CNBC Business News Update - Market Midday: Stocks Mixed, Zeekr Goes Public, Copper Prices Spike 5/10/24

Episode Date: May 10, 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. Mixed markets this afternoon on Wall Street. The Dow is trying for an eighth straight winning day. And the Dow is higher. It's up 49 points. The S&P 500 index unchanged. The Nasdaq has slipped into the red. It's down 34 points this afternoon.

Consumer sentiment dropped to a six-month low in the University of Michigan survey. Economists note that Americans' wages are still rising, offering a healthy offset to how they're feeling, and consumers are still spending. Novavax shares spiking. They've doubled on a deal with French drugmaker Senefi to commercialize a COVID vaccine and develop combination shots targeting COVID variants and the flu at the same time. You can't buy a Zeker yet in the U.S., and maybe it'll be a while, but you can buy shares of the electric vehicle maker based in China. The Chinese EV maker Zeker popping on its debut on the New York Stock Exchange.

Shares were priced at 21 last night. They opened at 26, and they're above that now, trading around 27. The company offering around 21 million shares. They've got several luxury vehicle models in their lineup and could potentially be a rival to Tesla. They say in some parts of China they're closing the gap. CNBC's Kelly Evans. OpenAI plans to announce its artificial intelligence-powered search product on Monday. To rival the search king, Google.

The announcement, a bit of a troll move coming the day before the start of Google's big I.O. conference. Exxon's CEO getting a thumbs down from a major whale investor, the California pension system. CalPERS, the largest U.S. public pension fund, is considering a vote against ExxonMobil CEO Darren Woods' re-election to the company's board of directors. In comments to the Financial Times, the $463 billion pension plan says it is deeply concerned about Exxon's twin lawsuits challenging shareholder discontent over its greenhouse gas emissions and that Exxon has gone well beyond any other company in terms of suing shareholders. It adds, quote, there doesn't seem to be anything other than an agenda of sending a message of shutting down shareholders' ability to speak their mind. CNBC's Silvana Hanau. Copper prices back to their highest since April of last year. That impacts

input costs for many industries, including the home builders. Marriott holding its annual shareholders meeting today. New in theaters, 20th Century Studios' Kingdom of the Planet of the Apes and Tyler Perry's Not Another Church movie. Jessica Ettinger, CNBC. It's the first ever CNBC Changemakers Summit. Hear how this year's changemakers are reshaping business and redefining leadership. Some woman needs to be president of this country and it'll be a better country for it. Saturday 5 p.m. Eastern on CNBC.