CNBC Business News Update - Market Open: Stocks Lower, Banks Raise Credit Card Interest Rates, McRib Back at McDonald's 12/3/24

Episode Date: December 3, 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. Wall Street's in the red out of the open this morning as investors come off a winning start to December trading yesterday. The Dow pulling back 55 points, being led lower by shares of Honeywell, which are down 2.5%. The S&P 500 index down four points.

The NASDAQ also down four points. If you have a brokerage or retirement account with an S&P 500 index fund in it, though, you're up a strong 26% as of this morning. Banks are hitting credit card users with higher interest rates. Experts tell CNBC they're responding to regulation that may never happen. Only consumers who carry balances on their cards pay that interest. That's about one in five credit card users in the U.S. Banks like Synchrony and Bread Financial, afraid of a rule that would slash what the industry can charge in late fees. Barclays and Citigroup have already raised interest rates on their store cards, too.

It's Giving Tuesday today when nonprofits ask for your support. Your inbox may be full of emails now with charities asking for money, but average Americans are actually pulling back. The Wells Fargo survey finds 29% of Americans report they've given less to charity this year compared to the year before. And 51% of Americans feel they don't have enough money to give to charity at all. With economic pressure from the rising cost of living, fewer people are giving. CNBC's Sharon Epperson.

Meantime, it's also Travel Tuesday today, branded so by travel website Hopper, and the Airline Association has jumped on. They're trying to get consumers to spend money on plane tickets today. Typically, we see a slump in travel bookings in the week after Thanksgiving. This was naturally happening even before we branded it Travel Tuesday. Providers were already dropping prices

in this week after Thanksgiving. What we've done at Hopper is brand it and sweeten the deal with additional discounts. Hopper economist Haley Berg on CNBC. Dollar General and Dollar Tree not reaping the benefits of consumers looking for bargains. Sales have not been lifted. Shoppers say stores are messy. Some products are questionable.

They'd rather shop online, but the dollar stores don't have a big e-commerce presence. So who's winning? Walmart and walmart.com. U.S. steel shares tumbling after President-elect Donald Trump said he would block the purchase of the steelmaker by Japan's Nippon Steel. Union workers have said they'd rather have a Japanese owner than lose their jobs. The Trump team vows that taxpayer money can be used to prop up U.S. steel. President-elect Donald Trump reiterated his pledge to block Nippon Steel's planned purchase of the company. In a true social post, Trump says he is totally against the once great and powerful U.S. steel being bought by a foreign company. He added

he will make U.S. steel strong and great again through tax incentives and through tariffs. CNBC's Frank Holland. Jaguar vehicle fans divided as the automaker reveals the Type 00 concept vehicle, the first under a new brand identity. Jaguar's been struggling for years. The new vehicle is boxy, a minimal sports car, big wheels, all electric. The prototypes will not be sold to consumers. You can see it at CNBC.com. McDonald's doesn't want the public talking about

E. coli. It's bringing back the McRib sandwich today at participating restaurants for a limited time. Jessica Ettinger, CNBC. A money-making powerhouse driven by money, power, and faith. Cities of Success, Salt Lake City, premieres December 10th and Eastern, CNBC.