in price. CNBC's Becky Quick. The Mega Millions jackpot tonight, a whopping $670 million. Jessica Ettinger, CNBC. Inside Wealth, an exclusive newsletter for a select audience. Inside family offices, how the wealthy become ultra wealthy. Robert Frank's high net worth perspective. Join the list at cnbc.com slash inside wealth.