CNBC Business News Update - Market Midday: Stocks Lower, UNH Shares Down After CEO Killed In NYC, Credit Card Interest Rates Soar 12/5/24

Episode Date: December 5, 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 Ettinger, CNBC. The S&P 500 this afternoon up a point. The Nasdaq is up 22 points. Companies whose shares have hit fresh all-time highs today include Walmart, Apple, Netflix, and Cisco. President-elect Trump campaigned on a drill-baby-drill platform, but there's too much oil on the market for the demand that's out there. Even OPEC Plus today decided not to increase production. Trump wants lower oil prices. A number of his senior officials, incoming members of the administration have talked about $50 oil. But is that good for U.S. producers? They're running on drill, baby, drill. But these companies also don't want to drill themselves out of business. RBC's Halima Croft on CNBC Oil sitting at about $68 today. Prices at the pump

keep falling. AAA says the national average for a gallon of regular now $3.03 with two-thirds of all U.S. states enjoying gas at under $2.99 a gallon on average. Low-cost airline Frontier looking to squeeze more out of flyers by adding a first class section on its planes. JetBlue cutting less profitable routes and tweaking some of its flights, including Miami to Europe. Credit card interest rates for people who carry balances have soared to record highs. With the incoming Trump administration, experts tell CNBC they don't think the new rule that lowers late payment fees is ever going to happen. People aren't aware, they don't read their statements, that they have 36% interest rates on some of these cards. And they should just selectively choose cards that have lower interest rates.

And more often just pay off the bills. CNBC banking reporter Hugh Sun. Cargill, the agricultural commodities trader and the biggest private company in the United States, is cutting 5% of its employees in a streamlining move. Chi Chi's restaurants, a popular 1990s chain, will open again 20 years after they all closed. This is according to USA Today. The New York Stock Exchange Christmas tree lighting happens about an hour before market closed this afternoon. Jessica Ettinger, CNBC. Driven by money, power, and faith.

Cities of Success, Salt Lake City. Premieres December 10th and Eastern, CNBC.