CNBC Business News Update - Markets Midday: Stocks Off Earlier Lows, CPI Hotter Than Expected, Cybersecurity Stock CrowdStrike On A Roll

Episode Date: October 10, 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. Stocks are mostly lower, but well off earlier session lows that followed a hotter-than-expected Consumer Price Index report. The Dow is down 81 points at 42,431, the S&P 500 shedding one-tenth of a percent, or six points. The Nasdaq has just gone positive, but just by three points. Consumer prices rose two-tenths of a percent last month compared to a consensus forecast of one-tenth of a percent. And initial jobless claims rose a

greater than expected 33,000 last week to 258,000. Those numbers aren't causing too much concern, however, for Chicago Fed President Austin Goolsbee. The overall trend is what's important. And the overall trend over 12, 18 months is clearly that inflation has come down a lot and the job market has cooled to a level which is around where we think full employment is. And we'd like to get both of them to stay kind of in the space where they are right now. Another key inflation report will be on the way tomorrow morning when the government releases the September producer price index. Cybersecurity firm CrowdStrike is the leading gainer in the S&P 500,

up more than 4% and higher for the third day in a row and for the sixth time in seven sessions. Meanwhile, at first, solar is the biggest loser in the benchmark index, falling 8.5%. That comes after Jefferies lowered its price target on the solar company's stock. Peter Schachnow, CNBC. The vote. It's as American as apple pie. It's iconic.

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