CNBC Business News Update - Market Open: Stocks Mixed, Consumer Inflation Cooled In August, Mortgage Rates Lowest In A Year And A Half 9/11/24

Episode Date: September 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 Ettinger, CNBC. Consumer prices rose two-tenths of a percent last month. The annual inflation rate now at its lowest since 2021. And stocks are mixed this morning on Wall Street. As the September volatility continues, the Dow is down 395 points. That's just about 1%. The S&P 500 index down 25 points. The Nasdaq's in the green. It's up 9 points. That's just about 1%. The S&P 500 index down 25 points. The Nasdaq's in the green. It's up nine points. Looks like some traders may be disappointed that the Fed won't be cutting

interest rates dramatically next week. The market has been kind of hesitating here. Really, if you look at the chart of the S&P 500, it's almost two months into this period of trying to sort out just how much is the economy slowing, how much is priced into valuations, and will the Fed get it right in terms of cutting rates at the right pace in time to save us off landings. CNBC's Mike Santoli. Inflation cooled in August, now at its lowest in more than three years. CPI month-over-month headline up two-tenths exactly as expected. If you look at the year-over-year numbers, 2.5. 2.5 is the smallest amount going back to February of 2021. CNBC's Rick Santelli.

CNBC's Steve Leisman says that while the Fed's expected to cut interest rates next week, the CPI numbers point to a quarter percentage point cut and not a whopping half percent. There was one chance, a small chance, that this data might favor a 50 basis point rate increase. It did not. If it was substantially lower, there was a chance it might favor 50. It does not. So what happened is you've had an increase in the probability of a 25 with the PPI tomorrow that comes in around expectations. It'll lock in a 25 for next week. The PPI is the producer price index. That's a measure of inflation at the wholesale level. And we're going to get that data for August tomorrow morning.

Mortgage rates, their lowest since February of 23. Now, the average rate on a 30 year fixed fixed home loan, 6.25%, according to Mortgage News Daily. Amazon is opening fresh supermarkets after a year-long stall. Sony unveiled an upgraded PlayStation 5 Pro. It's trying to boost slow sales in the console business. Oracle shares jumped more than 10% on strong quarterly results. Petco shares were up on earnings that came in as expected. Dave & Buster shares were higher on better than expected earnings. Mega Millions had a winner last night. At least one winning ticket sold in Texas for the $800 million jackpot. Jessica Ettinger, CNBC. CNBC unveiling its inaugural NFL valuations list. Dallas Cowboys

number one at 11 billion dollars. The NFL is the biggest and most profitable sports league in the world. Exclusive NFL team valuations now on CNBC.com slash sport.