CNBC Business News Update - Market Open: Stocks Mixed After Last Week's Slide, Tesla Jumps On Possibility Of New Self-Driving Regulations, Spirit Airlines Files For Bankruptcy Protection

Episode Date: November 18, 2024

The latest in business, financial, and market news and how it impacts your money - reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. A mixed open for stocks following the worst week for the S&P 500 and Nasdaq since early September. The anxiety at the end of last week stemmed from Fed Chairman Jerome Powell's comment that a cautious approach to lowering interest rates was appropriate. The Dow falling by 111 points at 43,334. The S&P 500 lower, but not by much, just two points. The Nasdaq higher by 27 points, or about one-tenth of one percent. Gabriela Santos, chief market strategist for the Americas at JPMorgan Asset Management, is optimistic over the longer term, but wouldn't be surprised to see

some short-term bumpiness. We seem to be out of the cyclical storm, all the distortions from the pandemic. But now we're in the short term in a little bit of a policy fog environment that can lead to some of a bit more choppy performance. So it's really all about the three S's. What's the scale, the scope, the sequencing of the policies of the new administration? And how do we counteract headwinds and tailwinds. Among stocks on the move this morning, Tesla is up more than 6 percent, following a Bloomberg report that President-elect Trump's transition team was planning to set up federal regulations for autonomous vehicles. Warner Brothers Discovery up nearly 3 percent. The media company settled a breach of contract lawsuit with the NBA over TV rights. Spirit Airlines has filed for bankruptcy protection after years of losses.

It does expect to continue operating as it goes through the process and already has a prearranged agreement with creditors. And U.S. regulators have opened a probe into about 113,000 Ford SUVs over an issue with seatbelt retractors. Peter Schach now, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Go, CNBC.