CNBC Business News Update - Market Open: Stocks Higher, Inflation Cools to 2.9%, Mars Buys Pringles & Cheez-Its Maker Kellanova 8/14/24

Episode Date: August 14, 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Inflation has a two-handle in the U.S. now. Stocks are modestly higher this morning on Wall Street. The Dow up 20 points. The S&P 500 index up five points. The Nasdaq up 28 points. The CPI, Consumer Price Index, showed the rate of inflation came in as forecast, slowing to 2.9% in the U.S. And Wall Street's trying to game out whether this number will push the Fed to cut interest rates at its meeting next month. The core CPI, that was a 0.17. So it rounded up to 0.2.

So these are good numbers. If I'm Jay Powell, I'm cutting 50 in September. That would be consistent with the last three cutting cycles where they started with 50. In January of 01, September of 07, and then, of course, the pandemic. SMBC, NICO Securities, Joe Livornia on CNBC. Privately held Mars is buying Calanova. That's the snack food business Kellogg's recently spun off. It's the biggest deal of the year so far.

$36 billion. Kelanova makes Cheez-Its, Pringles, Pop-Tarts, Rice Krispie Treats, and Eggo Frozen Waffles. They're going to dominate a section of the market, which is the Kind Bar and Nutri-Green Bar, which is somewhere you want to be because that is not a GOP-won enemy. But they're also going to own the Cracker Isle. CNBC Mad Money host Jim Cramer. Mortgage refis surged last week as mortgage rates came down to about 6.5%. People with those 8% loans after buying a house last year jumped on the opportunity to refinance and get out of those loans.

As far as the summer home selling market, another week slower than last year. Applications to buy a home down 8% last week from the same week last year. Social Security, a key issue for voters in the new CNBC All-America survey, hitting the highest level of importance in the 11 years the poll's been taken. More than two-thirds of those asked, 69% of Americans, said a candidate's stance on the topic would be a major factor in their vote in November. Back in March, former President Trump told CNBC he's open to cutting Social Security and Medicare. There is a lot you can do in terms of entitlements, in terms of cutting, and in terms of also the theft. Former President Trump on CNBC, but his campaign now says Trump would protect Social Security and Medicare. The Harris campaign opposes any cuts

to Social Security, but would increase the amount the wealthiest Americans would have to pay in. Here comes the pumpkin spice latte and more. Krispy Kreme this morning has it. Brand Eating says both the latte and the pumpkin spice cake donut are back on the menu through the end of November. Jessica Ettinger, CNBC. September 10th, CNBC and Boardroom host a high-powered event exploring the intersection of sports, business and entertainment. Be there for game planning. Get in on the action. Get in on the game plan. Register now at cnbcevents.com slash game plan.