CNBC Business News Update - Market Close: Stocks Lower, Nasdaq Drops Nearly 2% As Tech Stocks Roll Over, Nvidia Down 6%, Dubai Billionaire To Build Data Centers In 8 US States 1/7/25

Episode Date: January 7, 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 another ugly day for stocks. Bond yields rose. The yield on the 10-year Treasury at its highest now since last April. Mortgage rates follow that 10-year. And the average rate on a 30-year fixed home loan now solidly above 7.1%. The markets? The Dow down 178 points Tuesday, a half percent led lower by NVIDIA

shares, which rolled over. They plunged 6%. The S&P 500 index down 66 points, more than 1% than NASDAQ. Down a whopping 375 points. That was almost 2%. Investors are unsettled as a new administration positions to take the White House. I think in general we have high expectations among investors for 2025 market performance with low conviction in the near term about whether in fact the policy mix is going to be favorable. CNBC's Mike Santoli, President-elect Donald Trump announcing a $20 billion investment to build new data centers across the U.S. from a foreign developer based in Dubai. The Emirati billionaire is planning centers in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana,

according to Trump. Meantime, the president-elect also says he will revoke the Biden administration's offshore drilling ban on his first day in office. Nvidia shares hitting a fresh all-time high Tuesday morning, surpassing Apple to become the most valuable company on earth, and then they rolled over. This after the CEO of the chipmaker gave an optimistic speech at the Consumer Electronics Show in Las Vegas. Job openings in the U.S. rose in November. It was a surprise in the report on job opportunity and labor turnover. Jolts! Job opening labor turnover surging. We're expecting a number around 7,750,000.

8,098,000. 8,098,000. $8,098,000. $8,098,000. That is the biggest job openings amount going all the way back to May of 24. CNBC's Rick Santelli. It's a sign the labor market is still resilient. Facebook making some major changes. Employees are pushing back. No more fact-checking by outside teams. Meta Zuckerberg in a video he posted. The company is scrapping its third- more fact-checking by outside teams. Meta Zuckerberg in a video he posted. The company is scrapping its third-party fact-checking program. Restoring free expression on our platforms. More specifically, here's what we're going to do.

First, we're going to get rid of fact-checkers. The decision comes as Zuckerberg does look to build a relationship with the incoming Trump administration. CNBC's Carl Quintanilla. Shares of drug makers Moderna and Novavax up more than 10% on Tuesday. Vaccine makers, they're up big. After the U.S. had its first death linked to bird flu and that H5 strain that we saw from an elderly patient who may have had pre-existing conditions down in Louisiana. CNBC's Dominic Chu.

Warner Brothers Discovery's Max Streaming Service says its popular The Last of Us series will return for season two in April. On Wednesday's watch list, earnings are coming from grocery chain Albertsons. We get a read on December private hiring with the ADP employment report. We find out how many people applied for unemployment benefits last week, a day early because the Labor Department and all federal offices will be closed Thursday for the National Day of Mourning for President Jimmy Carter. Also Wednesday, the minutes from the last Fed meeting will be out and Costco releases December sales numbers. Jessica Ettinger, CNBC. Is your startup disrupting the status quo? Scan this code or go to cnbc.com slash disruptors. Jessica Ettinger, CNBC.