CNBC Business News Update - Market Close: Stocks Lower, Walmart Joins Trillion Dollar Club, Pepsico To Cut Snack Prices 2/3/26

Episode Date: February 3, 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 Wednesday morning after a losing day for the major averages. The Dow first hit a record high before finishing down on Tuesday. The Dow was down 166 points led lower by shares of Salesforce, which were down almost 7%. The S&P 500 index lost 58 points. The NASDAQ down 336 points. Shares of Nvidia were down almost 3%. One out of 12 NASDAQ stocks hit a new 52-week load today. Wow.

And still the broader market was kind of, you know, still within 2% of its all-time housing. That's CNBC's Mike Santoli. Bitcoin broke below 73,000 on Tuesday to its lowest level since Thanksgiving of 2024 amid heavy selling. Gold was up 7%. Silver added 11%. Chipotle's shares were sinking and after-hours trading. The restaurant chain reported falling traffic for the fourth straight quarter. it's forecasting flat same store sales. Over the last year, Chipotle has lost about a third of its value.

Walmart is a new member of a very exclusive club. It's hard today to find anything in green other than gold, silver, or apple, but, you know, Walmart is really sticking out like a sore thumb. It's been very, very strong. Hit the trillion dollar club. Great to see that move. Trading into an all-time high, you'd think that, you know, maybe it's a little bit overbought. and we need to see some of that come off.

I don't see the stock slowing down much. Explosive options, Bob Lang on CNBC, Walmart, with a record high. Other companies who shares hit fresh all-time highs Tuesday include Google Parent Alphabet, Coca-Cola Exxon, William Sonoma, Cardinal Health, Tractor Maker, Deer, Johnson & Johnson, Caterpillar FedEx, Corning, Texas Instruments, and Steel Dynamics.

Americans on GLP-1 drugs will see lower prices for Wagovi and OZempec from drugmaker Novo Nordisk, but its shares tanked as it warned about lower revenue. The drug maker unexpectedly warned that its 2026 sales and profit growth will be hurt by lower drug prices in the United States, and that's amid fierce competition in the weight loss space as well, shares down almost 40 percent on the air. CNBC's Christina Parts in Evelace. Elon Musk's Twitter, now X offices in Paris were rated by French police. alleging alleged abuse of algorithms, fraudulent data extraction, and child sexual images created by AI chatbot GROC. X had previously denied such allegations.

PepsiCo says it's cutting prices on snacks like Lays and Cheetos brands. It's out with better than expected quarterly results. CNBC's Sarah Eisen talked with PepsiCo CEO, Ramon LaGuarda, who says cutting prices isn't going to hurt profit because they've increased productivity. and cut costs elsewhere. A lot of consumers are telling us, especially middle income, low-income consumers are telling us the products are a little bit expensive. It sounds like price cuts of as much as 15%. So this is what you're recommending to the retailers for them to then pass it on.

We've been testing this at scale now for, I think, four months in some of the largest markets in the U.S. and we're seeing the benefits of giving consumers the right price points. On Wednesday's watch list, earnings are coming from Google. Google Parent Alphabet. We also hear from Eli Lilly and Novo Nordisk. We get the ADP report on private company job creation. We get the latest on factory orders. And it's national signing day in NCAA college football.

Jessica Ettinger, CNBC. Breaking earnings news. Market reaction this week on CNBC and streaming on CNBC Plus.