CNBC Business News Update - Market Close: Stocks Lower, Dow Falls Nearly 800 Points, Verizon Cutting 15,000 Jobs, New 401k Limits Out For 2026 11/13/25

Episode Date: November 13, 2025

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I'm Jessica Ettinger. CNBC, Wall Street opens Friday morning after an ugly Thursday sell-off for stocks. The major averages all in the red. The Dow down 797 points. That was more than 1.5% Disney shares led the way down. They fell almost 8%. The S&P 500 index lost 113 points, 1.5%. The NASDAQ, down 530.

points. That was 2.5%. NVIDIA shares plunged 3.5%. On Thursday, even Bitcoin fell, hitting a low of 98,000, the lowest level since last May. Some investors say it's just a normal pullback. Look, I think this is an adjustment. We always knew or we've all known that I think sentiment was a little, a little extreme. I don't think it disrupts trends. I think if anything, we're actually seeing some improvement in breadth and that deterioration as we see health care kick in and even energy. Renaissance macros Jeff DeGraph on CNBC. Companies whose shares hit fresh record highs on a very down Thursday on Wall Street include Goldman Sachs, Expedia, General Motors, Travelers, Johnson and Johnson, and Zepbound maker Eli Lilly.

Verizon shares fell. It was not rewarded by investors for becoming the latest major company to slash thousands of jobs. The journals on the tape now that Verizon's going to cut about 15,000 jobs. this would be the largest ever a layoff for the carrier set to take place in the next week. New CEO, cost reduction, incredibly competitive environment, and you have to wonder how many of those jobs are customer service jobs and how much is AI really supplementing or replacing a lot of those jobs? CNBC's Julia Borsden with Carl Keentania, Disney shares, as I mentioned, fell on mixed quarterly results. Disney stock sitting at about where it was 10 years ago.

You want to look at a 10-year chart? Should we? It's essentially where we were in 2015. Hugh Johnson, though, was on Squawk this morning and talked about, I think the word again, was a choiceful consumer. Take a listen. Per caps, so the amount spending per head at Walt Disney World was up 5% for the quarter. So again, people are spending cruise ships, despite the fact that we've added a lot of capacity in cruise ships, we're selling out at the same rate that we had been previously. So that added capacity is filling up quickly.

So overall experiences, our consumer is operating in a very healthy way. Disney's chief financial officer Hugh Johnston with Carl Kintanilla. Starbucks customers in some locations crossed picket lines Thursday, Red Cup Day to get their free red collectible reusable cups as a Starbucks Workers Union held a strike at some stores. Employees will be allowed to put away more tax-deferred money out of their paychecks and into 401K retirement plans next year. The IRS says the new contribution limit, $24,500.

But not a lot of people actually put in that max. Only 14% of workers with 401Ks last year hit that limit, according to Vanguard. With Thanksgiving two weeks away and what some called drinksgiving the night before, only about a third of Americans planned to buy alcohol for the holiday this year in Numerator's holiday preview survey. And for those who do plan to buy alcohol, the top choice is wine. On Friday's watch list, we get earnings from Alianz and the mega millions, Jack. pot, $965 million for Friday night. Jessica Eddinger, CNBC. This December, CNBC opens its doors for an exclusive in-person experience at the iconic

NASDAQ market site in New York City. Fast Money Live, trading the holidays. December 11th. Get your tickets now at CNBC Events.com slash fast money.