CNBC Business News Update - Market Midday: Stocks Lower, Consumer Sentiment Weakens, Novo Out With Positive Weight Loss Drug Results 1/24/25

Episode Date: January 24, 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 lower this afternoon, the S&P 500 index briefly touching a new record high today. Before pulling back, the Dow is down 60 points, the S&P 500 index down three points, and the Nasdaq is down 33 points this afternoon. American Express shares were dragging the Dow lower. It reported strong quarterly results, but it's been at record highs. And today, some investors may be doing some profit taking, pushing that stock lower. Americans are starting to feel dramatically worse about the economy over the past two weeks.

It's the new University of Michigan Sentiment Survey. Yes, and there's more weakness here. Now, these are the January final read on University of Michigan sentiment survey. Yes, and there's more weakness here. Now these are the January final read on University of Michigan sentiment. The mid-month read on the headline number was 73.2. It moves down to 71.1. That's a big, big move usually for a two-week look. And that is the weakest level since October of last year. If you look at current conditions, very similar.

The weakest since November of last year. Finally, expectations, same scenario. The week is going back to July of last year. CNBC's Rick Santelli. Boeing shares are ticking slightly higher. It pre-announced some numbers saying it expects a $4 billion loss for the fourth quarter after a chaotic 2024. Last year for Boeing began with that midair accident, the door blow out, and ended with a crippling labor strike and job cuts. Boeing hasn't posted an annual profit in a very long time. Six years. This is the sixth straight year, or 2024 will be the sixth straight year with an annual loss. In fact, it's going to be a record annual loss.

It's the usual cast of characters here. The money losing programs at Boeing. We're talking about Tanker, Air Force One, Starliner program. All of those are in those defense and space program charges there. In terms of the commercial side, we knew how bad things were going to be in the fourth quarter because the machinist strike lasted seven weeks. CNBC's Phil LeBeau. Novo Nordisk, which makes Ozempic. Its shares were soaring on positive early stage weight loss drug trial results for a drug called amicretin. It's an injection in this test, but it's also testing a pill version. President Trump signed an executive order promoting cryptocurrencies, but it's also testing a pill version. President Trump signed an executive

order promoting cryptocurrencies, paving the way for a national stockpile, which would potentially use tax dollars to buy cryptocurrencies, pushing up the price for current crypto owners. Store closures spiked last year. More expected to close this year. Coresight Research says Big Lots, Walgreens, Party City, 7-Eleven, Macy's, and the Container Store are among the chains closing multiple locations. New in theaters for the weekend, Lionsgate's Flight Risk, Neon's horror film Presence, and IFC's thriller Inheritance. Jessica Ettinger, CNBC. When you think of wealth, what do you see? Is it money in the bank?

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