CNBC Business News Update - Market Open: Stocks Higher, Wholesale Inflation Rose Less Than Expected, Southwest Pauses Corporate Hiring To Save Cash 1/14/25

Episode Date: January 14, 2025

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, Wall Street in the green this morning. After inflation at the wholesale level came in cooler than expected for December, we're going to get the latest on consumer inflation tomorrow. Bond yields were pulling back, and that's been helping stocks. The Dow up 171 points, almost a half percent, being led higher by shares of Salesforce. They're up 2%. The S&P 500 index, up 29 points. That's a half percent. The NASDAQ up 150 points. That's eight-tenths of one percent. The December PPI producer price index came in at an inflation rate of two-tenths of one percent,

better than expected. Eggs, which were up 55 percent, I want to say, let me get that right. They're now up 0.5. Fresh fruits and vegetables were up like 33 percent, and that actually fell 14 percent. Look, the market has not had good inflation news for quite a while now. This is something that's helpful. It shows you that it's not all one direction. CNBC senior economics reporter Steve Leisman. Look, I think we're in an environment where there is a risk something that's helpful. It shows you that it's not all one direction. CNBC senior economics reporter Steve Leisman. Look, I think we're in an environment where there is a risk that inflation comes back. And I think we're in a murky territory here. I mean, look, we took all Fed cuts off the table. The idea is we're not going to see any cuts this year. Our economists are basically of

the opinion that we don't get to the numbers that we need to see. That's Bank of America's Savita Subramanian on CNBC. Southwest Airlines pausing all corporate hiring and most summer internships. It's trying to cut costs. China could sell TikTok to billionaire Elon Musk. That was according to Bloomberg. But TikTok calls that report pure fiction, according to Variety. TikTok, which is owned by Chinese company ByteDance, sits on the phones of nearly half the U.S. population. It's seen as a security risk. Congress passed a law that says it must be banned or sold to an American owner. I got to tell you, I did some reporting on this from what I'm hearing as well. This must stuff is is just not based in true reality. There may have been a conversation

somewhere. Certainly, the real question is, what are you going to get from the Supreme Court? They don't seem inclined to overturn the law. But I think there is a hope in the Baitans camp, certainly, that what they will do is issue an administrative delay, which would have the effect of giving it to the Trump administration and allowing them to sort of administer and or interpret the law that's been passed by Congress. CNBC's David Faber. Ahead of this looming TikTok ban, creators have been telling their fans and followers how to find them on Instagram, YouTube, X, and Blue Sky. The Los Angeles wildfires continue to burn. Winds are picking up today. Officials worry this could trigger new fires and set back recent progress made against the current ones. After promising tariffs on all goods coming into the

U.S. on day one of the new administration. The Trump team worried about causing inflation to rise, now considering gradual tariff increases, according to various reports. Robinhood, the stock trading platform and app, will pay millions to the Securities and Exchange Commission for violating SEC rules. The $45 million penalty will settle charges the company violated at least 10 law provisions related to its brokerage operations. Struggling Kohl's will close 27 more underperforming stores by April. Retail Dive says the fulfillment center in San Bernardino, California will also close when its lease expires in May. Jessica Ettinger, CNBC. Essential investing tools for wealth management, plus CNBC global market news and analysis tailored to your holdings. Become a smarter investor with the power of CNBC Pro. Go to cnbc.com slash get pro now.