CNBC Business News Update - Market Open: Stocks Mixed, Investors On Government Shutdown Watch, Wall Street Buzzing About Day Trading Addiction 12/20/24

Episode Date: December 20, 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 by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. The markets are struggling this morning and the Dow is on pace for its worst week since March of 2023. Although the Dow has popped into the green shortly out of the open, up 45 points, the S&P 500 index is down 6 and the Nasdaq down 93 points. Bitcoin on pace for its worst week since September. It's trading at about $92,000 today. Inflation ticked lower in the December PCE, the Personal Consumption Expenditures Report. The Fed's favorite measure of inflation, it was down to 2.4 percent, and that was lower than expected.

But investors are on D.C. shutdown watch today as the president-elect and Elon Musk fight with Congress over a government funding bill. And this could just be the start. Think of what it says for next year. I think this will eventually get solved. But I think it really foreshadows how difficult it's going to be to pass any sort of extension of tax relief. And I think markets have just assumed that's going to happen. But what you're watching happening right now inside the Republican conference, I think should give a lot of investors concern about how that's going to go next year.

Former chief of staff to Mike Pence, Mark Short on CNBC. Novo Nordisk shares were plunging today after disappointing trial results on a weight loss drug that was seen as a rival to what's already out there. Shares of Eli Lilly jumping. Wall Street is buzzing about an article today on day trading in the Wall Street Journal. All about young men, even teens, addicted to betting on stocks like they bet on sports. When I read that article about these people being addicted, it's devastating because what happens is that it's the zero day options, which, by the way, you see the options trading today. These are people who are debilitated. They believe that long-term means you've got to hold it to the afternoon. These people, I feel bad for them because they're losing fortunes.

They don't know what they're doing. And I have data from Robinhood. It's terrible. CNBC's Mad Money host, Jim Cramer. Nike shares struggling after last night's quarterly results and earnings call. Nike reporting better than expected numbers for its most recent quarter. CFO Matthew Hill on the earnings call, though, raining in a bit of that investor optimism. He predicted sales would fall

double digits in the current quarter. Also, new CEO Elliot Hill warned of some short-term pain for the company and for the stock. CNBC's Frank Holland. The holiday travel period is here. For the next two weeks, U.S. airports will be busy. Airlines say they're ready, barring any bad weather to mess up flights, but that's already started with snow in the upper Midwest. Americans are traveling the most this holiday within the U.S. and to Mexico. travel insurer Squaremouth says the U.K. has risen as a destination to fourth most popular for the holidays. Up from 10th last year, fewer Americans are traveling north to Canada. That dropped from 3rd to 9th this year, according to the survey.

Today is the 10th busiest shopping day of the year ahead of tomorrow's Super Saturday, which is the second busiest shopping day of the year after Black Friday. New in theaters, A24's Baby Girl, Disney's Mufasa, The Lion King, and Paramount's Sonic the Hedgehog 3. The Mega Millions jackpot tonight is a whopping $825 million. Jessica Ettinger, CNBC. Inside Wealth, an exclusive newsletter for a select audience. Inside family offices, how the wealthy become ultra wealthy. Robert Frank's high net worth perspective. Join the list at cnbc.com slash inside wealth.