CNBC Business News Update - Market Open: Stocks Aim For 5th Week Of Gains, Latest Inflation Reading Is Tame, Banks Get Earnings Season Off To Positive Start

Episode Date: October 11, 2024

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

I'm Peter Schach, now CNBC. This morning, another inflation reading, with the producer price index coming in unchanged for September compared to predictions of a one-tenth of a percent gain. The core rate, which excludes food and energy, rose two-tenths of a percent, matching forecasts. David Seif, chief economist at Nomura Securities, says this keeps intact his prediction of two more quarter-point rate cuts this year. The key thing for the Fed is their preferred measure of inflation, core PCE. And when you actually look at the components from yesterday's print and just looking over today's PPI print that go into that core PCE, it actually looks pretty good. Didn't really raise our tracking estimate by very much. And so we think the Fed is really still on track to cut 25 bps at each of the next two meetings based on these. One more economic report will be out shortly with the University of Michigan releasing its mid-month consumer sentiment index. Earnings

season kicked off this morning with the first of the major financial companies reporting quarterly results. JPMorgan Chase, Wells Fargo, Bank of New York Mellon, and BlackRock all reported better than expected profits. JPMorgan shares are up slightly. Wells Fargo is jumping 3.6 percent, BlackRock up 1.7 percent, and Bank of New York Mellon higher by 1.4 percent. Peter Schach now, CNBC. CNBC's Changemaker List. Women innovating, redefining leadership, and transforming business. Do you know someone who could make the next list? To make your nomination now, go to cnbc.com slash changemakers.