CNBC Business News Update - Market Midday: Stocks Mixed, Hopes Dim For Dramatic Interest Rate Cut, Mortgage Rates Lowest Since Last Year 9/11/24

Episode Date: September 11, 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 stocks are off their earlier lows. There was a sell-off on Wall Street this morning. Some investors are unhappy that the new inflation data mean the Fed won't be cutting interest rates aggressively. The Dow down 228 points. It had been down 650. The S&P 500 index down five points this afternoon. The NASDAQ is higher. It's up 112 points now. That's up a half percent. Companies whose shares hit fresh all-time highs today include Boston Scientific and IBM. Inflation cooled in August, now at its lowest in more than three years. CPI month-over-month headline up two-tenths exactly as expected. If you look at the year-over-year numbers, 2.5. 2.5 is the smallest amount going back to February of 2021. CNBC's Rick Santelli. CNBC's Steve Leisman says that while the Fed's expected to cut interest rates next week, the CPI numbers point to a quarter percentage point cut and not a whopping half percent.

There was one chance, a small chance, that this data might favor a 50 basis point rate increase. It did not. If it was substantially lower, there was a chance it might favor 50. It does not. So what happened is you've had an increase in the probability of a 25. With the PPI tomorrow that comes in around expectations, it'll lock in a 25 for next week. The PPI is the producer price index. That's a measure of inflation at the wholesale level. And we're going to get that data for August tomorrow morning. Mortgage rates, they're lowest since February of 23 now. The average rate on a 30-year fixed home loan, 6.25% according to Mortgage News Daily. Amazon is opening fresh supermarkets after a year-long stall.

Sony unveiled an upgraded PlayStation 5 Pro. It's trying to boost slow sales in the console business. Oracle shares jumped more than 10 percent on strong quarterly results. Petco shares were up on earnings that came in as expected. Dave & Buster shares were higher on better than expected earnings. Mega Millions had a winner last night. At least one winning ticket sold in Texas for the $800 million jackpot. Jessica Ettinger, CNBC. CNBC unveiling its inaugural NFL valuations list. Dallas Cowboys, number one at $11 billion. The NFL is the biggest and most profitable sports league in the world.

Exclusive NFL team valuations now on CNBC.com slash sport.