CNBC Business News Update - Market Midday: Stocks Mixed, Klarna Debuts On NYSE At $52, Oracle's Larry Ellison Now World's Richest 9/10/25

Episode Date: September 10, 2025

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 Eddinger, CNBC, an inflation surprise to the downside for the wholesale inflation number. Two of the three major averages hit fresh record highs today. Stocks are mixed. The Dow's in the red, down 192 points, Apple shares leading it lower. They're down more than 3%. The S&P 500 index, up 32 points a half percent. The NASDAQ is up 91 points this afternoon, four-tenths of one percent. Nvidia shares are soaring this afternoon. They're up more than 4%. Oracle shares surging more than 30% for that company's best day since 1999 on big revenue gains from its multi-cloud data business. And look at Larry Ellison, the company's founder and chairman of the board. He is worth a lot more today. Larry Ellison, of course, owns 1.15 billion shares. And he is now at least at the top of the world's

richest lists surpassing Elon Musk. That's according to Bloomberg, Forbes may take you to a different place. Ellison's fortune, though, growing by more than $100 billion today. One hundred billion dollars today. That's the biggest one-day increase ever in, since they've been tracking these things, as we like to say. CNBC's David Faber. PPI for August was expected to be higher, but it ticked lower by a tenth of one percent. Probably the most important. X food, X energy, X, trade up 2.8. We started the year at 3.5. So these numbers have indeed moderated a bit. CNBC's Rick Santelli. Clarna, debuting on Wall Street this afternoon at a price of $52 a share. That's more than expected. The buy now pay later company makes money by charging merchants a fee

for allowing customers to use the surface. It does charge customers' interest on longer term financing products and late fees. Clarna and other pay. for companies compete directly with credit cards from banks and CNBC's Andrew Ross Sorkin asked the CEO of Wells Fargo about that. How do you think about the sort of buy now, pay later and all of the sort of fintech companies that have come on that effectively are trying to compete away some of the more classic legacy businesses? It's competition. It's competition in lending. There's competition in the deposit space. You know, our view in terms of what we do and the benefits that we bring is it's a broad relationship. So it's not just about the credit.

card loan. It's not just about the mortgage. It's about all the things that we do. And I think that's, you know, one of the huge benefits that a substantial institution like ours brings. Wells Fargo, CEO Charles Sharf on CNBC. Early investors in Klarna include Sequoia. Here's Sequoia partner, Andrew Reed, on CNBC. The traditionalist point of view that credit cards are normal to be accepted everywhere. You can use it for your Uber or your lunch, pile it on all into one bill. And heaven forbid, you miss a payment. It revolves. And you can get out of control quickly. And yet people think it's funny that you can, you know, use Klarna for your DoorDash, single purchase installment, and you can't lose control like that. Gen Z in

particular sees a lot of value in using Klarna as opposed to using the traditional credit card rails. On Thursday's watch list, it's a biggie. Consumer inflation data for August in the CPI Consumer Price Index. We get earnings from Adobe and Kroger. We find out how many people applied for unemployment benefits last week. And it's the 24th anniversary of of the 9-11 terrorist attacks, there will be Thursday morning moments of silence at the major stock exchanges. Jessica Eddinger, CNBC. September 16th, CNBC Game Plan, exploring the business of sports, music, and entertainment. Register now at CNBC Events.com slash game plan.