CNBC Business News Update - Market Open: Stocks Rebound, Retailers Look Forward To Robust Holiday Shopping, Coffee Prices Surge

Episode Date: November 29, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. percent. Markets were closed yesterday for the Thanksgiving holiday, and the market will close three hours earlier than usual today at 1 p.m. Eastern time. The major averages are on track for a second straight positive week, and today is the final trading day of November, with both the Dow and S&P likely to end with their best monthly performance of this year. Today, of course, is also Black Friday, and former Walmart U.S. CEO Bill Simon is expecting an upbeat holiday shopping season. You know, I think the consumers get a breathing sigh of relief that the election's over and all the noise from the election is kind of quieting down whichever side you ended up on. I think there's just a general kind of consumer relief. So I think it's going to be an aggressively promoted holiday selling season. The consumer is going to benefit from that. And CNBC's Julia

Borsten says the hottest virtual shopping mall is on social media. TikTok is the new QVC as consumers increasingly shop on social media platforms. It has 15 million sellers worldwide. And driving that engagement is the growth of live commerce, QVC style live shopping segments by influencers on TikTok shop live. TikTok telling us that the number of live sessions that creators host monthly has tripled over the past year and TikTok is forecasting record-breaking Christmas sales for brands on the platform with TikTok taking a six percent fee. Your morning cup of coffee will be costing more. Prices have hit their highest in nearly 50 years this morning. The problem is tight supplies

in major grower Brazil, which has been hit hard by a drought. Peter Schach now, CNBC.