CNBC Business News Update - Market Close: Stocks Higher, Indexes Have Nearly Erased Tuesday's Losses, November Inflation Rises To 2.8 Percent 1/22/26

Episode Date: January 22, 2026

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 and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. Wall Street opens Friday morning after a second winning day in a row for the major stock averages. The Dow was up 306 points, about a half a percent. 3M shares let it higher. They were up 3 percent on Thursday. The S&P 500 index up 37 points. The NASDAQ up 211 points. That was 9 tenths of a percent. Shares of Nvidia on Thursday up three quarters of a percent. companies who shares at fresh all-time highs on Thursday include Johnson & Johnson Exxon, Caterpillar, Charles Schwab and Micron, just to name a few.

Intel shares were falling after hours Thursday. It reported strong quarterly results, but a weaker outlook, although Intel shares are up a whopping 40% since just the start of this year. The major averages have nearly wiped out Tuesday's sell-off losses, as some traders call it the Taco Trade. Trump always chickens out. Well, here's Rithol. Wells Wells, Josh Brown on CNBC, kind of saying, I told you so. I was on the show very quickly after that series of Greenland-related truth social posts. And my comment was, like, haven't we been doing this for 15 years? Do you honestly need to be told? Don't react to the first tweet or maybe even the second.

It's mostly algos trading that stuff. Why would you join the algos? They're playing a different game than you. That turns out to have been sage advice. inflation came in higher in November, 2.8% now in the Fed's favorite measure of inflation, the PCE Personal Consumption Expenditures Report. The CEO of the biggest bank in the world, J.P. Morgan, criticized the president on immigration at the World Economic Forum in Davos, Switzerland. Here's CNBC's Becky, quick.

On a panel here yesterday, J.P. Morgan's CEO, Jamie Diamond, weighed in on President Trump's immigration policy. I don't like what I'm seeing with, you know, with, you know, five grown men beating up little women. Okay, so I think we should calm down a little bit on the internal anger about immigration. And Thursday, President Trump sued J.P. Morgan's CEO, Jamie Diamond and his bank. This suit sets up a dramatic confrontation between the most powerful man on Wall Street and the most powerful man in the world. In the lawsuit, President Trump alleges that J.P. Morgan debanked his companies for, political reasons. On February 19th, 2021, shortly after President Trump left office at the end of his first term. Now, the suit says that Trump is confident that J.P. Morgan's decision came about as a

result of political and social motivations, but the suit doesn't present any evidence that the debanking decision was made for any political reasons. Americans are paying tremendously high interest rates on credit cards when they carry balances. You could be paying 35 percent on a T.J. Max credit card, for example. President Trump wants banks to lower interest rates to 10% for at least one year. So is that going to happen? That's not really expected to happen anytime soon. There's legislation that's out there.

It's unclear if that's ever going to really pass. So in the meantime, how do you sort of present an olive branch to the president? B of A specifically has confirmed to me that they are looking at products that essentially address that issue, whether they're 10% for one year or 10% forever. That is unclear. But they're exploring it. They may not do it. CNBC banking reporter Hugh's son.

Warner Brothers Sinners leads the Academy Award nominations with 16, the most of all time, for any film. The awards are in March. On Friday's watch list, we get the latest on consumer sentiment and new in theaters, Amazon MGM's thriller, Mercy. Jessica Eddinger, CNBC. CNBC, live ambitiously.