CNBC Business News Update - Market Close: Stocks Mixed, Nvidia Hits Fresh Record High, Fubo Shares Soar 250% On Disney Deal 1/6/25

Episode Date: January 6, 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 Ettinger, CNBC. Wall Street opens Tuesday morning after a mixed market Monday with the Dow rally fizzling. It finished in the red, down 25 points. The S&P 500 index in the green up 32 points, a half percent. The Nasdaq was up 243 points, one and a quarter percent. Investors cheered early Monday, sending markets rallying on a report that said the incoming Trump administration wouldn't really be very tough with tariffs on imports. And then markets fell when the president-elect called that fake news.

It doesn't help when you have the boost off of this headline that we might have a moderate tariff approach. President-elect Trump comes out and kind of contradicts it. And it's kind of like, oh, here we are again, where we have to actually surf the headlines and worry about the unwelcome policy moves. CNBC's Mike Santoli. Big tech companies are cozying up to the incoming president. Most companies do not want tariffs put on products coming in from China, especially Apple. The latest courting Trump, Apple CEO Tim Cook. Friday, Axios reporting, Cook is donating $1 million personally to Trump's inauguration. For Apple, it's tariffs, those promised tariffs from President-elect Trump of up to 60% on imports from China.

Apple, of course, makes pretty much everything it sells in China and imports here. CNBC's Steve Kovach. Other tech firms and CEOs giving money to the Trump inauguration team include OpenAI, Facebook parent Meta, Amazon, Uber, and Tesla CEO Elon Musk. It's Consumer Tech Week on CNBC. Full coverage of the Consumer Electronics Show in Las Vegas. A full analysis of the Monday night NVIDIA CEO keynote on CNBC TV and CNBC.com Tuesday morning. NVIDIA shares closed at a fresh record high on Monday. United Airlines shares were higher after it said it'll test Elon Musk's Starlink internet service on its planes next month. Passengers have long complained

that United's current in-flight Wi-Fi is less than stellar. Shares of streaming service Fubo soared 250 percent on Monday because of its new deal with Disney's Hulu Plus Live TV streaming service. Hulu Plus Live TV and Fubo together have 6.2 million subscribers. That's behind only YouTube in terms of live streaming subscribers. This is part of a push to grow in order to compete. Both services will be available to consumers separately and Fubo will now create a sports and broadcasting offering featuring Disney's networks. This helps Fubo expand its offerings and it gives Disney greater distribution while growing streaming ad inventory for Disney to sell. The combined company will benefit from

synergies with the potential to merge the platforms down the line. CNBC's Julia Boorstin. Airlines working on their schedules as the winter storm that brought blizzard conditions and closed airports in the Midwest and Mid-Atlantic starts to move offshore. Business ground to a halt in parts of the U.S. Monday. States of emergency in at least seven states. Port operators scheduled to resume labor talks Tuesday, one week ahead of a potential strike that could shut down ports from Maine to Texas. Also on Tuesday's watch list, earnings from egg producer CalMain Foods and the Joltz report on job opportunity and labor turnover will be out. Tiger Woods and Rory McIlroy's TGR Golf League will debut. Jessica Ettinger, CNBC.

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