CNBC Business News Update - Market Open: Stocks Mixed, Wholesale Inflation Unexpectedly Falls, Elon Musk Tweets He Won Pay $56B Package Vote 6/13/24

Episode Date: June 13, 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. Mixed markets on Wall Street, out of the gate. Inflation at the wholesale level came in much cooler than expected in May. So you have the S&P 500 index and the NASDAQ that each by shares of Intel and UnitedHealth, both down 1.5% this morning. The S&P 500 index up 13 points, a quarter percent. The NASDAQ is up 112 points, more than a half percent. The PPI, producer price index, unexpectedly fell last month. It's another piece of evidence that inflation is pulling back and it comes a day after the CPI, Consumer Price Index, was better than expected last month. Investors hoping these data will move the Federal Reserve closer to cutting its benchmark interest

rate. More people than ever applied for unemployment benefits last week, the most since last summer. That's a big pop. 242,000. That's the highest level since August of 23. We popped above 1.8 million on continuing claims. Takes us all the way to November of 21. CNBC's Rick Santelli. Now, the number of people who continue to collect unemployment checks, that's continuing claims. It's watched as an indicator of how long it's taking people to find their next job and can suggest the labor market returning to normal. Tesla shares were higher in early trading today. CEO Elon Musk tweeting he's won the vote on his $56 billion pay package. A Delaware judge had invalidated that because of the way it had been approved the first time. Tesla and the Elon Musk pay package. A Delaware judge had invalidated that because of the way it had been

approved the first time. Tesla and the Elon Musk pay vote. Tesla's annual meeting is set to begin this afternoon. Musk does claim that the preliminary results show shareholders backing the comp package as well as the company's plan to incorporate in Texas. He says on X quote, both Tesla shareholder resolutions are currently passing by wide margins. Thank you for your support. CNBC's Carl Quintanilla. Broadcom shares popping today. Watching Broadcom. Those shares surging on earnings, beating on the top and the bottom line,

announcing a 10-for-1 stock split, also adding some color on their AI business, and the company saw about $3 billion in revenue tied directly to artificial intelligence, revenue from VMware. A company Broadcom officially acquired late last year, also a big contributor. The stock split takes effect on July 15th. CNBC's Frank Holland. Golf's U.S. Open is on round one at Pinehurst in North Carolina. The winner takes home $4.3 million.

Jessica Ettinger, CNBC. The Olympic Games are coming. But first, the best American athletes have to make Team USA. The U.S. Olympic Team Trials on NBC and Peacock.