CNBC Business News Update - Markets Midday: Stocks Modestly Lower, Hershey Shares Sweeten On Takeover Talk, TikTok Appeals Possible January Ban

Episode Date: December 9, 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. The S&P 500 losing four-tenths of a percent or 23 points, and the Nasdaq 83 points lower or four-tenths of one percent. Bespoke Investment Group co-founder Paul Hickey remains cautiously optimistic about the market's prospects. Keep things in perspective here. We've had an enormous run, but we're still very positive. And the longer-term play is the AI trade. This is an AI bull market. Every bull market has a theme. And Chachi PT was to AI what Netscape and AOL were to the Internet.

Investors are awaiting two key inflation reports this week, the November Consumer Price Index on Wednesday and the Producer Price Index on Thursday. Shares of chocolate maker Hershey are jumping 13 percent following a Bloomberg report saying snack maker Mondelez was weighing a takeover offer. Hershey says it does not comment on rumors or speculation. Apple and Amazon are among shares that have hit all-time highs today, Amazon aiming for a seventh straight day of gains. TikTok and Chinese parent ByteDance are asking an appeals court to temporarily block a law that requires ByteDance to divest TikTok in the U.S. pending

a Supreme Court review. The law would ban TikTok if ByteDance doesn't strike a deal to sell it by January 19th. Peter Schach now, CNBC.