CNBC Business News Update - Market Midday: Stocks Mixed, Retail Sales Weaker Than Expected, EVs Forecast To Sell Again 6/18/24

Episode Date: June 18, 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. Wall Street is mixed this afternoon. We have the Dow in the green, up 36 points. The S&P 500 index building on the record high it opened with. It's up 10 points. The Nasdaq slipped into the red, but it's only down three points. It's been a little volatile on the street this afternoon. Companies whose shares hit all-time highs today include

Booking Holdings, Chipotle, Hilton, Tractor Supply, Church & Dwight, Colgate, Palmolive, Costco, Kimberly-Clark, Walmart, Applied Materials, Broadcom, Micron, and Oracle, and that's just to name a few. We think the market is going to grind higher. I think there's probably going to be some more election uncertainty and political uncertainty as we head into the second half of the year. So don't complain about the noise of opportunities knocking. KKR's Henry McVeigh on CNBC. Retail sales came in weaker than expected last month. I think it's a potentially very important report. There has been concern about the consumer slowing. The revisions will bring down this sense that we had a pretty robust quarter underway. CNBC senior economics reporter Steve Leisman there.

One expert tells CNBC as retailers cut prices, especially at the grocery store, of course the retail sales numbers are going to be lower. Understand what's happening with food, particularly because food's been a huge burden on the consumer. Food inflation is easing. That could explain some of the revisions and some of the myths. Former Walmart CEO Bill Simon on CNBC. Industrial production came in hot. May industrial production expected to be up three-tenths, triple that, up nine-tenths of a percent, almost up one percent. That's the

strongest month-over-month gain in industrial production since January of 23. CNBC's Rick Santelli. Boeing's CEO Dave Calhoun on Capitol Hill today testifying on quality control of the company and whether Boeing should face deferred prosecution for not complying with a deal several years ago it made to clean up after two fatal MAX crashes killed nearly 350 people outside of the U.S. The whistleblowers who've come to us, we have about 12 of them so far, have told us about the use of non-conforming parts, defective or damaged parts in airplanes, continued lying to the FAA, the kind of concealment and pressure against the whistleblowers, in fact, telling them to shut up instead of the program speak up. Connecticut Senator Richard Blumenthal

on CNBC. EV maker Fisker has filed for bankruptcy. It hopes to restructure its debt by selling assets. The EV maker is facing stiff competition, but has investors like Google, Adobe, and SAP. Americans have pivoted to hybrid vehicles, but new lower price all electric cars may lure car buyers back toward EVs over the next few years.

You've got a lower price Tesla model that supposedly is coming early next year. Chevy Equinox is going to be starting in the mid-30s. That's the base model. Add in $7,500. The federal tax credit brings it under $30,000. Jeep may have a $25,000 EV. That's just the start. And then you have some of the foreign automakers who will also be coming in with lower-priced EVs.

Bottom line is this. Hybrids are having their moment in the sun, deservedly so. This wave of vehicles that are coming, it will have people saying, OK, I'm ready to make that transition. CNBC's Phil LeBeau. Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA.

The U.S. Olympic Team Trials on NBC and Peacock.