CNBC Business News Update - Market Open: Stocks Higher, Tesla Shares Up 7%, Molson Coors Closes Breweries 11/11/24

Episode Date: November 11, 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 Veterans Day trading is on and stocks are in the green this morning. The major indexes are coming off their best week of the year. The S&P 500 index fresh off its 50th record high and it's building on that. Let's start with the Dow, which is soaring up 347 points, almost 1%. The S&P 500 index above 6,000, up 15 points. And the NASDAQ is up 55 points, a third of a percent. Stocks are typically up in a post-election environment. Only two negative presidential transition periods for global stocks, the period from election day to inauguration day, have happened in the last 50 years.

And they were during recessionary bear markets during 2000, 2001 and 2008 to 2009. So now we expect continued economic growth heading into 2025, similar to past transition periods that featured gains for stocks. So the lifting of that uncertainty, I think, should continue to propel gains through Inauguration Day. Schwab's Jeffrey Kleintop on CNBC. Bitcoin hit a fresh record high overnight of $82,000. Traders are now betting over $2.9 billion on Bitcoin, soon rising past that 85K threshold on the popular derivatives exchange,

Darabit, on the back of U.S. elections that saw a swell of pro-crypto candidates win office. Donald Trump, remember, promised that all future Bitcoin will be mined in the U.S. and pledged to rapidly build out the country's energy production and transmission infrastructure, which is a great thing for those power-hungry miners. This is one of multiple commitments made by the president-elect

to the crypto industry on the campaign trail, along with vowing to fire SEC Chair Gary Gensler and to launch a national crypto stockpile. CNBC's Mackenzie Sigalos. Tesla shares are popping today, building on last week's 29% surge. The stock has rallied on the back of the Trump presidential win, topping $1 trillion in market cap on Friday. Tesla shares are up 7% out of the gate this morning. Cigna shares are higher. It says it will not pursue a merger with Humana.

Would-be homebuyers still facing high home prices, but homeowners in the U.S. have accumulated an average of nearly $150,000 in home wealth in the last five years. That's according to the National Association of Realtors. The NAR says affordability got slightly better in the third quarter with the average monthly mortgage payment down more than two percent from a year ago at about $2,100 a month. But one piece of advice for people who really want to switch homes, don't overspend on the next one on something you really can't afford. You know, right now there's a massive lack of inventory which causes housing to become so expensive. We've been harping on people for the longest time. That's why I try

and find a house that you can grow your family into. Every time you move, you lose a lot of your equity. Find a home that you can fix and make it your own, and you're going to be way better off in the long run. One of the Property Brothers, Jonathan Scott, on CNBC today, they have a new show they're promoting called Love Your House to help people make their current properties better fit their needs. Molson Coors closing breweries, cutting jobs. The Jacob Leinenkugel Brewing Company in Chippewa Falls, Wisconsin's being closed. It's been running since 1857. And Molson Coors is closing the Leinenkugel 10th Street Brewery in Milwaukee.

Sony's Venom the Last Dance was the number one movie at the weekend box office. Meantime, Sony's profits surged 69% in the last quarter on strong sales of image sensors, games, music, and network services. Actually, the movie division had a weaker performance in the quarter. On this Veterans Day, many restaurant chains have deals and discounts for both vets and active duty service members, lunches and dinners. 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.