CNBC Business News Update - Market Open: Stocks Continue Slide, Fed's Goolsbee Says Interest Rate Trend Is Still Lower, GM Laying Off Nearly 1,000 Workers

Episode Date: November 15, 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. Stocks have opened lower on this final trading day of the week, continuing yesterday's slide. That came after Fed Chairman Jerome Powell said the central bank wasn't necessarily in a hurry to cut interest rates. The Dow falling by 116 points at 43,635. The S&P 500 two-thirds of a percent lower, or 38 points. And the Nasdaq slumping 1%, or just about 200 points. Chicago Fed President Austin Goolsbee says, however, the longer-term trend for rates is lower, and that has not changed. The overall through line is, I was saying before the election,

and I'm going to say now after the election, it has nothing to do with the election. It has to do with what the conditions are, and to me, the conditions on the dual mandate side are looking pretty balanced. And so we should be thinking over the next year, year and a half, the rates need to come down. Some new data out this morning for the Fed and investors to mull over. Retail sales rose four tenths of a percent last month, higher than expected, although the bulk of that rise was driven by auto sales. General Motors is laying off nearly 1,000 workers, according to a source who spoke to Reuters. Most of those cuts will be in the U.S., with the automaker saying it's part of an ongoing effort to optimize its business operations. Among stocks on the move this morning,

Ulta Beauty is down nearly 6 percent, following news that Warren Buffett's Berkshire Hathaway had sold nearly all of its holdings in the cosmetics retailer. Another stock benefiting from a Berkshire bounce, Pool Corp., rising 4% after Berkshire bought 404,000 shares of the swimming pool company. Peter Schach now, CNBC. Don't miss CNBC Pro's best deal of the year. Sign up and save with exclusive Black Friday early access alerts. Sign up now at CNBC.com slash pro early access. Terms and restrictions apply.