CNBC Business News Update - Market Open: Stocks Higher, Roaring Kitty Roars Again, Apple & OpenAI Teaming Up?, Tough Spring Home Selling Season 5/13/24

Episode Date: May 13, 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. Stocks are coming off a winning week and the major averages are higher this morning out of the gate. The Dow up 94 points, a quarter percent. The S&P 500 index up 10 points. The Nasdaq's up 43 points. That's about a third of a percent. GameStop shares were soaring up 40 percent this morning. The meme stock trader Roaring Kitty posted on Twitter Now X for the first time in three years. And some are saying that post is possibly sparking some of the meme stock buying. An Apple iPhone with AI built in? Well, that might boost sales. Apple is reportedly closing in on a deal to put OpenAI's artificial intelligence technology on the iPhone. According to multiple reports, the two sides have been finalizing terms of the deal for Apple's upcoming mobile iOS 18. This, as OpenAI itself, gets set to hold a virtual event at 1 p.m. Eastern today,

likely, according to the information, unveiling a new virtual assistant powered by ChatGPT. CNBC's Bertha Coombs. The spring home selling season is slow and disappointing for many real estate agents and would-be home buyers. But actually, it's ever so slightly better than last year. We are growing inventory year over year. New listings data is growing year over year. New listings data is growing year over year, but context is key. 2023 was the lowest levels ever recorded

in history. Housing Wire's Logan Motoshami on CNBC. The new rule capping credit card late fees at $8 that was supposed to start tomorrow will not. It was blocked Friday night by a federal judge in Texas, Judge Mark Pittman, giving a big win to the banks and major credit card companies, which collect billions in revenue each year in late fees from average people. They average $30 per occurrence. Hotel union workers ended their weekend strike against Virgin Hotels in Las Vegas, and contract talks are set for tomorrow. Apple store workers in Maryland have voted to authorize a strike while the UAW faces a key test in the South with a vote as early as

this week at an Alabama Mercedes-Benz plant. A successful billionaire charity launch after 93-year-old Warren Buffett stepped back from his annual event. This year, Salesforce CEO Mark Benioff stepped in. The winning bid was $1.5 million for lunch with him. The money goes to the San Francisco-based Glide Foundation. Dutch Brothers Coffee, which has been giving Starbucks a run for its money, is out with a summer menu that includes the Mango Not a Rebel. Brand Eating says it's an energy drink, an icy Mexican favorite made with mangoes, lime juice, chamoy sauce, and chili lime seasoning. Number one at the weekend box office, Disney and 20th Century's Kingdom of the Planet of the Apes. Jessica Edinger, CNBC.

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