CNBC Business News Update - Market Open: Stocks Mixed, Last Full Trading Week of the Year is On, Bitcoin Tops 106k 12/16/24

Episode Date: December 16, 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 Enver, CNBC. Markets are mixed to flat this morning on Wall Street out of the gate. The Dow hovering around the flat line up a few points, down a few points. The S&P 500 index up 17. The Nasdaq is up 100 points out of the gate. Investors beginning the last full trading week of the year. There are 11 total trading days left in 2024, and some investors are calling it dull December for stocks. Today, the Dow will try to snap its longest losing streak since 2020. It's been down seven straight trading days. The NASDAQ, though, is adding some new names, and that's partly why shares are higher.

Shares of Palantir, MicroStrategy, and Axon Enterprises are moving higher. The NASDAQ announcing late Friday the 3 will be joining the NASDAQ 100 large cap index one week from today, along with the heavily traded Invesco QQQ Trust, which tracks the NASDAQ 100 and has more than $300 billion in assets for the fund alone. Nasdaq says Illumina, Supermicrocomputer, and Moderna will be removed from the index at the start of trading on December 23rd. CNBC's Dominic Chu. Bitcoin with a fresh record high today, $106,000. That pop is helping shares of MicroStrategy, a software firm that's been buying crypto.

In focus this week, the Fed may cut interest rates. It's holding its last meeting of the year, and the announcement will come Wednesday afternoon. It's widely expected to cut a quarter percentage point. Consumers have watched how they're spending their money, even as their salaries outpaced inflation this year. The restaurant industry clearly had some winners and losers. Wendy's and McDonald's had a hard year, McDonald's especially with an E. coli outbreak. Yum! Brand's Taco Bell had a better year as diners thought it offered better value for the money. This year was strong for fast casual chains like Kava and Wingstop and Raising Cane's became a

buzzy hot chain. When it comes to retail, wealthier Americans, well, they're still shopping at the discounters. Former Walmart CEO Bill Simon tells CNBC that really hasn't happened yet. Apple taking a page out of the Samsung playbook. Apple is reportedly preparing a major change for its iPhone lineup, including thinner phones and as many as two foldable devices. According to multiple reports, the first foldable device will be intended to serve as a laptop and have a screen that reveals a full 19-inch display fully open, while the smaller model would be similar to an iPhone 16 Pro Max. CNBC's Pippa Stevens. Sony's Kraven the Hunter bombed over the weekend,

notching the worst premiere of any of the Sony-produced Marvel films. Disney's Moana stayed at number one and has now passed the $700 million mark globally. Freddie Freeman's World Series Grand Slam baseball sold for more than $1.5 million over the weekend at an auction Saturday night, making it the third most expensive baseball ever sold. 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 insidewealth.