CNBC Business News Update - Market Close: Stocks Higher, Netflix Raising Prices, Gas Prices Tick Higher 1/21/25

Episode Date: January 21, 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 Wednesday morning after a day in the green on President Trump's first full day in office. On some strong earnings reports for Dow components like 3M. And as investors felt President Trump's tone on tariffs was softer than first feared. Tariffs are widely believed to be an inflation risk and investors don't want that at all. The Dow soaring 537 points back above 44,000. It was up one and a quarter percent. The S&P 500 index up 52 points, eight tenths of a percent and the Nasdaq up 126 points. That was more than a half percent. We may have alleviated some of the tariff-related uncertainty in terms of what got announced on day one, but it was even later in the day on day one that the administration

came out and said they're still planning on going ahead with tariffs on imports from Canada and Mexico. So the uncertainty has not passed us for sure. Schwab's Lizanne Saunders on CNBC. Companies whose shares hit fresh all-time highs Tuesday include American Express, JPMorgan Chase, Google Parent Alphabet, Ralph Lauren, Discover, and Visa, and that's just to name a few. Netflix shares popping 10% after hours on Tuesday on strong quarterly results. They had the Tyson-Paul fight and Squid Game season two to help drive subscriber numbers. And yes, Netflix is raising prices again. They say we are adjusting prices today across most plans in the U.S., Canada, Portugal, and Argentina. There have been some expectations of a price hike. Now we have that news.

CNBC's Julia Boorstin. United Airlines shares popping 4% in after-hours trading. Revenue was strong there in the last quarter. NVIDIA surpassed Apple on Tuesday to become the world's most valuable company. NVIDIA shares were up a little more than 2% on Tuesday. Apple shares were down more than 3%. That Apple drop has to do with two downgrades on the stock. Two in one day and also no longer the most valuable company in the world.

We're still getting a lot of the kind of crummy signals on iPhone sales that we've been getting since the beginning of the iPhone 16 cycle back in September. CNBC's Steve Kovac. Gas prices are higher after the pop in oil prices over the last few weeks. AAA says the national average for a gallon of regular is now $3.12. That's up eight cents a gallon in the past month. Many on Wall Street talking about tax cuts. Some experts believe that President Trump's big priority is tax cuts, not just immigration or tariffs. And it's really about delivering that promise after he makes sure his tax cuts from 2017 stick. No secret that the Trump tax cuts of 2017, many are set to expire at the end of this year. With the unified Republican Congress, the president is going to drive toward a very large economic package that will make permanent many of those tax cuts and also drive toward delivering the promises he made in the campaign.

No tax on tips, no tax on Social Security benefits and many others that I think that will ultimately be included in that one large package, which will be done by reconciliation. So which just means that only Republicans are necessary to be able to pass the bill. In Camera Solutions, CEO Chris Campbell, a former assistant secretary in the Treasury Department on CNBC. On Wednesday's Watch List, we get more earnings. From Johnson & Johnson, Procter & Gamble, Travelers, Abbott Labs, and Discover,

the World Economic Forum continues in Davos, Switzerland. Samsung hosts its annual Galaxy Unpacked new product event. Jessica Ettinger, CNBC. CNBC's Big January continues with the World Economic Forum in Davos, plus Fast Money Live from Miami and the first Fed decision of the year. Start the year ahead of the game. CNBC.