CNBC Business News Update - Markets Midday: Stocks Off Early Lows, Investors Await Fed's Powell Speech, Auto Stocks Slide

Episode Date: September 30, 2024

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

I'm Peter Schachnow, CNBC. is up by three points and the Nasdaq up a tenth of a percent or 22 points. Veteran market strategist Ed Yardeni says the Fed has clearly moved its focus away from inflation back toward the labor market. Now the fight is to make sure unemployment doesn't go up, but it's well meant. But the reality is layoffs are extremely low. The economy is actually doing quite well. It's just that the number of job openings has declined. And so people are staying unemployed longer. And I think the Fed perceives that if they lower interest rates, they'll create more jobs. Apple is up about 2 percent following positive comments about iPhone 16 demand from both J.P. Morgan and Morgan Stanley. General Motors is one of the biggest losers in the S&P 500,

down more than 3.5% today, but many put the blame for that on competitor Stellantis, the parent of Chrysler and Fiat. Stellantis cut its full-year forecast, pointing to weakness in the global auto market. Stellantis is down nearly 14%. That negative sentiment also hitting shares of Ford, which are off by 2.5%.

And it appears a strike by workers at East Coast and Gulf ports will begin tomorrow, with no progress being made toward a resolution at this point. Peter Schach now, CNBC. The vote. It's as American as apple pie. As stars and stripes and spacious skies. It's iconic. You got the flag up now.

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