CNBC Business News Update - Market Midday: Stocks Lower, Tesla Fresh Record High, President Elect At NYSE 12/12/24

Episode Date: December 12, 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 in the red this afternoon with the Dow down 48 points, being led lower by shares of Nvidia, which are down more than 1.5%. The S&P 500 index has churned lower. It's down 8 points. The Nasdaq now down 36 points. It is below 20,000 after topping that yesterday for the first time. Companies whose shares have hit fresh all-time highs today include Tesla, MasterCard, Kroger, and Priceline

and Booking.com parent Booking Holdings. Some investors are bullish, but they say the Magnificent 7 stocks have already had a big run up and it might be time to look elsewhere. Well, in terms of the basket of the Mag Seven, I think there is still some upside to those companies, which I think is going to help the market continue to keep working its way higher. I just think that if you're trying to find the fastest race car here on the track, I'm not sure that you're going to get the best relative outperformance, technically speaking, from those names as you are going to get from more mid and small cap names. Piper Sandler's Craig Johnson on CNBC. Wholesale inflation popped last month in the producer price index for November. Year over year, not very good news here. Three percent on headline year over year. That's a big jump. We're expecting 2.6, 3%. You have to go all the way back to February of 23 to find a higher number. CNBC's Rick Santelli. The number of people who

applied for unemployment benefits last week hit a two-month high at 242,000, higher than expected, and signals a possibly cooling labor market. Time has named President-elect Trump Person of the Year. I do want to thank Time magazine. I've been on the cover many times. I don't know who has the record, but I can only probably talk well about 25 percent of the covers. But it's been an honor, and every time it's an honor, I will tell you. And thank you very much for doing it. The President-elect speaking there at the New York Stock Exchange, ringing the opening bell this morning as the markets are near all-time highs. His pick for Treasury Secretary Scott Bessant stood with him.

We've gone up since the election. I was just told by Scott, everybody said, you have to pick Scott. Scott Bessant, he has to be the one chosen for Treasury. Where is Scott? Let's see, he's around here someplace. He's around here. He told me we picked up $3 trillion since the election day. And I said, well, that's good. But what about before the election day? He said, we picked up some money there because they thought you were going to win. I said, I like this guy. He's going to be my Treasury secretary. You can see the full remarks at CNBC.com.

The banking industry says it's exploring all options to push back on a new rule capping overdraft fees. The new Consumer Financial Protection Bureau rule starts October 1st of next year. It drops the average overdraft fee from $35 for each occurrence to $5, saving consumers billions. Beverage company shares were ticking higher today. Coca-Cola, PepsiCo, Keurig, Dr. Pepper. After Deutsche Bank analysts said more people are heading to restaurants and impulse buying snacks. Heading into the new year, Tommy Bahama parent Oxford shares were lower on disappointing quarterly results. We get quarterly results this afternoon

from retail giant Costco. 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.