CNBC Business News Update - Market Open: Stocks Higher, United Health Group With Open Letter To America, Coffee Futures Near 50 Year Highs 12/13/24

Episode Date: December 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Stocks are higher on Wall Street this morning for Friday, the 13th trading. The Dow's on its longest losing streak since last April at six straight days. The S&P 500 index is on pace for a losing week. We'll see what happens by the close. The Dow up 106 points this morning. The S&P 500 index up 21, the Nasdaq up 117 points. Investors paying attention to new trade threats from China and Canada today, responding to President-elect Trump's promise to put tariffs on everything coming into the U.S. from every country, but especially China, Canada, and Mexico. United Health Group's CEO with an open letter after the CEO of the health insurance division was murdered in New York. United Health Group CEO Andrew Witte has a guest essay in the New York Times published early this morning.

And he says the company is struggling to make sense of the unconscionable murder of executive Brian Thompson, as well as the vitriol directed at UnitedHealth colleagues who have been barraged by threats. He says in his words, we know the health system does not work as well as it should. We understand people's frustrations with it. CNBC's Joe Kernan. Broadcom shares surging today after strong quarterly results. The company's on the cusp of a trillion dollar market value. Business leaders signaling to President-elect Trump to be strategic about deporting immigrants. I want to look at how the job market is going to be affected

and workforce growth is going to be affected by these deportations. Deporting criminals, great. Sealing the border, great. But I want to be careful that we don't inadvertently shrink the workforce. We need workforce growth. Workforce growth is disinflationary. And it's one of the reasons why the Fed has been able to do the cuts they've done.

Goldman Sachs Vice Chairman Robert Kaplan on CNBC. Consultant McKinsey & Company paying more than a half billion dollars to settle a U.S. opioid consulting investigation. And an ex-partner will plead guilty to obstruction in that case. As coffee futures rise to near 50-year highs because climate change has impacted coffee bean producers, Starbucks will give smaller raises to baristas, according to Bloomberg, as the chain tries to make a comeback. YouTube TV will cost more in the new year. Alphabet's YouTube TV is raising the price of its streaming plan by $10 a month to $82.99 a month. That is a 14% hike. For new subscribers, the change takes effect immediately.

It kicks in for existing subscribers on January 13th. The company citing rising content costs for that change in price. CNBC's Becky Quick. The Mega Millions jackpot tonight, a whopping $670 million. Jessica Ettinger, CNBC. Inside Wealth, an exclusive newsletter for a select audience. Inside Family Offices, how the wealthy become ultra wealthy. Robert Frank's high net worth perspective.

Join the list at cnbc.com slash inside wealth.