CNBC Business News Update - Market Open: Stocks Mixed, Ivy League Grad Charged In CEO Murder, Taylor Swift Industry Legacy 12/10/24

Episode Date: December 10, 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 year-end rally for stocks takes a breather today. The Dow is down 158 points this morning, led lower by-old Ivy League-educated Luigi Mangione of Maryland charged with the murder of UnitedHealthcare CEO Brian Thompson in New York. Mangione was identified and arrested at a McDonald's in Altoona, Pennsylvania, and reports say he struggled with chronic back pain for years. People on social media have held him up as a hero against the health insurance industry that some say routinely denies payment for care. He was carrying a handwritten manifesto that referenced the health care industry. The CNBC National Retail Federation data showing solid consumer spending last month. Weak gains month to month in November that could still mean solid consumer spending because of the quirk in the

calendar. Thanksgiving this year fell on the latest possible day of the year, the 28th, pushing half of the Black Friday weekend into December. Last year, all four days from Black Friday through Cyber Monday were in November. So November this year, hey, pretty good, even when missing two major holiday shopping days. CNBC's senior economics reporter Steve Leisman. Rupert Murdoch lost his court fight to change an irrevocable family trust. The 93-year-old billionaire wanted to consolidate his eldest son Lachlan's control of News Corp and the Fox News Channel empire to lock in Fox News's right-wing editorial slant. The New York Times

says the probate commissioner found that the father and son acted in bad faith to try to change the irrevocable trust to keep other family members who are less conservative from having power over the company's direction. Taylor Swift's impact on the entertainment industry will be long-lasting after wrapping up the nearly two-year, $2 billion tour on Sunday night. The legacy of the $2 billion Heiress Tour is shaping the concert and the entertainment industry. Taylor Swift's approach of doing mini-residences shows only over the weekend in fewer cities, normalized concert travel, which created a more robust fan experience. By having these mini-residencies as she gave herself a couple of days

to rest, which allowed her to perform for three and a half hours for three or four nights in a row. And that also allowed them to build these giant sets. I mean, if she was doing a concert for one night or two night in many more different cities, it would not have enabled her to have such elaborate sets or for her to physically rest after that three and a half hour performance. CNBC's Julia Boorstin. Alaska Airlines planning new nonstop flights to Japan and Korea from Seattle in a billion dollar post-merger profit push. Alaska merged with Hawaiian Airlines about three months ago, giving it access to wide-body airplanes. Tesla being sued by the family of a deceased driver over what they call the fraudulent misrepresentation of autopilot safety. Tom Brady's goat collection of watches

and treasures, as it says, is on sale today. 20 sports artifacts being auctioned off that could fetch millions. The sale includes the 2021 Tampa Bay Buccaneers jersey Brady wore when he broke the NFL career passing yards record. Disney started selling cabins today on its first Asia-based cruise ship, a Marvel-themed voyage from Singapore happening a year from now. Jessica Ettinger, CNBC. Driven by money, power, and faith.

Cities of Success, Salt Lake City premieres December 10th and Eastern, CNBC.