CNBC Business News Update - Market Midday: Stocks Mixed, Nike Shares Higher, Retailers Jacked Up Store Credit Card Interest Rates 11/22/24

Episode Date: November 22, 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. Wall Street's on pace for a winning week, and the markets are mixed this afternoon. The Dow popping 272 points, up 0.5%, led higher by shares of Nike, which are up almost 3% this afternoon. The S&P 500 index now up 11 points. The Nasdaq has been vacillating. It's in the red by eight points. This week has been a positive one, certainly for the average stock, but we've been in this somewhat prolonged stutter step. If you look at the S&P 500, the broad large cap index has obviously made that

high right around 6,000 in this few days after the election, but definitely have kind of reset and cooled off a little bit. CNBC's Mike Santoli. Bitcoin hit a fresh record high today. It's inching toward the $100,000 mark. Natural gas at its highest in a year as cold weather grips the Northeast. Dozens of retailers jacked up interest rates on their store credit cards ahead of the Federal Reserve interest rate cuts, which started in September. Retailers protecting their profits from those cards, TJX Companies, the parent of TJ Maxx and Marshalls and HomeGoods,

took its card from about 32% interest rate this time last year up to about 35% now. Allison Josephs is a shopper. I brought my purchases up and the cashier said to me, would you like to save some money by applying for a credit card, a TJ Maxx credit card? And I said, not really. And she said, but you're going to save a lot. You're going to save 10%. That's 60 bucks. And I said, how much is the APR? And the APR was something like 35%. It was insane. Other retailers raising the interest rates on their credit cards for those who carry balances include gap macy's and nordstrom petco burlington michaels and bankrupt chain big lots all have what are found to be the highest in the industry at about 36 percent

financial advisors say it's best not to carry a balance on those cards meantime retailers are close to done reporting quarterly results we get one more big load of names next Tuesday. Shares of Gap are soaring today. They were up 20%. Most retailers turned in stronger than expected quarters. Walmart and BJ's put up strong sales. Target, the biggest outlier so far, struggling. In an exclusive interview, Gap Inc. CEO Richard Dixon said he feels a sentiment shift. I've seen a calmness at this point. With the election behind us, the apparel industry declined a point and a half. And we grew share in all of our brands. This is the fourth consecutive quarter of sales growth.

Investors are impressed with gaps better than expected quarter and increased guidance going into this holiday quarter. CNBC's Courtney Reagan. Intuit shares pulling back on disappointing quarterly results. Flutter, the parent of FanDuel Sports betting platform, its shares ticked higher on a buy call from Goldman Sachs. The FAA plans to review the 737 Max engine issues. After two bird strike incidents last year, each resulted in smoke in the cockpit on two Southwest flights. The Seattle Times says pilots could be issued some changes to takeoff procedures until Boeing develops a

permanent fix to keep that smoke out of the plane. Qualifying today for tomorrow night's Formula One Las Vegas Grand Prix, tonight's Mega Millions jackpot closer to a half billion at $453 million. Jessica Ettinger, CNBC. Don't miss CNBC Pro's Best Deal of the Year. Sign up now at cnbc.com slash pro early access. Terms and restrictions apply.