CNBC Business News Update - Market Open: Stocks Higher, Dow Tries To Snap Longest Losing Streak Since 1974, US Economic Growth A Healthy 3.1% 12/19/24

Episode Date: December 19, 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC Green on the screen this morning as stocks bounce up from yesterday's ugly sell-off on Wall Street. The Dow plunged 1,100 points yesterday, and it's on its longest losing streak since 1974. Bond yields are up 10 years where it was last summer at 4.7 percent. But we've got the Dow up 385 points, being led higher by shares of American Express up almost 3 percent. The S&P 500 index up 48 points. That's eight-tenths of a percent. And the NASDAQ up 152 points. That's three-quarters of one percent. Investors did not like that the Fed signaled yesterday that fewer interest rates are coming next year after it cut rates by a quarter percentage point. CNBC Mad Money host Jim Cramer says it was kind of about the messaging.

We have a data-dependent Fed, and they chose not to be data-dependent. And that's what happened. So their message was off. They're not wrong. The American economy grew at a healthy 3.1 percent annual clip from July through September because of strong consumer spending and an uptick in exports. In the new U.S. Gross Domestic Product Report, that's GDP, fewer people applied for unemployment benefits last week. Coming back down after a pop in the previous week, jobless claims came in at 220,000. That's below the

pre-pandemic weekly average and below the forecast. The parade of CEOs meeting with President-elect Trump continues and includes Facebook parent Metas Zuckerberg, Apple's Tim Cook, Google parent Alphabet's Sundar Pichai, TikTok's Shuzi Chu, Netflix's Ted Sarandos, Eli Lilly's David Ricks, Pfizer's Albert Bourla, and Amazon founder Jeff Bezos, not CEO Andy Jassy yet. Regardless of how they felt in the campaign, they're American CEOs that are very patriotic and they know it's in the nation's interest and the interest of all their stakeholders, especially their shareholders, that this be a very successful president. So they want Trump to succeed and they want to talk with him. Yale School of Management's Jeffrey Sonnenfeld on CNBC.

What states did Americans move to in 2024 and where did they leave? The new North American Van Lines migration map is out. It shows top inbound states, the Carolinas and Tennessee. Top states people are leaving include Texas, California, Pennsylvania, and Illinois. The Ford Edge, Toyota Venza, and Mini Clubman are on the 2024 discontinued vehicle list. They won't be made next year. USA Today says models ending production include Nissan's GT-R, the Audi A5 convertible, the Infiniti Q50, and the Chevy Camaro, plus some Alfa Romeos and Jaguars. You could maybe negotiate a very good deal for any of these on dealer lots. Jessica Ettinger, CNBC.

Jim Cramer is the benefit you get that you can't get anywhere else. He has a unique ability to know the market, explain it to people. It's a great value. Get invested. Join the club today. Go to cnbc.com slash join Jim.