CNBC Business News Update - Market Open: Stocks Lower, Musk Threatens To Ban iPhones At His Companies, Baltimore Key Bridge Fully Open 6/11/24

Episode Date: June 11, 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. Markets in the red as stocks sell off this morning. The Dow down 323 points. That's eight-tenths of a percent. JPMorgan Chase shares leading the Dow lower, down two and a half percent. The S&P 500 index opened at a record high. It's slipping 20 points now. The Nasdaq also opened at a record high, down seven points this morning. Investors waiting for the Fed decision on interest rates tomorrow. The two-day meeting began this morning, and the Fed's widely expected to hold rates steady. Investors also waiting for the latest on inflation when the CPI, Consumer Price Index for May, comes out tomorrow morning. Investors seem to give a big yawn to Apple's new AI features, which were announced yesterday on day one of the Apple Worldwide Developers Conference,

and which mostly require that users buy new device models to access, sending shares down 2% yesterday. But CNBC Mad Money host Jim Cramer says he spoke with Apple's CEO. He's sold on the whole thing. I spent a lot of time talking to Tim after, Tim Cook, CEO. And I think that what you have to do is you have to say, all right, if you put all these things together, unless you own the Pro or the Pro Max 15, you're going to want to upgrade.

I think there's a lot of little things that add up to something that's incrementally revolutionary. Other investors agree. So many iPhone users need new phones. This might just get them to upgrade. This is going to drive iPhone replacement sales because it only works for now on the iPhone 15 Pro. So you'll have to wait and see the new models come out to experience these AI services. And they have a huge installed base, which is coming up for or overdue for replacement. Arita Research's Richard Kramer on CNBC. Elon Musk speaking out against Apple's

partnership with OpenAI. Tesla CEO and OpenAI co-founder Elon Musk now threatening to ban iPhones from his companies. He's citing the possible security risk around the Apple OpenAI deal in a series of posts on X, also known as Twitter, Musk calls the tech creepy spyware, adding, Apple has no clue what's actually going on once they hand your data over to OpenAI. He also threw in there, they're selling you down the river. CNBC's Frank Holland. The port of Baltimore again opened for business.

The shipping channel had been cleared after the key bridge was hit by a container ship. At the end of March, that resulted in the fatal collapse of that bridge. GM's board has approved a new $6 billion share buyback plan. Eli Lilly shares were higher after a panel of FDA advisors recommended the approval of its new Alzheimer's drug. Tiana's Bayou Adventure, Disney's redo for the Splash Mountain Ride, which was torn down, is opening at the end of the month. It's the next step in Disney's $60 billion theme park investment. Tiana's Bayou Adventure is at Disney World in Orlando. 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.