CNBC Business News Update - Market Open: Stocks Mixed, Boeing Workers On Strike, Jeep Tries A Turnaround Plan 9/13/24

Episode Date: September 13, 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.

Jessica Edinger, CNBC. It's Friday the 13th, but Wall Street's looking for a lucky winning day today. The Dow is higher out of the gate, up 120 points, three-tenths of a percent above 41,000. The S&P 500 index up 17 points, and the Nasdaq is up 62 points this morning. The S&P 500 index is trying for a five-day winning streak today. Boeing factory workers on strike for the first time since 2008 today after overwhelmingly rejecting a new contract that union leaders had accepted. CNBC spoke with employees on the line. That original contract was garbage. We build airplanes. People trust us with their lives. I've been here for 27 years and had our pension taken, had everything taken away from us.

We had stagnant wages for the last 12 years. I've been here for 18 years. The pension is gone. More than 30,000 Boeing workers are on picket lines outside of Seattle, halting production of most of the company's aircraft, including its best-selling 737 MAX jets. They're delivering about 30 MAXs a month. So, of course, it would slow that. But don't forget, Boeing has 200 MAXs sitting in inventory.

That gives them some buffer to quickly deliver those once a strike is resolved. Jeffries, Sheila Kayaglu on CNBC. The Jeep CEO enacting a turnaround plan. After five years of dropping sales for the American brand, parent company Stellantis has a target of selling a million Jeeps in the U.S. by 2027. Mortgage rates at their lowest since February of 23, heading into the weekend of home shopping for would-be buyers. The average rate on a 30-year fixed home loan now 6.1 percent according to Mortgage News Daily. Consumer spending is cooling in the new CNBC National Retail Federation retail monitor data. After a strong July consumer spending eased back in August but more towards the running average of the CNBC NRF retail monitor, powered with actual credit card spending from Affinity Solutions,

shows total retail sales rising by a half a percent month-on-month. That's down from 0.7 in July. But that is right at the one-year average. Clothing and accessories up 2.1 percent. Restaurants and bars doing well, 1.7. But electronic and appliances down 0.9. That's the second decline in a row. And this echoes other economic data.

We are moderating. We're coming down. But we don't know where we stop. And this is what creates the concern out there. CNBC senior economics reporter Steve Leisman. Here comes the holiday hiring. Kohl's holding a national hiring event next Thursday and Friday. Lots of retailers and other businesses are posting seasonal positions now to try to find the labor they need.

United Airlines will offer passengers free Wi-Fi using SpaceX's Starlink system. Testing begins early next year. SpaceX already has deals with Hawaiian Airlines and the semi-private airline JSX. Delta and other carriers have been investing in faster in-flight Wi-Fi and offering that for free. New in theaters, Lionsgate's thriller The Killer's Game and Universal's Speak No Evil. Universal is a sister company to CNBC. Jessica Ettinger, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Jessica Ettinger, CNBC.