CNBC Business News Update - Market Open: Stocks Mixed, Walmart Opening Robotic Distribution Centers, Deere Cuts Jobs To Move Production to Mexico 7/10/26

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

I'm Jessica Edinger, CNBC. Markets are modestly mixed on Wall Street this morning. The Dow down 14 points. The S&P 500 index up 12. The Nasdaq is up 92 points, a half percent. The S&P and the Nasdaq each building on the record highs they opened with this morning. Investors are looking for a Fed interest rate cut, possibly in September. After Fed Chairman Jay Powell's remarks to a Senate committee yesterday. He said keeping

rates high for too long could impact U.S. economic growth. Nobody wants that. Powell is testifying to a House committee today. He lowered the landing gear. By that, I mean, he's setting us up for a September cut and maybe even the day after election cut. Blank Shines, Robert Schein on CNBC. Walmart will open five automated distribution centers around the U.S. with chilled and fresh food areas as it tries to remain the number one grocery retailer in the country. Robotic systems will grab boxes and automatically stack pallets with things like eggs or peaches at the top. With the U.S. presidential election less than four months away,

Wall Street analysts are gaming out what would happen if Donald Trump is reelected and his proposed 10% tax on goods coming in from China takes effect. There's about $3 trillion of goods that are imported into the United States each year that is mostly consumer goods. And if there's a 10% tariff that's affixed to those three imports, that's going to translate to $300 billion of additional monies on a per household basis, that's about $2,300. So that would be quite significant.

UBS retail analyst Michael Lasser on CNBC. He adds it's too early to know, but the retail industry is talking about it now in case it happens. Slightly more people applied for mortgages last week than the week before, up just 1%. It was down last week 13% from the same week a year ago. The summer housing market remains slow. The average rate on a 30-year fixed home loan, 7% today, according to Mortgage News Daily. CNN is cutting 100 jobs.

Tractor maker Deere cutting about 600 workers from three U.S. factories. It's moving production to Mexico. The U.S. is forecast to have 16% more millionaires in the next five years. And the new UBS Global Wealth Report, the country that's making the biggest percent of its population millionaires, is not America, it's Taiwan because of the booming microchip industry there. The UK is forecast to lose millionaires,

partly because of sanctions of wealthy Russians and people who will move out of the UK to new low-tax locations. Meantime, the wealth flight from higher-tax states to lower-tax states like Florida may be turning around. States like Florida are facing a home insurance crisis, record heat, and a forecast for a record hurricane season. More than 250,000 taxpayers moved out of New York and California in 2022. That's according to the latest migration data from the IRS. The big winner was, yes, Florida, which added $36 billion in income in 2022. Texas gained $10

billion. But out-migration is slowing down about 10 percent for both states. And the flows from Florida to New York, those were up, suggesting taxpayers are coming back. CNBC's Robert Frank. McDonald's with a new dessert on menus today. The Kit Kat Banana Split McFlurry for a limited time. Starbucks is giving away multicolor reusable summer straws today only with a cold drink purchase. Jessica Ettinger, CNBC. When you're at your very top speed, it feels like you can run forever. And then there's this one moment where everybody else starts to die. And you're like, I'm not about to die. I'm about to get faster. The Olympics from Paris starts July 26th on NBC and Peacock.