CNBC Business News Update - Market Midday: Stocks Higher, Indexes Erase Tuesday Losses, US 3rd Quarter Growth Highest In 2 Years 1/22/26

Episode Date: January 22, 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. CNVC. Stocks rallied this afternoon. Strong third quarter economic growth in the final GDP read, gross domestic product, the fastest growth in two years. Plus, tensions over military action and tariffs for Greenland have eased. The Dow was up 462 points, 1%. American Express shares leading it higher. They're up almost 3%. The S&P 500 index up 49 points. The NASDAX up 230 points. just about 1%. Invidia shares up 9 tenths of a percent this afternoon. The major averages have made up for the Tuesday sell-off losses this week, as some traders call it the taco trade. Trump always chickens out.

While here's Riddholz-Welts, Josh Brown, on CNBC, kind of saying, I told you so. I was on the show very quickly after that series of Greenland-related truth social posts. And my comment was like, haven't we been doing this for 15 years? Do you honestly need to be told? Don't react to the first tweet or maybe even the second.

It's mostly algos trading that stuff. Why would you join the algos? They're playing a different game than you. That turns out to have been sage advice. Meantime at the World Economic Forum in Davos, Switzerland, the CEO of the biggest bank in the U.S. J.P. Morgan criticized President Trump on immigration. It's a rare critique. Here's CNBC's Becky.

quick. On a panel here yesterday, JPMorgan's CEO, Jamie Diamond, weighed in on President Trump's immigration policy. I don't like what I'm seeing, you know, with, you know, five grown men beating up little women. Okay, so, so I think we should calm down a little bit on the internal anger about immigration. CNBC's David Faber and Mad Money host Jim Kramer with this take on Diamond's criticism of President Trump. They say they try to talk to CEOs. who won't criticize the president at all. Try to go deep record and keep saying, but isn't there an absurdity to it?

Isn't there something about when you look at Greenland that it was an overreach, Cuba about to go? David, no one will go. No one will say it to me. No one will say, you know what, Jim, it is an interesting time. They don't even give you interesting time. I think that's important to point out.

Is that surprising to you that there's an unwillingness in the part of executives to be critical at all, even on background? Fear. Just fear. Fear. Yeah.

The number of people who applied for unemployment benefits last week stayed low at 200,000, 225,000 is the pre-pandemic weekly average. Spirit Airlines struggling to stay in business. It's working on a deal, though, with an investment firm, Castle Lake, as it looks for a path forward. Procter and Gamble mentioned earlier shares had been leading the Dow out with better than expected quarterly results. But the company is facing baby feminine and family care segment declines in demand. These are bounty paper towels, puffs, tissues, and Charmin toilet paper.

Many consumers trading down for cheaper brands. Warner Brothers Sinners leads the Academy Awards nominations with 16 the most for any movie of all time. They were announced this morning. Jessica Eddinger, CNBC. Worth investors, family offices, and alternative investments from the foremost authority on private wealth, Robert Frank. Get the weekly newsletter and special access to events at CNBC.com slash inside wealth.