CNBC Business News Update - Market Open: Stocks Mixed, Job Cuts Remain Historically Low, Starbucks Drops Extra Charges For Plant Based Milk 11/7/24

Episode Date: November 7, 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, Wall Street, building on some of the record highs it opened with, but we have mixed markets now out of the gate. The Dow is down 36 points. The S&P 500 index down 21. The Nasdaq is soaring up 162 points. That's eight-tenths of one percent. The Fed decision on interest rates is on deck for this afternoon. A quarter percentage point cut is expected. Full coverage on CNBC and CNBC.com at 2 p.m. Eastern time. Slightly more people applied for unemployment benefits last week with job cuts still at historically low levels. 221,000. They continue to be well behaved. CNBC's Rick Santelli continuing claims pushed higher to 1.8 million. This is a measure of how long those out of work are still getting unemployment checks. And the new number hints it's taking people a little longer to find that next

job. Productivity missed expectations, but still rose. We're in the middle of a modest productivity boom here, guys. That's worth noting now. And a big debate, guys, about how the work from home phenomenon is affecting the productivity numbers. Some people say it's boosting it by a lot. Some people say it's a drag on the economy. But ultimately, we've had higher than normal productivity by, I don't know what you want to call it, half a point over the last year or so. CNBC senior economics reporter Steve Leisman.

Trump media shares have been diving, giving back their post-election gains from yesterday. The company reported a quarterly loss. Shares of DJT have been considered a mean stock. Drugmaker Moderna out with strong results. Shares were higher today. Some Americans say they're worried all vaccines will be banned in the new Trump administration. CNBC's Becky Quick talked with the CEO of drugmaker Moderna today. Robert Kennedy Jr. is going to be having some position, Trump said it himself in his victory speech.

RFK Jr. is going to have a role in the administration. We don't know what yet. Could include either Health and Human Services Secretary or White House Health Star. He has said repeatedly that vaccines cause autism and they can say that a lot of these vaccines will no longer really be supported by the CDC or advised by the CDC. And that's how insurance guidelines are set. So first of all, we have always worked very collaboratively with any governments in any country, including, of course, in the U.S. We work with quite a number of administrations, including during the first term of President Trump. We always partner with public health officials. We have the same mission and the same goal, which is to make sure people are healthy.

Moderna CEO Stéphane Bancel on CNBC. Lyft share is popping today. The ride share company is out with a strong outlook for this current quarter. Riders say Lyft routinely undercuts Uber for the same ride. Shares are up more than 20%. Starbucks, as of today, no longer charges those extra fees for non-dairy milk in your coffee. Some locations were charging nearly an extra dollar for a little soy, oat, or almond milk in the cup. Jessica Ettinger, CNBC.

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