CNBC Business News Update - Market Midday: Stocks Higher, S&P 500 Index Hits Intraday Record, Netflix Raises Prices And Likely Will Again 1/22/25

Episode Date: January 22, 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC. Strong earnings results reigniting the rally on Wall Street. Markets are higher this afternoon. The S&P 500 index has hit a fresh intraday record high. The Dow up 123 points, a third of a percent. Traveler shares leading that index higher. They're up more than 4%. The S&P 500 index up 50 points. That's eight-tenths of a percent. And the Nasdaq up 297 points, one and a half percent. NVIDIA shares are soaring more than 4% today. Companies whose shares have hit fresh all-time highs include Netflix, Amazon, Ralph Lauren, American Express, Capital One, Morgan Stanley, Visa, Delta Airlines, and United Airlines. The CEO of the biggest bank in the U.S. says the Trump

tariff policy is positive for national security, even if it's inflationary. I would put in perspective, if it's a little inflationary, but it's good for national security, so be it. I mean, get over it. National security trumps a little bit more inflation. But I think it really, the question is how they get used. Can they be used to bring people to the table? Yes. Is there some unfair trade? Yes.

Is there some state-owned subsidies? Yes. You know, is the president going to use that way in his team? Yeah. And we'll see. JPMorgan Chase's Jamie Dimon on CNBC from the World Economic Forum in Davos. Meantime, President Trump now says he's considering a 10 percent tariff on all goods coming into the U.S. from China as soon as February 1st. Netflix shares

were soaring up 10 percent this afternoon after raising prices again after an increase last October. One analyst tells CNBC there will be more price increases because subscribers spend a lot of time on the platform. And current subscribers at premium ad-free tiers, well, they can just downgrade and pay less to sit through the ads. Two hours a day per household and a price point that is still well below that benchmark that is the bundle, we think they still have pricing power. The introduction of advertising is a way for consumers to compensate, and we think that they will continue to have pricing power. Right now, it's going to be about digesting these price increases that they just announced. Guggenheim's Michael Morris on CNBC,

the cheapest tier is the one with ads, and it goes for $8 a month after this latest price increase. United Airlines out with strong quarterly results on strong travel demand. JetBlue will now let you pay for your plane tickets with Venmo. CNN calls it a first for the airline industry. A TikTok permit idea floated by President Trump as lawmakers try to roll back the ban Congress passed and the Supreme Court upheld. An act has been introduced in Congress called the Repeal the TikTok Ban Act. There are legitimate security risks. The question is, can you mitigate them and prevent them without banning the app? And I will work with President Trump and Michael Waltz, who I know well as National Security Advisor, on a solution. We can get the data stored in the United States. I would love to see 50 percent ownership by the U.S. There's already 60 percent U.S. investors.

And we can make sure that it's a crime to have any algorithmic interference from a foreign adversary. But let's work on a constructive solution. California Congressman Ro Khanna on CNBC, one of the lawmakers behind the attempt to repeal the ban. McDonald's will sell limited edition Pokemon Happy Meals with exclusive trading cards inside, plus a sticker sheet and a poster. There are in-game bonuses if you order through the app. Jessica Ettinger, CNBC.