CNBC Business News Update - Market Open: Stocks Little Changed, Bitcoin Hits 100K, Musk On Capitol HIll 12/5/24

Episode Date: December 5, 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 Ettinger. CNBC stocks little changed at the open this morning. Crypto companies have risen as Bitcoin tops $100,000. Let's get the numbers. The Dow in the red down 55 points. The S&P 500 index down one point. The Nasdaq is higher. It's up 24 points. Slightly more people than expected applied for unemployment benefits last week, but the number remains right at the pre-pandemic weekly average. The government's big employment report will be out tomorrow morning. Bitcoin hit the $100,000 milestone for the first time. Crypto euphoria continues. President-elect Trump made a campaign promise to make the United States the crypto capital of the world. The CEO of Tesla meeting with lawmakers on Capitol Hill today about cutting federal workers and streamlining the entire federal government with DOGE, the new Department of Government Efficiency. House Speaker Mike Johnson is meeting with Elon Musk and Vivek Ramaswamy today for a, quote, brainstorming session with Republicans from both chambers of Congress.

Now, Johnson says the meeting will be key to gain insights into the actual plans for the Department of Government Efficiency. CNBC's Silvana Hanau. President-elect Trump campaigned on a drill-baby-drill platform, but there's too much oil on the market for the demand that's out there. Even OPEC Plus today decided not to increase production. Trump wants lower oil prices. A number of his senior officials, incoming members of the administration have talked about $50 oil. But is that good for U.S. producers are running on drill baby drill.

But these companies also don't want to drill themselves out of business. RBC's Halima Croft on CNBC Oil sitting at about $68 today. Prices at the pump keep falling. AAA says the national average for a gallon of regular now $3.03, with two-thirds of all U.S. states enjoying gas at under $2.99 a gallon on average. Low-cost airline Frontier looking to squeeze more out of flyers by adding a first-class section on its planes. JetBlue cutting less profitable routes and tweaking some of its flights, including Miami to Europe. Credit card interest rates for people who carry balances have soared to record highs. With the incoming Trump administration, experts tell CNBC they don't think the new rule that lowers late payment fees is ever going to happen. People aren't aware, they don't read their statements, that they have 36% interest rates on some of these cards.

And they should just selectively choose cards that have lower interest rates. And more often just pay off the bills. CNBC banking reporter Hugh Sun. Cargill, the agricultural commodities trader and the biggest private company in the United States, is cutting 5% of its employees in a streamlining move. Chi Chi's restaurants, a popular 1990s chain, will open again 20 years after they all closed. This is according to USA Today. The New York Stock Exchange Christmas tree lighting

happens about an hour before market closed this afternoon. Jessica Ettinger, CNBC. Driven by money, power, and faith. Cities of Success, Salt Lake City premieres December 10th and Eastern, CNBC.