CNBC Business News Update - Markets Midday: Stocks Soar To Record Highs Amid Tame Inflation, Consumer Sentiment Edges Lower, Ferrari Shares Race Ahead

Episode Date: October 11, 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, or 65 points. Sentiment was helped by an unchanged reading for the September producer price index compared to expectations of a one-tenth of a percent increase. Mark Haefeli, chief investment officer at UBS Global Wealth Management, says there could be some market choppiness ahead of the election, but a rally thereafter. There is a tremendous amount of savings on the sideline, and there's also still a tremendous amount of money that is in fixed income that could rotate into stocks. And we know that our clients around the world

are looking at foreign policy, tax policy, trade policy, and waiting to see how that plays out. Typically, you know, around the election, the markets can wobble a bit, but they rise after that as you get a sense of security around this. Consumer sentiment is slipping this month, according to the latest index from the University of Michigan. Markets can wobble a bit, but they rise after that as you get a sense of security around this. Consumer sentiment is slipping this month, according to the latest index from the University of Michigan. The mid-month reading came in at 68.9, down from 70.1 at the end of September,

as consumers remained concerned about higher prices and amid uncertainty surrounding the presidential election. Among stocks on the move today, Kinder Morgan is up nearly 3 percent, following a Bank of America upgrade for the pipeline election. Among stocks on the move today, Kinder Morgan is up nearly 3%, following a Bank of America upgrade for the pipeline operator. B of A says Kinder Morgan will benefit from a number of factors, including increased demand for liquid natural gas. And automaker Ferrari is up more than 3% after a J.P. Morgan upgrade, with the firm citing a widening gap between Ferrari and its luxury peers in the auto sector. Peter Schach now, CNBC. Overtime is about understanding what just happened in the markets that day and preparing for tomorrow.

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