CNBC Business News Update - Market Midday: Stocks Mixed, Dow On Pace For 8th Down Day In A Row, Nasdaq Adds New Names 12/16/24

Episode Date: December 16, 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. We've mixed markets and midday trading on Wall Street. NVIDIA shares are in correction. It's down 2% today, but 10% from its recent high. The Dow is down 25 points. It's on pace for its longest losing streak since 2020, which it hit on Friday after being down seven trading days in a row. This could be eight. The S&P 500 index is higher, up 23 points. The Nasdaq is up 184 points this afternoon. Companies whose shares have hit fresh all-time highs today include some tech names, Google, Parent, Alphabet, Amazon, and Tesla.

The Nasdaq, though, is adding some new names, and that's partly why shares are higher. Shares of Palantir, MicroStrategy and Axon Enterprises are moving higher. The Nasdaq announcing late Friday the three will be joining the Nasdaq 100 large cap index one week from today, along with the heavily traded Invesco QQQ Trust, which tracks the Nasdaq 100 and has more than $300 billion in assets for the fund alone. Nasdaq says Illumina, Supermicrocomputer and Moderna will be removed from the index at the start of trading on December 23rd. CNBC's Dominic Chu. Bitcoin with a fresh record high today, $106,000. That pop is helping shares of MicroStrategy, a software firm that's been buying crypto. In focus this week, the Fed may cut interest rates. It's holding its last meeting of the year and the announcement will come Wednesday afternoon. It's widely expected

to cut a quarter percentage point. Consumers have watched how they're spending their money, even as their salaries outpaced inflation this year. The restaurant industry clearly had some winners and losers. Wendy's and McDonald's had a hard year, McDonald's especially, with an E. coli outbreak. Yum! Brand's Taco Bell had a better year as diners thought it offered better value for the money. This year was strong for fast casual chains like Kava and Wingstop, and Raising Cane's became a buzzy hot chain. When it comes to retail, wealthier Americans, well, they're still shopping at the discounters. Former Walmart CEO Bill Simon tells CNBC that really hasn't happened yet.

Apple taking a page out of the Samsung playbook. Apple is reportedly preparing a major change for its iPhone lineup, including thinner phones and as many as two foldable devices. According to multiple reports, the first foldable device will be intended to serve as a laptop and have a screen that reveals a full 19-inch display fully open, while the smaller model would be similar to an iPhone 16 Pro Max. CNBC's Pippa Stevens. Sony's Kraven the Hunter bombed over the weekend, notching the worst premiere of any of the Sony-produced Marvel films. Disney's Moana

stayed at number one and has now passed the $700 million mark globally. Freddie Freeman's World Series Grand Slam baseball sold for more than $ and a half million dollars over the weekend and an auction Saturday night, making it the third most expensive baseball ever sold. 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.