CNBC Business News Update - Market Open: Stocks Mixed, S&P 500 Index Coming Off Its Best Week of the Year, Apple Shares Lower 9/16/24

Episode Date: September 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. The final week of fall trading is here on Wall Street. Markets are mixed. Investors are waiting for a highly anticipated interest rate cut by the Federal Reserve, which will come Wednesday. The two-day meeting begins tomorrow. The Dow soaring higher, up 300 points, three-quarters of a percent, being led higher by shares of Intel, which are up 4%.

The S&P 500 index has turned positive. It's up three points now. And the NASDAQ, still in the red, down 102 points. That's just about a half percent. Stocks rallied last week. The S&P 500 index coming off its best week of the year, up about 18% year to date. It's about a half percent away from its all-time high. September is living up to its reputation as being volatile. I mean, just two weeks ago, we were down 4%. So to recover last week was really encouraging. And I do think it's tied to the fact that we had a couple of good inflation prints last week. The point is we are about to embrace a cutting cycle and that is positive for the long term, especially since we are growing at two to two and a half percent. We're not in a recession. Hightower's Stephanie Link on CNBC. Apple's new operating system, iOS 18, is available for iPhones and Macs today, but investors instead are focusing on an analyst note that's forecasting lower pre-order demand for Apple's new iPhone 16s, which won't have a lot of AI off the bat.

The timing on these AI features undoubtedly are going to impact how investors should think about the growth rates, and they are going to take six months to roll out. Shares of Apple are down on commentary that the rollout for the first few days is muted. There's a lot of talk of AI. There hasn't been much usage. I think when consumers actually get a hold of these features, you're going to see a significant increase in that. Deepwater's Jean Munster on CNBC. Investors waiting to see how much the Fed decides to cut interest rates on Wednesday. It starts a two-day meeting on those tomorrow and has indicated that the rate increases it's done have slowed inflation. So it's time to get interest rates back to a more neutral stance. Cutting interest rates makes money cheaper to borrow for businesses and for consumers. Microsoft hosts a live stream on LinkedIn today, which it owns to show off its co-pilot AI software. The U.S. appeals court set to hear challenges to

a potential TikTok ban in the U.S. today. FX is celebrating big primetime Emmy awards last night, taking 18 trophies. HBO's Hacks beat out The Bear for Best Comedy, but The Bear won four trophies of its own. Warner Brothers' Beetlejuice Beetlejuice won the weekend box office for the second week in a row. Jessica Ettinger, CNBC. Analysis that gives you an edge. Fast Money, 5 p.m. Eastern on CNBC.