CNBC Business News Update - Market Midday: Stocks Mixed, Fed Announcement On Interest Rates 2pm ET, Jobless Claims Still Low 11/7/24

Episode Date: November 7, 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. Up 38 points, more than a half percent. The Nasdaq soaring this afternoon, up 264 points, 1.4 percent. Companies whose shares have hit fresh all-time highs today include Netflix, Fox News Parent, News Corp, Amazon, Ralph Lauren, Garmin, Caterpillar, and NVIDIA. Investors are on hold for a Fed decision on interest rates, which should come this afternoon about 2 p.m. Eastern. A quarter percentage point cut is expected. Full coverage on CNBC and CNBC.com. Slightly more people applied for unemployment benefits last week, with job cuts still at historically low levels. 221,000. They continue to be well-behaved. CNBC's Rick Santelli continuing claims pushed higher to 1.8 million. This is a measure of how long those out of work are still getting unemployment checks and the new number hints it's taking people a little longer to find that next job. Productivity missed expectations, but still rose. We're in the

middle of a modest productivity boom here, guys. That's worth noting now. And a big debate, guys, about how the work from home phenomenon is affecting the productivity numbers. Some people say it's boosting it by a lot. Some people say it's a drag on the economy. But ultimately, we've had higher than normal productivity by, I don't know what you want to call it, a half a point over the last year or so. CNBC senior economics reporter Steve Leisman. Trump media shares have been diving, giving back their post-election gains from yesterday. The company reported a quarterly loss. Shares of DJT have been considered a mean stock. Drug maker Moderna out with strong results. Shares were higher

today. Some Americans say they're worried all vaccines will be banned in the new Trump administration. CNBC's Becky Quick talked with the CEO of drug maker Moderna today. Robert Kennedy Jr. is going to be having some position. Trump said it himself in his victory speech. RFK Jr. is going to have a role in the administration. We don't know what yet. Could include either Health and Human Services Secretary or White House health star. He has said repeatedly that vaccines cause autism. And they can say that a lot of these vaccines will no longer really be supported by the CDC or advised by the CDC.

And that's how insurance guidelines are set. So first of all, we have always worked very collaboratively with any governments in any country, including, of course, in the U.S. We work with quite a number of administrations, including during the first term of President Trump. We always partner with public health officials. We have the same mission and the same goal, which is to make sure people are healthy. Moderna CEO St Bansal on CNBC. Lyft shares popping today. The ride share company's out with a strong outlook for this current quarter. Riders say Lyft routinely undercuts Uber for the same ride. Shares are up more than 20 percent. Starbucks, as of today, no longer charges those extra fees for non-dairy

milk in your coffee. Some locations were charging nearly an extra dollar for a little soy, oat, or almond milk in the cup. Jessica Ettinger, CNBC. November 13th in New York City, an elite group will gather discussing what the business of tomorrow will look like. And you can be a part of it. Register now at DeliveringAlpha.com.