CNBC Business News Update - Market Close: Stocks Mixed, S&P 500 Index And Nasdaq Each Close At Record Highs, Questions Over DOJ Dropped Investigation Of Fed Chair 4/24/26

Episode Date: April 24, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.cnbc.com/ for more. 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 Edinger. CNBC, Wall Street will open Monday morning after a mixed Friday for the major averages with some investors optimistic over peace talks between the U.S. and Iran. On Friday, the S&P 500 Index and the NASDAQ each notched, fresh, record high closes. Let's start with the Dow. It was down 79 points. It was led lower by shares of Merck, which were down 2%. The S&P 500 Index, index, up 56 points. closing at 7165, and the NASDAQ was up 398 points, 1.5%. Plusing at 24,836, within striking distance of 25,000. It is interesting how the risk appetites have come back, pretty good. I wouldn't say all the way. And yet, you know, the market's aware that at the precipice of the real heart of earning season,

you know, we're hovering around the highs and we're kind of trying to figure out if it's going to be substantiated. That's CNBC's Mike Santoli. of NVIDIA on Friday up more than 4%. Companies who shares hit fresh all-time highs Friday include Amazon, Texas instruments, and Intel, who shares pop 20% on blowout quarterly results, showing signs of a turnaround there. The Strait of Hormuz will not fully open until the back half of this year. That's from a new forecast from Baker Hughes.

U.S. crude oil was higher Friday, so were prices at the pump heading into the weekend, according to AAA. Americans have been paying more than a dollar extra. for each gallon of gas since the war began February 28th. 20,000 plus job cuts at Facebook and Instagram parent Meta and Microsoft and other companies raising questions now about AI taking tech jobs. The biggest week of earning season is upon us. Something unprecedented is happening.

Many investors will pay attention to four mega caps reporting quarterly results on the same day. That'll be this Wednesday and almost all at the same time. Amazon, Google, Microsoft, and Facebook and Instagram parent, Meta. On the 29th is the Super Bowl of earnings. You get four of the hyperscalers reporting on the same day, then Apple comes later on Thursday. Looking at fund flows, investors are positioning for some positive results. That's Round Hills, Dave Mazza on CNBC. The DOJ dropping its case against Federal Reserve Chairman Jerome Powell for now.

A case Republican Senator Tom Till is called bogus. He blocked Senate confirmation for presidential. President Trump's pick for Powell's job. Kevin Warsh, because of it. The boss said on the same night that I said, I can't go forward until this bogus investigation is done with. He said he didn't know anything about it. Let's get rid of this investigation so I can support your confirmation. But CNBC senior economics reporter Steve Leesman says there's a question over whether it's enough for Tillsis to allow a Warsh confirmation now. The U.S. Attorney for the District of Columbia announcing he's dropping a criminal probe into the Fed Chair Jay Powell in favor of a probe by the Fed's inspector. General, Piero dropped the case saying she will not hesitate to restart a criminal probe if warranted.

The White House saying confident the Senate will swiftly confirm Warsh. And Tillis, it's unclear why he hasn't commented yet and whether Piero's move is enough for him to end his pledge to block Warsh. For complete updates on this story all weekend long, go to CNBC.com. On the coming week's watch list, the final week of April trading is ahead. Aside from the busiest week of earnings season and a Fed meeting on interest rates, the U.S. Post, Service, instituting an 8% price increase on shipping charges, and Hollywood has high hopes for next weekend, with The Devil Wares Prada, too, in theaters. Jessica at Inger, CNBC.

Breaking earnings news, General Motors, Coca-Cola, Alphabet, Amazon, all next week on CNBC and streaming on CNBC Plus.