CNBC Business News Update - Market Midday: Stocks Lower, Nvidia Down 3%, Farmers Worried About Trump Tariffs 11/27/24

Episode Date: November 27, 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. The Fed's preferred inflation gauge, 2.3% annually in the PCE report. That's the personal consumption expenditures, and it meets expectations. But Wall Street's in the red this afternoon. The Dow down 41 points. The S&P 500 index down 29 points. And the Nasdaq falling 205 points now. That's down 1%. Shares of NVIDIA are down more than 3% this afternoon. That's dragging that index lower. Certainly a lot of uncertainty and cross-currents on the policy front. Markets seem to have handled it well. I think that's a reasonable response, sort of looking through to next year,

seeing a decent economic backdrop, a decent earnings backdrop. Silver crests Robert Teeter on CNBC. U.S. economic growth for the third quarter, a solid 2.8 percent, thanks in part to strong consumer spending, came in right as expected. The economy is doing just fine, right? 2.8 percent. A little bit stickier inflation out there. Jobless claims low. GDP doing pretty good with the consumption in there doing reasonably well. The economy GDP doing pretty good with the consumption in there doing reasonably well. The economy is doing just fine right now. CNBC senior economics reporter Steve Leisman. And as Steve mentioned, the job market remains strong. Fewer people applied for unemployment benefits last week than expected and below the pre-pandemic weekly normal.

On initial claims expecting 215,000, we come in at 213,000. That is the lightest level since April, since April of this year. CNBC's Rick Santelli. Consumer confidence came in higher than expected. That reading was out yesterday. That may be because of the strong job market. Mortgage rates had their first tick lower in two months. And mortgage demand popped last week up 12% from the week before to buy a home. Buyers are tired of rates over 7%, and they seem to jump and lock in when the rate starts with a 6. So today, the average rate on a 30-year fixed home loan is 6.95%, according to Mortgage News Daily. America's farmers are now worried.

President-elect Trump says on day one of his administration, here come tariffs. We're starting to see tweets out of the president talking about putting 25 percent tariffs on all goods from Mexico and Canada. That really gets the agriculture community quite concerned. Fertilizer Institute economist Veronica Nyes on CNBC. Potash, which is potassium, which is one of the three macronutrients that all plants need to grow and thrive. We get 98% of all of that fertilizer that comes into the United States. Canada is our largest supplier.

Farmers ultimately, she says, will have to pass on their costs to packaged goods producers and consumers. Today could set the record for most flyers going through U.S. airports in a single day. We won't know till we get post-holiday TSA data, but Frontier's CEO is confident they're ready. Huge demand. The holidays are the biggest we've ever seen. And people are headed to Florida, they're headed to the Caribbean, and then they're ready. Huge demand. The holidays are the biggest we've ever seen and people are headed to Florida. They're headed to the Caribbean and then they're even headed to Colorado to go snow skiing. So I think it looks like it's going to be a big weekend. A little bit of weather out there, so make sure folks show up early and obviously pack that patience for the TSA lines.

Frontier CEO Barry Biffle on CNBC. 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.