CNBC Business News Update - Market Open: Stocks Higher, Home Builder Stocks Struggle, Consumers Spent Less At Retail In September 10/10/25

Episode Date: October 10, 2025

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. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. Stocks ticking higher out of the gate this morning. The S&P 500 and the NASDAQ are heading for weekly gains today. The Dow is up 1995 points, almost a half percent led higher by shares of Salesforce up more than 1% this morning. The S&P 500 index up 13. The NASDAQ now up 40 points. InVIDIA shares are up about a tenth of a percent this morning. The major stock averages very close to record highs, but as CNBC Mad Money host Jim Kramer and anchor Carl Kintanilla point out, there are some stocks that are struggling under the surface in this bull market.

The home builders, which are really threatening to completely roll. The retailers act so badly. Most of the drug stocks are horrendous. There's a huge percent of the market that I regard to the bear market now, which is really crazy because we're at the average. They're fantastic. Home Depot lows down about 12 from the highs. Home builders could actually put in. in their worst week since 22. It's incredible how much of a reversal we have. The home construction exchange traded fund more than 7% lowered this week, D.R. Horton, KV. Home, Pulte group and Toll Brothers,

each are down at least 10% so far for the week. The number of names in the running to be the next Federal Reserve Chair has been narrowed down to five. According to Treasury Secretary Scott Bessent, current Fed Chair Jay Powell will wrap up his term next spring. investors could get the latest on inflation next week, even with the government shutdown. The Bureau of Labor Statistics has recalled staff today to get the September consumer price index ready. It's scheduled to come out next Wednesday.

Consumers pulled back their spending in some areas in September in the new Bank of America checkpoint data using info from almost 70 million account and credit card holders at that bank. As inflation rises and prices go up, Americans have to spend. spend more just by the same things. Retail spending was actually down just two tents, but you did see a difference there between what we were seeing in services, which continued to grow, gas obviously was up, and then retail came down. What really stuck out to me though was there was really a bifurcation in terms of the spending between higher income and lower income households.

The difference was fairly significant, so lower income households increased their spending by six-tenths. but higher-income household spending growth increased by 2.6 percent, right? So that's more than four times higher than what you were seeing. Bank of America Institutes Liz Everett-Krisburg on CNBC. One thing consumers may say monsoon, prices at the pump oil, is down around $60 a barrel today. Levi Strauss shares plunged, even with strong quarterly results in a better outlook,

as the denim maker warned that tariffs are starting to bite. Tonight's mega-millions jackpot, more than a half billion dollars at 575 million. Jessica Eddinger, CNBC. You come to my show and you learn how to do stops. Mad Money, weeknight six Eastern, CNBC.