CNBC Business News Update - Market Open: Stocks Higher, Meme-o-Verse Comes Alive, Bitcoin Takes A Breather 11/12/24

Episode Date: November 12, 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 Ettinger. CNBC, the post-election rallies taking a little breather, although major averages are higher. The Dow's up 90 points, the S&P 500 index up five points, and the Nasdaq is up nine points. You can say that more torque has been added to a lot of existing themes. You know, two-year bull market. It was not a market that said, we really need a lot of help, but we're getting the help anyway. Then you have the Meme-averse comes alive and you have GameStop at 5% on double average volume for no reason whatsoever, except that there's a certain energized pool of money that's now actively moving in that direction. CNBC's Mike Santoli. Bitcoin taking a little breather today

after doubling in price year to date. It edged lower to $87,000 after pushing above $89,000 last night. President-elect Trump promised to make the U.S. the crypto capital of the world. The crypto industry, meantime, spent more than $100 million on election ads through PACs, political action committees, and of the 59 candidates they backed, at least 52 have won. Crypto groups, they made a $131 million bet in the 2024 general elections, and it has paid off. Coinbase, Ripple, Andreessen Horowitz, and others, they poured millions into a super PAC fair shake to make sure that lawmakers started paying attention to the issue and ensuring that crypto will be top of mind next year in Congress. They backed 59 lawmakers donating to their races, and of those, 52 so far have resulted in the crypto-backed candidate winning. CNBC's Emily Wilkins. Home Depot says sales are getting a

little stronger, but consumers are still cautious. It's out with better than expected quarterly results. I spoke to CFO Richard McPhail, who said third quarter sales were stronger than expected, thanks in part to warm, dry weather in the U.S., which extended outdoor projects, as well as spending associated with hurricanes Milton and Halim. CNBC's Courtney Reagan.

IAC shares are higher. The parent of Care.com and the Daily Beast is considering a spinoff of Angie, the home improvement recommendation app. Shopify shares popped on strong quarterly results. General Motors is out with the Cadillac Vistique, a baby Escalade that's all electric. It has three rows. It's going to be in showrooms late next year for 2026, starting at about $79,000. Americans picked up their spending last month. Consumer confidence continued to go up for the fourth month in a row. The spending on necessity goods, so gas, for example, it's coming down. Why? Because gas is deflating, because the prices are coming down. If we look at groceries, food, it's coming down. Why? Because gas is deflating because the prices are coming down. If we look at groceries, food inflation is also coming down.

So as consumers are feeling better about not having to spend as much on necessities, we're starting to see an increase in discretionary services. Restaurants in particular continue to go up. Bank of America's Liz Everett Kreisberg on CNBC. B of A credit card data are used to gauge the U.S. consumer. Live Nation reported its biggest summer concert season ever this year. The live event company posted strong quarterly results and profit up 39 percent over the same quarter last year. Disney-owned ABC's Dancing with the Stars marks its 500th episode tonight.

Jessica Ettinger, CNBC. Don't miss CNBC Pro's Best Deal of the Year. Sign up now at cnbc.com slash pro early access. Terms and restrictions apply.