CNBC Business News Update - Market Midday: Stocks Mixed, Choppy Trading Into CPI & Fed Decision, Apple's WWDC Begins 6/10/24

Episode Date: June 10, 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. We have mixed markets this afternoon on Wall Street. The Dow down 15 points. The S&P 500 index building on the record high it opened with, up eight points, and the Nasdaq is up 58 points this afternoon. NVIDIA shares were up 1% in the lunch hour on Wall Street today after that 10-for-1 stock split over the weekend. On Friday, NVIDIA closed at more than $1,200 a share. And today it's trading now at about $122 a share, much more affordable for average investors. Companies whose shares have hit fresh all-time highs today include HCA Healthcare, Eli Lilly, Applied Materials, and Micron. Investors are waiting for the latest

on inflation. That comes in the CPI, the Consumer Price Index, out Wednesday morning. Wednesday afternoon, we're going to get a Fed decision on interest rates. Most expect those to hold steady, but we'll also hear some commentary by Fed Chair Jay Powell. This week with the CPI and the FOMC meeting, I think that's going to be a big driver of the overall market. I do think we're going to be somewhat choppy into that. Truist's Keith Lerner on CNBC. Apple's annual Worldwide Developers Conference on today in Cupertino, California,

with a keynote address by CEO Tim Cook. The company's feeling some pressure as investors are hoping to hear about some big AI plans. So what I'll be focusing on is how they're going to use artificial intelligence The company's feeling some pressure as investors are hoping to hear about some big AI plans. So what I'll be focusing on is how they're going to use artificial intelligence to sell more iPhones, given their over-reliance on iPhones, which were half their revenue last fiscal year. And I'm not convinced, when you think about a much-needed upgrade to Siri, I don't think that's going to get consumers to buy more iPhones.

The Maxim Group's Tom Forte on CNBC. Southwest Airlines shares were higher after the Wall Street Journal reported an activist investor, Elliott Investment Management, has built a large stake in the company. Another no vote for the massive pay package that Tesla's board says Elon Musk deserves. Tesla shareholders vote Thursday on whether to reauthorize Elon Musk's pay package. Over the weekend, Norway's sovereign wealth fund said that it will vote against that pay package, citing concerns about the size of the award, its structure, and how it fails to mitigate key person risk. Tesla approved the $56 billion pay package back in 2008, so did the shareholders, but it was voided by a judge in January.

Norway's fund owns about 1% of Tesla, worth about $8 billion at the end of last year. The fund voted against the pay package in 2018. CNBC's Becky Quick. A New York federal judge will allow a woman's class action lawsuit against Cold Stone Creamery, the ice cream business. The woman claims consumers are being duped when they buy certain flavors that don't contain their represented ingredients.

She says Cold Stone's pistachio ice cream doesn't have any pistachios in it. After buying some, she looked up the ingredients online afterward, and only pistachio flavoring is listed. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.