CNBC Business News Update - Market Midday: Stocks Mixed, Surprise PPI Inflation Drop, Ford Expands EV Sales to All Dealers 6/13/24

Episode Date: June 13, 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 markets are mixed this afternoon on Wall Street. The Dow is down 273 points selling off on shares of Salesforce which are down more than two and a half percent. Amazon shares down almost two percent this afternoon. The S&P 500 index down eight points coming off a record high at the open and the Nasdaq building on its record high at the open this morning up 16 points this afternoon. Companies whose shares hit all-time highs today include Chipotle, Mexican Grill, Broadcom, Hewlett-Packard Enterprise, Lamb Research, Micron, Oracle, Qualcomm, and NVIDIA at yet another record high today. Mifepristone remains a legal drug for abortion in the U.S. after the Supreme Court ruled that the people who sought to have it banned lacked legal standing in their case.

Danco Labs makes Mifeprex the brand of Mifepristone, and it says the ruling was good for the drug approval process that has been long held in the U.S. Ford opening up EV sales to all of its dealers nationwide. It initially just sold EVs at select dealers through a program that required store owners to make some significant investments. Inflation at the wholesale level came in much cooler than expected in May. The PPI, producer price index, unexpectedly fell last month. It's another piece of evidence that inflation is pulling back and it comes a day after the CPI, Consumer Price Index, was better than expected last month.

Investors hoping these data will move the Federal Reserve closer to cutting its benchmark interest rate. More people than expected applied for unemployment benefits last week, the most since last summer. That's a big pop, 242,000. That's the highest level since August of 23. We popped above 1.8 million on continuing claims. Takes us all the way to November of 21. CNBC's Rick Santelli. Now, the number of people who continue to collect unemployment checks,

that's continuing claims. It's watched as an indicator of how long it's taking people to find their next job and can suggest the labor market returning to normal. Tesla shares were higher in early trading today. CEO Elon Musk tweeting he's won the vote on his $56 billion pay package. A Delaware judge had invalidated that because of the way it had been approved the first time. Tesla and the Elon Musk pay vote. Tesla's annual meeting is set to begin this afternoon. Musk does claim that the preliminary results show shareholders backing the comp package as well as the company's plan to incorporate in Texas. He says on X quote,

both Tesla shareholder resolutions are currently passing by wide margins. Thank you for your support. CNBC's Carl Quintanilla. Broadcom shares popping today. Watching Broadcom, those shares surging on earnings, beating on the top of the bottom line, announcing a 10 for 1 stock split, also adding some color on their AI business, and the company saw about $3 billion in revenue tied directly to artificial intelligence revenue from vm where a company broadcom officially acquired late last year also a big contributor the stock split takes effect on july 15th cnbc's frank holland golf's u.s open is on round one at pinehurst in north carolina the winner takes home 4.3 million dollars jessica edinger cnbc the olympic games are coming but first the best Jessica Ettinger, CNBC.