CNBC Business News Update - Market Open: Stocks Lower, Investors Waiting for Latest on Inflation, Nvidia Shares More Affordable Today 6/10/24

Episode Date: June 10, 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. The market opened this morning in the red after a winning week for the major averages last week. The S&P 500 index opened this morning just short of a record high. Bond yields are higher, pushing stocks lower. The Dow down 88 points. The S&P 500 index down 11. The Nasdaq down 35 points this morning. Investors are waiting for the latest on inflation. That comes in the CPI, the Consumer Price Index, out Wednesday morning. Wednesday afternoon, we're going to get a Fed decision on interest rates. Most expect those to hold steady. But we'll also hear some commentary by Fed Chair Jay Powell. This week with the CPI and the FOMC meeting,

I think that's going to be a big driver of the overall market. I do think we're going to be somewhat choppy into that. Truist's Keith Lerner on CNBC. NVIDIA shares opened lower on the company's first day of trading after its 10 for 1 stock split. Shares opened at about $120 a piece, falling about a half a percent. Apple's annual Worldwide Developers Conference on today in Cupertino, California, with a keynote address by CEO Tim Cook. The company's feeling some pressure as investors are hoping to hear about some big AI plans. So what I'll be focusing on is how they're going to use artificial intelligence to sell more iPhones, given their over-reliance on iPhones, which were half their revenue last

fiscal year. And I'm not convinced, when you think about a much-needed upgrade to Siri, I don't think that's going to get consumers to buy more iPhones. The Maxim Group's Tom Forte on CNBC. Southwest Airlines shares were higher after the Wall Street Journal reported an activist investor, Elliott Investment Management, has built a large stake in the company. Another no vote for the massive pay package that Tesla's board says Elon Musk deserves. Tesla shareholders vote Thursday on whether to reauthorize Elon Musk's pay package. Over the weekend, Norway's sovereign wealth fund said that it will vote against that pay package, citing concerns about the size of the award, its structure, and how it fails to mitigate key person risk.

Tesla approved the $56 billion pay package back in 2008, so did the shareholders, but it was voided by a judge in January. Norway's fund owns about 1% of Tesla, worth about $8 billion at the end of last year. The fund voted against the pay package in 2018. CNBC's Becky Quick. Ford is recalling nearly 150,000 vehicles, certain 2016 through 18 Ford Focus cars, and 18 through 22 Ford EcoSport vehicles. Because a failure could mean the loss of engine oil pressure and that risks a crash.

Moderna's combination COVID flu vaccine more effective than existing shots in a late stage trial. Sony's Bad Boys Ride or Die, the number one movie at the weekend box office boosting Will Smith's comeback as a movie star. It beat expectations which is great news for Hollywood after several other movies that were forecast to be pretty big just weren't. Another test for the industry comes this weekend with the release of Disney Pixar's Inside Out 2. Jessica Ettinger, CNBC. I just love this game. So excited to share with the world. The Olympics from Paris starts July 26th on NBC and Peacock.