CNBC Business News Update - Market Close: Stocks Higher, Ford Shares Drop On Disappointing Outlook, Mortgage Demand Dropped Again 2/5/25

Episode Date: February 5, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Thursday morning after a winning Wednesday for stocks. The Dow up 317 points, three quarters of a percent. It was led higher by shares of drug maker Amgen, which were up six and a half percent. The S&P 500 index was up 23 points. The Nasdaq added 38 points. NVIDIA shares popped 5%. I mean, it's pretty unassailable the market's ability on display to just kind of rebalance itself. It's like, okay, raise the

degree of difficulty. Google, Amazon, Apple, Tesla, Palantir, Uber, all down a lot and somehow you get the S&P positive. CNBC's Mike Santoli. Companies who shares hit fresh all-time highs on Wednesday include Netflix, Walmart, Hilton, Costco, Ticketmaster, Parent Live Nation, IBM, Grocery Chain Kroger, and CrowdStrike. Gold hit another record high on Wednesday, its fourth new high of the year. Ford reported better-than-ex expected quarterly results after the closing bell Wednesday, but it's forecasting a tougher year ahead this year and shares tanked 6% in after hours trading. Tariffs may be an issue. When you talk about tariffs, they get, roughly speaking, I think about 12% of the vehicles they sell in the U.S. are built in Mexico. Far lower exposure than GM and Stellantis, or 15% built in Mexico.

Still, it would be an impact if they're ever put in place. CNBC's Phil LeBeau. Companies hired more people than expected last month. ADP says 183,000 new jobs were added. The government's big January jobs report will be out Friday morning. That one includes government hiring. What was the big surprise in the private payroll numbers? It may be related to the Trump crackdown on immigration.

Construction. We're still in need of residential construction. So I'm surprised to see that construction jobs were so short, only 3,000 this month. I really think it's tied to a labor shortage, not a shortage in demand. And so if we're going to see that support for housing, and remember, housing feeds into inflation if we don't have enough housing supply, then we really need to see more job gains in construction to support that industry. ADP economist Neela Richardson on CNBC.

Mortgage demand dropped again last week with mortgage rates hovering around seven percent. It's a troubling sign for the real estate business which is gearing up for the usually busy spring home buying season. Super Bowl tickets for Chiefs Eagles in New Orleans this Sunday can be bought for less than resale value last year. Morning Brews reporting that you can get into the game for below $4,000 a seat on some secondary markets right now. On Thursday's watch list, we get a load of earnings reports. From Amazon, Manjaro, and Zepbound maker Eli Lilly, Honeywell, ConocoPhillips, Peloton, Under Armour, KFC Pizza Hut and Taco Bell, Parent Yum Brands, Ralph Lauren, Roblox, and Pinterest. We find out how many people applied for unemployment benefits last week. It is the NBA trade deadline and round one of the

Waste Management Phoenix Open in Scottsdale, Arizona. Jessica Ettinger, CNBC. Earnings season, the quarterly numbers as they break. The scorecard for, CNBC. Earnings season, the quarterly numbers as they break. The scorecard for the American economy. Earnings season on CNBC.