CNBC Business News Update - Market Open: Stocks Tread Water, Fed Meeting Minutes Ahead, DOJ Seeks Possible Google Breakup

Episode Date: October 9, 2024

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

I'm Peter Schach, now CNBC. Stocks have opened slightly lower following yesterday's rally that wiped out virtually all the losses from the Monday sell-off. The Dow falling 54 points to 42,027. The S&P 500 lower, but just by 3.5 points. The Nasdaq falling 12 points, both of those less than 0.1%. Investors are awaiting a key event today, the release of the minutes from the Fed's most recent meeting, at which the central bank cut benchmark interest rates by a half point. The minutes will be released at 2 p.m. Eastern time. Investors also looking ahead to tomorrow morning's release of the September Consumer Price Index and Friday

morning's Producer Price Index report. Carol Schleif, chief investment officer at BMO Family Office, likes the fact that the market is climbing the so-called wall of worry. Not only having the solid fundamental underpinnings keep coming through, but markets continue to do that grudging climb higher, as opposed to when you have exuberance and everybody's really over their skis leaning into risk. Those tend to create a lot of bubble territory, but this grudging climb higher where people keep focusing on fundamentals, the great part is we've got the next four to six weeks chock full of fundamentals coming from company earnings. The Justice Department is considering

asking a federal judge to force Alphabet's Google unit to sell parts of its business in order to eliminate what it calls Google's online search monopoly. The department is seeking ways to keep Google from leveraging its Chrome browser and Android operating system to maintain search dominance. Honda is recalling 1.7 million cars and SUVs in the U.S. over a possible steering issue. The National Highway Traffic Safety Administration says the steering gearbox assembly may have been manufactured incorrectly, leading to difficulty in steering. Peter Schach now, CNBC.