CNBC Business News Update - Market Open: CPI Hotter Than Expected, Jobless Claims Jump, Stocks Slide After 2-Day Rally

Episode Date: October 10, 2024

The latest in business, financial, and market news and how it impacts your money - as reported by CNBC's Peter Schacknow

I'm Peter Schachnow, CNBC. Stocks have opened lower following the release of two key economic reports, the Dow losing 58 points to 42,454, the S&P 500 lower by 15 points, about a quarter percent, and the Nasdaq Composite shedding four-tenths of a percent, or about 74 points. The Consumer Price Index rose two-tenths of a percent last month and three-tenths of a percent when food and energy are excluded. That was hotter than expected, although the year-over-year increase of 2.4 percent was the smallest in more than three and a half years.

And first-time claims for jobless benefits jumped 33,000 last week to 258,000, well above forecasts. CNBC senior economics reporter Steve Leisman says Fed officials will take a careful look at both reports. The good news, you had a decline in energy prices down 1.9%. You also had finally, it looks like, some decline in housing inflation out there. The bad news is there's still some inflation out there worth watching. And then you also have to watch the jobless claim. So the Fed sees it as balanced. So this has an impact, I think, down the road with how far the Fed goes. Shares of Delta Airlines are down about 2 percent this morning after the carrier missed both profit and revenue estimates in its latest quarterly earnings report. CEO Ed Bastian told CNBC overall trends are

positive for the current quarter, but the airline did warn of a slowdown in travel demand in the days leading up to the presidential election. Domino's Pizza reported better than expected quarterly earnings, but sales at stores open at least a year rose a smaller than expected 3% as consumers cut back on dining out expenditures. Peter Schach now, CNBC. The vote. It's as American as apple pie. It's iconic.

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