CNBC Business News Update - Market Open: Stocks Higher, Wholesale Inflation Disappoints, Meme Stocks Soaring 5/14/24

Episode Date: May 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. Wall Street in the green this morning. Investors on hold for the latest on consumer inflation coming tomorrow with the CPI, the Consumer Price Index. This morning it was a disappointing PPI. That's the Producer Price Index. The headline number came in hotter than expected. But the Dow up 47 points. The S&P 500 Index in the green up a point.

And the Nasdaq's up 13 points now. The meme stock craze is on day two. It started with tweets from Roaring Kitty getting traders excited again. He tweeted for the first time in three years yesterday. And this may have cost short sellers about a billion dollars or so already, according to data from S3 Partners. This is from just about 9 a.m. Eastern this morning on Squawk Box. The meme stocks, I'm just going to say it. It's insane. It's insanity. And that's what it is. GameStop is up 130 percent right now. You look at SunPower

Corporation up 130 percent. You're looking at AMC up 120 percent. You're looking at BlackBerry, if you can even believe this one, up now 26%. And nothing has actually changed, folks. No new games out or anything? That's all we have for today. New Taylor Swift movie at AMC? Nada. CNBC's Joe Kernan with Andrew Ross Sorkin.

Home Depot out with mixed quarterly results. It says customers are putting off big home projects because of high interest rates, home improvement retailers, furniture stores, and most industries connected with the housing market have faltered as the residential real estate market has slowed to a crawl. No, I don't think it's cheap. That's really the reason, one of the key reasons why I remain on the sidelines with Home Depot. I mean, in my view, this is a very well-run, well-positioned company for the longer term. I believe, and I think we're seeing these numbers again today, that these cyclical pressures, which I very much view as post-pandemic, are continuing to weigh upon Home Depot, and I think will continue to weigh upon Home Depot basically through 2024.

Oppenheimer's Brian Nagel on CNBC. Open AI has become the first back-to-back number one company on the CNBC disruptors list. Other names in the top ten include Anduril Industries, Stripe, Canva, and Anthropic. Walmart cutting hundreds of people in its corporate offices and relocating others. The Wall Street Journal says smaller offices in Atlanta, Dallas, and Toronto will be consolidated to New Jersey, California, or the home office in Bentonville, Arkansas. Google's I.O. Developers Conference is on today. Hotel union workers and management at Virgin Hotels Las Vegas are in contract talks today after that weekend strike. Carnival hoping to start sailing from the port of Baltimore by the end of the month.

Travel Weekly says the cruise line received a strong indication from Maryland officials, port officials, and the U.S. Coast Guard as work continues clearing the Key Bridge wreckage after it was struck by that container ship back in March. Burger King marking the chain's 70th birthday with birthday pie at the end of the month and 70 cent deals for different items through June 3rd. Jessica Ettinger, CNBC. CNBC. Live ambitiously.