CNBC Business News Update - Market Open: Stocks Higher, Inflation Cooled Again in August, 3 Million Without Power In SE After Helene 9/27/24

Episode Date: September 27, 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. Stocks rise as Wall Street's heading for a winning week. The S&P 500 index building on a record high this morning. Also, inflation cooled again last month. Investors like that. The Dow up 154 points, four-tenths of one percent. The S&P 500 index is up five points. The Nasdaq is up two points.

U.S. stocks on pace to follow Asia higher overnight. Investors excited that China's redoubling its aid for its struggling economy. The ruling Communist Party is getting ready to mark the 75th anniversary of the founding of the People's Republic. It doesn't want a recession for that. Inflation came in better than expected for August. Now we get into the money ball numbers. The PCE price index year over year expecting 2.3. It comes in light, 2.2. We are making progress.

It was 1.9 in February of 21. It's still not at 2%, but it's certainly getting closer. CNBC's Rick Santelli. Here's CNBC's senior economics reporter Steve Leisman. You know there's going to be a time to declare victory on inflation and this is darn close. Three million without power in the southeast as hurricane now tropical storm Helene slammed the Big Bend of Florida last night as the strongest ever to do that at a category four flood and tornado warnings from Florida to Georgia to the Carolinas

and Virginia today. Retail sales and jobs numbers could take a hit as a big chunk of the U.S. has to spend time cleaning up. Port workers from Maine to Texas are set to strike on Monday when their contracts expire. It could mess up Christmas. At the moment, it looks like the White House is staying out of it. Well, they have the ability to ask for a cooling off period of 60 days, which would put us past the election. And we actually expected that to be the position that the Biden administration would take. They're in a really no-win situation. If they do allow this trade to take place, this could have catastrophic impacts to supply chains, consumer-related goods.

And this is peak season, right before the holidays. And so if they do intervene, then you potentially upset the union's membership across the country, which would have, I think, a big impact to the polls. And so no one's situation for the administration. FreightWave's CEO Craig Fuller on CNBC. More than half of Americans eat Halloween candy before Halloween, according to a survey from the National Confectioners Association. It also found that Halloween candy sales are forecast to rise up to five percent over last year. Two-thirds of those asked said that when

they hand out Halloween candy, it's not one piece, it's two or three pieces. New in theaters, Lionsgate's Francis Ford Coppola film, Megalopolis, Blue Fox's comedy Empire Waste, and Universal's The Wild Robot. Universal's a sister company to CNBC. I'm Jessica Ettinger, CNBC. The vote. It's as American as apple pie. It's iconic. You got the flag up now. Patriotic. And this November, we're all chanting, It's your turn. Voter up.