CNBC Business News Update - Market Midday: Stocks Mixed, Investors Wait For CPI, Another Streaming Bundle Coming 5/14/2024

Episode Date: May 14, 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 Edinger, CNBC. Wall Street is mixed this afternoon after a disappointing inflation number at the wholesale level. The Dow slipped into the red. It's down a point. The S&P 500 index still above water. It's up three points. The Nasdaq up 46 points. That's about a third of a percent. Companies whose shares have hit fresh all-time highs today include Aflac and Goldman Sachs. This morning, a disappointing PPI. That's the producer price index. The headline number came in hotter than expected. There's a sense out there that PPI is not that predictive of CPI moves on a month-over-month

basis. So internally in the stock market, it's actually another very broad rally day. I mean, obviously the indexes are doing almost nothing, but small caps are up. You had like 80 percent of all New York Stock Exchange volume to the upside. And, you know, Treasury yields down enough right now to kind of accommodate this wait and see just below all time highs for that CPI number. CNBC's Mike Santoli. The meme stock craze is on day two. It started with tweets from Roaring Kitty getting traders excited again. He tweeted for the first time in three years yesterday,

and this may have cost short sellers about a billion dollars or so already, according to data from S3 Partners. This is from just about 9 a.m. Eastern this morning on Squawk Box. The meme stocks, I'm just going to say it. It's insane. It's insanity. And that's what it is. GameStop is up 130% right now. You look at SunPower Corporation, up 130%.

You're looking at AMC, up 120%. You're looking at BlackBerry, if you can even believe this one, up now 26%. And nothing has actually changed, folks. No new games out or anything? That's all we have for today. New Taylor Swift movie at AMC? Not a. CNBC's Joe Kernan with Andrew Ross Sorkin.

Fed Chair Jay Powell says inflation is falling more slowly than expected, but it's falling. Speaking in Europe today, he said this slow movement, though, is going to keep interest rates on hold for an extended period. Another streaming bundle, CNBC Parent Comcast with Peacock plus Apple TV Plus and Netflix on the way. Jessica Ettinger, CNBC. CNBC. Live ambitiously.