CNBC Business News Update - Market Open: Stocks Mixed, Wholesale Prices Cooled In August, Navient Pays 120 Million Dollars To Settle CFPB Case 9/12/24

Episode Date: September 12, 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. Ancho...red and reported by CNBC's Jessica Ettinger.

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Starting point is 00:00:00 I'm Jessica and CNBC. Markets mixed out of the gate this morning on Wall Street. After the PPI, the producer price index came in as expected. Wholesale price increases continued to cool last month. The Dow down 83 points. The S&P 500 index down four. The Nasdaq in the green up seven points this morning. With cooler inflation data at both the consumer and producer
Starting point is 00:00:25 levels out this week, the Federal Reserve is expected to cut interest rates by a quarter percentage point next week. 25 basis point reduction at the upcoming meeting is baked in, warranted. The market had been debating 50 basis points versus 25. I've never understood where the 50 basis point concept came from. So 25 basis points, I think, is the most likely expectation and perhaps more of the same this year. Former Fed Chair Roger Ferguson on CNBC. A few more Americans filed for unemployment benefits last week, but layoffs remain at historically low levels. Navient will pay $120 million to settle with the Consumer Financial Protection Bureau for misleading student loan borrowers. The largest student loan servicer in the U.S. was accused of aggressive collection tactics.
Starting point is 00:01:18 They would garnish wages, withhold IRS tax refunds, and decrease Social Security payments. The CFPB told Reuters that even gambling addicts have more protections. A billionaire and his crew performed an historic spacewalk from the Crew Dragon capsule in space early today. The mission is called Polaris Dawn. It's the first of three private space missions purchased from SpaceX. First ever commercial or private venture spacewalk. Crewman Jared Isaacman just stepping outside of the Crew Dragon capsule about two minutes ago and got a fantastic view of planet Earth.
Starting point is 00:01:57 SpaceX depressurized the capsule, exposed the entire inside of the ship to the vacuum of space. That's because the ship has no airlock. So all four astronauts have donned their spacesuits to be able to breathe. CNBC's Andrew Ross Zorkin. Boeing facing a strike threat as more than 30,000 Washington state-based workers vote on a new contract that includes 25% raises over four years. There's no guarantee it will pass. Microsoft will cut more than 600 jobs in its Xbox unit.
Starting point is 00:02:30 Cash back for a canceled flight. The Biden administration is pushing now for a new rule to force airlines to pay up. The rule would apply to what the White House calls controllable cancellations or even delays that are three hours or longer. Europe has had this rule for 20 years. McDonald's keeping those cheaper menu options on menus a little longer. McDonald's going to extend five dollar value meal. How about that? How about that two dollar fried chicken sandwich for those who are club members? I'm telling you, I'm still reeling from the seven dollar egg McMuffin. I've not been able to deal with that. But the $5 sandwich, that's what you need.
Starting point is 00:03:06 Don't forget, it's Wingstop that's winning this war because they never raised price. CNBC Mad Money host Jim Cramer with CNBC's Carl Quintanilla. Meantime, Crocs Happy Meals are coming. They debut for a limited time next week. No, you don't get a pair of plastic shoes with each meal. But you get a collectible mini Crocs clip and a sticker. Mortgage rates are lower this morning. The average rate on a 30-year fixed home loan, 6.1 percent according to Mortgage News Daily, and that is the lowest in a year and a half since February of 2023. Streaming service Peacock broadcasting its first ever live comedy special tonight.
Starting point is 00:03:45 It's with Colin Jost and Michael Che from Saturday Night Live. Peacock is a sister company to CNBC. Jessica Ettinger, CNBC. How did a master cyber criminal and a Russian oligarch with ties to the Kremlin hack into America's financial system, scamming millions? CNBC presents The Crimes of Putin's Traitor. Listen wherever you get your podcasts.

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