CNBC Business News Update - Market Open: Stocks Lower, Inflation As Expected At 2.3%, GDP Growth At 2.8% 11/27/24

Episode Date: November 27, 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. Ancho...red by CNBC's Jessica Ettinger.

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Starting point is 00:00:00 I'm Jessica Edinger, CNBC. Inflation came in as expected in the new PCE report. The Fed's favorite gauge of inflation, the personal consumption expenditures, 2.3% annual inflation rate. The markets are reacting negatively. The Dow falling from a record high at the open. It's down 23 points, being led lower by shares of Salesforce, which are down 3%. Nvidia pulling back another 3% today. The S&P 500 index down 26 points. The Nasdaq down 1%, 190 points. Certainly a lot of uncertainty and cross-currents on the policy front.
Starting point is 00:00:39 Markets seem to have handled it well. I think that's a reasonable response, sort of looking through to next year, seeing a decent economic backdrop, a decent earnings backdrop. Silver crests Robert Teeter on CNBC. U.S. economic growth for the third quarter, a solid 2.8 percent, thanks in part to strong consumer spending, came in right as expected. The economy is doing just fine, right? 2.8 percent. A little bit stickier inflation out there. Jobless claims low. GDP doing pretty good with the consumption in there doing reasonably well. The economy is doing just fine right now. CNBC senior economics reporter Steve Leisman. And as Steve mentioned,
Starting point is 00:01:16 the job market remains strong. Fewer people applied for unemployment benefits last week than expected and below the pre-pandemic weekly normal. On initial claims expecting 215,000, we come in at 213,000. That is the lightest level since April, since April of this year. CNBC's Rick Santelli. Consumer confidence came in higher than expected. That reading was out yesterday. That may be because of the strong job market. Mortgage rates had their first tick lower in two months and mortgage demand popped last week up 12% from the week before to buy a home. Buyers are tired of rates over 7% and they seem to jump and lock in when the rate starts with a 6. So today the average rate on a 30-year fixed home loan is 6.95%, according to Mortgage News Daily. You might want to brace yourself down the road for grocery store prices to go up.
Starting point is 00:02:11 After eight of the 10 top food-producing states voted for Trump in the 2024 election, America's farmers are now worried. President-elect Trump says on day one of his administration, here come tariffs. We're starting to see tweets out of the president talking about putting 25% tariffs on all goods from Mexico and Canada. That really gets the agriculture community quite concerned. Fertilizer Institute economist Veronica Nyes on CNBC. Potash, which is potassium, which is one of the three macronutrients that all plants need to grow and thrive. We get 98% of all of that fertilizer that comes into the United States. Canada is our largest supplier. Farmers ultimately, she says, will have to pass on their costs to package goods producers and consumers. Today could set the record for most flyers going
Starting point is 00:03:06 through U.S. airports in a single day. We won't know till we get post-holiday TSA data, but Frontiers CEO is confident they're ready. Huge demand. The holidays are the biggest we've ever seen, and people are headed to Florida, they're headed to the Caribbean, and then they're even headed to Colorado to go snow skiing. So I think it looks like it's going to be a big weekend. A little bit of weather out there, so make sure folks show up early and obviously pack that patience for the TSA lines. Frontier CEO Barry Biffle on CNBC. Jessica Ettinger, CNBC.
Starting point is 00:03:39 CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.

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