CNBC Business News Update - Markets Midday: Rising Crude, Higher Treasury Yields Pressure Stocks, Generac Jumps As Milton Strengthens, Lithium Producer's Stock Soars

Episode Date: October 7, 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, off 66 points. Crude is up more than 3 percent amid fears of a direct war between Israel and Iran. And those Treasury yields are rising as investors rethink how much and how fast the Fed might cut interest rates in the future following Friday's stronger-than-expected September employment report. Abby Joseph-Cohen, former chief U.S. strategist at Goldman Sachs, says corporate profits in the U.S. economy are strong, but she's maintaining a cautious outlook. A lot of that good news is already baked into the market. I also take a look at the consensus forecasts that are being used for S&P earnings for next year, and many of them are expecting additional earnings growth of 10 to 12 percent. That represents an acceleration from this year, even though the likelihood is that

the U.S. GDP will be growing more slowly next year. Among stocks on the move today, Generac jumping 8 percent. The power systems provider is rising as Hurricane Milton is forecast to strengthen to a Category 5 storm. Lithium producer Arcadium is soaring 30 percent. Mining giant Rio Tinto is in talks to buy Arcadium in a deal that could be valued at up to $6 billion. Peter Schach now, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the club today. Go to cndc.com slash Jim's Club.