CNBC Business News Update - Market Midday: Stocks Lower, Inflation At 2.7% For December, Oil At Highest Since Before Thanksgiving 1/13/26

Episode Date: January 13, 2026

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I'm Jessica Eddinger, CNBC, red on the screen this afternoon. Major averages all lower. The Dow down 322 points. Salesforce leading it lower, those shares down 5%. Verizon down 4.5. J.P. Morgan down 3 and a half. The S&P 500 index down 16 points. The NASDAQ down 8 points.

Shares of Nvidia are up a half a percent this afternoon. It won't take much to see volatility increase. We just had three straight. years of double-digit growth in the S&P, up 16% last year, 23% in 2024, and in 2023 we had 24%. So the expectations are high, the valuations are rich for the broader market overall. Because I have conviction in the underlying strength of the economy, volatility increases, use it to your advantage and buy on dips. High Towers Stephanie Link on CNBC. Inflation came in as expected for December, up 3 tenths of

1% from November. The rate of inflation is sitting at 2.7% in the CPI, the Consumer Price Index report. The Fed's target, of course, is much lower, 2%, which is closer to where inflation was before the pandemic in 2019. It was sitting at 1.4%. Yeah, most likely we're not going to be getting to the Fed's target in any quick fashion in terms of the economy in general. I think there are certain areas that over time, on a very long glide path can get closer to 2%. But I think the general awareness out there is that somewhere between 2 and 3, 2 and a half, 2 and 3 quarters, and some metrics, as high as 3, is going to be the new normal. And we're just all going to have to get used to that.

CNBC's Rick Santelli. Here's a take on December inflation from CNBC's Carl Kintania and Mad Money host Jim Kramer. Look, shelter's still too high. Food at home is still too high. Surprising break and used cars. I can't find that in the actual work. work that I do. Yeah, grocery, two, four, year on year. And seven-tenths. That's the biggest monthly gain in about three years. Food's too high. A lot of that is tariffs. A lot of that is, say, for instance, when you deal with Brazil, Brazil would be a way to get cattle down. Cattle is a principal source of food inflation. I'm surprised the president hasn't addressed it yet. Crude oil at its highest today since before last Thanksgiving. You may see prices at the pump start to tick higher.

earning season is on. J.P. Morgan shares were higher. It reported better than expected quarterly results. Profit got hit, though, by a one-time charge for taking over the Apple credit card business. Delta Airlines forecasting a 20% jump in profit for this year. It's cutting capacity, raising airfares. It's also ordered its first Boeing 787 Dreamliner jets. They'll be delivered in five years. Global Central Bankers, uniting in defense of Fed Chair Jerome Powell, a joint statement includes the heads of the European Central Bank and the Bank of England, among others, slamming what they call a politically motivated criminal investigation by the Trump Department of Justice into Powell. Jessica Eddinger, CNBC.

Warren Buffett, America's greatest investor on business, philanthropy, and life. Becky Quick with never-before-seen interviews. Warren Buffett, a life and legacy, a two-hour event. Tuesday 7 Eastern, CNBC. Thank you.