CNBC Business News Update - Market Close: Stocks Mixed, Facebook Parent Meta Slashing Jobs, Latest On Consumer Inflation Comes Wednesday Morning 1/14/25

Episode Date: January 14, 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 mixed Tuesday for stocks. Bond yields came off their highs. Wholesale inflation came in better than expected. Boeing reported disappointing plane deliveries. The Dow, in the end, popped up 221 points, a half a percent led higher by shares of Caterpillar, which were up 2.5%. The S&P 500 index was up 6 points.

The Nasdaq in the red, down 43 points. Shares of Nvidia were down a little more than 1%. Wholesale inflation rose less than expected last month. And up next, inflation at the consumer level. It's the December CPI, Consumer Price Index. It'll be out Wednesday morning. As you know, we've been correcting now for almost a month. Wednesday is an important day because it is a possible turning point for markets.

And I would like to see CPI come in below, you know, 0.25 or so. And I think that would give that jolt of confidence for markets. Fundstrat's Tom Lee on CNBC. As Donald Trump is set to take the White House, companies are starting to cut jobs. Facebook parent Meta shedding 5% of its workforce as it faces an intense year, according to an internal memo. Microsoft will stop hiring in its consulting business. Ally Financial cutting about 500 people. BlackRock about 200.

Brown Foreman, the maker of Jack Daniels, announced more than 600 job cuts. The Washington Post cutting 100 people, Southwest Airlines paused corporate hiring and most summer internships to save money. Boeing out with disappointing plane deliveries for last year. 348 for the year.

For point of reference, Airbus, their chief rival, delivered 766 commercial airplanes. You have seven planes being ordered in the month of December. For the year, Boeing orders logged in at 377. Backlog now stands at 5,549 planes. CNBC's Phil LeBeau. Earnings season starts Wednesday. We get quarterly results coming from big banks, and investors could see some blowout results.

The setup for big banks hasn't been this good and this optimistic in a long time, and it has to do with Wall Street. So if you look at trading, investment banking, and asset and wealth management, they all have tailwinds in the quarter. So J.P. Morgan just last month said that they expect 4Q investment banking revenue to be up 45%. CNBC banking reporter Hugh Son. Chuck E. Cheese starting to make a comeback after exiting bankruptcy and completing a dramatic makeover. It's introducing its games and pizza to a new generation.

And Popeyes, which is owned by Restaurant Brands International, is out with new Louisiana garlic wings ahead of the Super Bowl in New Orleans. On Wednesday's watch list, we do get the latest on inflation at the consumer level, that's CPI. Earnings season begins with results from JPMorgan Chase, Citigroup, Goldman Sachs, and BlackRock. Jessica Ehringer, 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.