CNBC Business News Update - Market Midday: Stocks Mixed, Apple Shares In Correction, Short Term Housing In Critical Demand In LA 1/13/25

Episode Date: January 13, 2025

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 this afternoon mixed. The Dow flipped into the green and has dropped off its high. It's up 21 points this afternoon, being led higher by shares of UnitedHealth. They're up 4%. The S&P 500 index has stayed in the red today. It's down 47 points, eight-tenths of a percent. The Nasdaq pretty much steady, down 300 points.

Nvidia shares are down more than 3% this afternoon. All of the Trump election win gains. Bond yields popping. The yield on the 10-year Treasury hit a 14-month high. So this weakness on Wall Street largely attributed to the rise in bond yields. The 10, the 20, and the 30 are all at their highest level since November of 2023. The benchmark at 4.78. CNBC's Frank Holland.

Apple shares now in correction, down 10% from their recent all-time high on the day after Christmas. Chipotle down 7%. Just to start this new year, it's worst streak since the summer of 2023. The LA wildfires continue. Winds picking up again. Scammers trying to take advantage of the situation offering rental homes that do not exist and they disappear with high application fees before would-be renters even know what happened. Some fire victims though have rental homes thanks to their insurance companies. One of the biggest challenges right now for the area, demand for short-term housing. At least one insurer told me they preemptively signed leases on 100 homes, anticipating a

housing shortage for their clients. To the massive problem of being underinsured, multiple experts in the insurance and real estate industry have told me that homeowners just weren't able to get adequate coverage through the fare plan. That's the state insurer of last resort. The payouts are capped at $3 million, so that won't begin to cover the rebuilding for some of these homes. The cost for private insurance was so high that many homeowners may have opted just to take the risk if they didn't have a mortgage that required them to have insurance. CNBC's Contessa Brewer. Blue Origin staff working today to understand what caused the need to postpone the overnight rocket launch. It's being

called a vehicle subsystem issue. Jeff Bezos Space Company stood down on its attempt due to, quote, a few anomalies. New Glenn is a heavy lift rocket. It's larger and twice as powerful as SpaceX's Falcon 9. New Glenn is also designed to be partially reusable. It will attempt to land its booster when it does finally launch. And of course, reusability is what brings the cost of launch down dramatically. That's CNBC's Morgan Brennan. Lionsgate's Dead of Thieves 2 won the weekend box office. The Hollywood Reporter says Disney's Moana 2 is nearing the $2 billion mark in global ticket sales. Jessica Ettinger, CNBC. Tomorrow, SEC Chair Gary Gensler's exit interview. Plus, what's next for Wall Street regulation?

Squawk Box, tomorrow, 6 Eastern, CNBC.