CNBC Business News Update - Market Midday: Stocks Higher, S&P 500 Index On Pace To Snap 5 Session Losing Streak, GM & Ford Report Best Full Year Sales Since 2019 1/3/25

Episode Date: January 3, 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 is higher this afternoon after limping to the end of last year. The S&P 500 index is poised to snap a five-session losing streak, its longest since last April. The Dow is up 262 points this afternoon, more than a half percent. It's being led higher by shares of Nvidia, which are up more than 4%. The S&P 500 index up 60 points. That's a full 1%. The NASDAQ now up 277 points this afternoon. That's almost one and a half percent. Some

investors say a three-peat for full year, 20% plus gains for the S&P, that's going to be tough after it happened in 2023 and in 2024. You know, with the mega cap names, almost all the returns of the S&P came from seven names since the election. And we don't think that's possible to be consistently true throughout the year. It's not easy to broaden 493 names when seven have been carrying all of the load. Glorious researchers carry Firestone on CNBC. GM and Ford reported their best annual U.S. sales since 2019. It was a good year for American car makers. Electric vehicle maker Rivian shares higher this afternoon. It actually met its 2024 production target after it lowered projections earlier in the year. The Nippon Steel purchase of U.S. Steel has been blocked

by President Biden, citing national security. One year ago today, an Alaska Airlines jet suffered a door plug blowout on a Boeing 737. One year later, Boeing believes that it is making progress when it comes to improving its manufacturing processes. It is now under the oversight of the FAA, much greater oversight. In fact, they're doing manufacturing checks. That's been in place for a number of months. The other change, far lower production. They've addressed employee concerns about manufacturing processes. They've cut down on the amount of traveled work. That's work that is not done in a certain position as the plane is being manufactured. And they say, you know what, we'll come back and do that later on.

That has long been a complaint of the workers on the line there saying, that's your quality control. That has been reduced dramatically. CNBC's Phil LeBeau. Cancer warning labels may be coming to alcoholic beverage containers. The direct link between alcohol consumption and increased cancer risk. The Department of Health and Human Services puts alcohol consumption as the third leading preventable cause of cancer in the U.S. following tobacco and obesity. It says alcohol heightens the risk of seven types of cancer,

including throat cancer, liver cancer, and breast cancer in women. And it says while scientific evidence for the connection has been growing over the past few decades, fewer than half of Americans recognize it as a cancer risk factor. The advisory includes recommendations to raise awareness of the link, including updating health warning labels on alcoholic beverages. That's CNBC's Joe Kernan. A labeling change would require an act of Congress. Shares of Constellation Brands, Diageo and Jack Daniels maker Brown Foreman were lower. Apple TV Plus, free to stream today for three days through Sunday. Jessica Ettinger, CNBC.

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