CNBC Business News Update - Market Midday: Stocks Mixed, S&P 500 Index Pulls Back From Record, Inflation Dropped Again in August 9/27/24

Episode Date: September 27, 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. The S&P 500 index is up only a point, but it opened at a record high this morning, so it's building on that even though it's slight. The NASDAQ is the index that slipped into the red this afternoon. It's down 61 points now. Companies whose shares hit fresh all-time highs today include Hilton, Lowe's, McDonald's, Ralph Lauren, and MetLife. Inflation came in lower than expected for August. In the PCE report, the personal consumption expenditures. Now we get into the money ball numbers. The PCE price index year over year, expecting 2.3.

It comes in light, 2.2. We are making progress. It was 1.9 in February of 21. It's still not at 2%, but it's certainly getting closer. CNBC's Rick Santelli. Here's CNBC's senior economics reporter, Steve Leisman. You know, there's going to be a time to declare victory on inflation, and this is darn close. Three million without power in the southeast as Hurricane, now Tropical Storm Helene, slammed the Big Bend of

Florida last night as the strongest ever to do that at a Category 4 flood and tornado warnings from Florida to Georgia to the Carolinas and Virginia today. Retail sales and jobs numbers could take a hit as a big chunk of the U.S. has to spend time cleaning up. Port workers from Maine to Texas are set to strike on Monday when their contracts expire. It could mess up Christmas. At the moment, it looks like the White House is staying out of it. Well, they have the ability to ask for a cooling off period of 60 days, which would put us past the election. And we actually expected that to be the position that the Biden administration would take. They're in a really no-win situation. If they do allow this trade to take place, this could have catastrophic impacts to supply chains,

consumer-related goods. And this is peak season, right before the holidays. And so if they do intervene, then you potentially upset the union's membership across the country, which would have, I think, a big impact on the polls. So no one's situation with the administration. FreightWave's CEO Craig Fuller on CNBC. More than half of Americans eat Halloween candy before Halloween, according to a survey from the National Confectioners Association. It also found that Halloween candy sales are forecast to rise up to 5% over last year. Two-thirds of those asked said that when they hand out Halloween candy, it's not one piece, it's two or three pieces. New in theaters, Lionsgate's

Francis Ford Coppola film, Megalopolis, Blue Fox's comedy Empire Waste, and Universal's The Wild Robot. Universal's a sister company to CNBC. I'm Jessica Ettinger, CNBC.