CNBC Business News Update - Market Midday: Stocks Lower, Dow Falls 500 Points As AI Stocks Drop, White House Announces Price Cuts For Weight Loss Drugs 11/6

Episode Date: November 6, 2025

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I'm Jessica Eddinger, CNBC. The selloff resumes on Wall Street. With the down, now down 500 points, 1%. Sales Force shares leading it lower, down 6%. The S&P 500 index, down 84 points, 1 and a quarter percent. The NASDAQ, down 465 points. That's just about 2%. Checking shares of Nvidia, they're down almost 4% this afternoon. The White House announced a deal today lowering the sticker prices for weight loss drugs through President Trump's new website, TrumpRX.gov. Eli Lilly and Novo Nordisk are committing to offer Zepbound and Wigovi. This will slash the cost of Wigovi to ultimately $250 a month and reduced the monthly cost of Zepbound to $346. In addition, they're both committing that future GLP1 weight loss drugs taken. orally, which are currently under development, will be sold at no more than $149 per month. The price for Zepbound, made by Eli Lilly, is the same as Americans pay now through Eli Lilly's Lilly Direct website for the starter dose.

Airline shares are lower as they're poised to lose revenue starting tomorrow, the FAA forcing the cancellation of 10% of all flights at 40 airports around the U.S., trying to ease the burden on as yet unpaid in the shutdown, air traffic controllers. Pilots are all for it. This is the right thing to do. You're getting ahead of something before there's an incident or an accident. So while the negotiations may be righteous, we don't have time for that in my cockpit. Pilot union spokesman Captain Dennis Tager, an American Airlines pilot on CNBC. Job cuts in October hit the highest level for the month of October in 22 years. Employment firm Challenger Gray and Christmas says businesses announced more than 150,000 firings last month. That was a surge from September.

When I saw those Challenger layoffs, that can't just be people just saying, hey, I. There is really in this country a sense that this thing is really causing. The shutdown, you mean, on labor. Yeah. Yeah. I mean, the Challenger layoffs, we saw the government data, but it's the most for in October since 03. the most for a quarter since 2008, and, of course, the most for a year since 2020. Yeah, look, I mean, there it is. One of the reasons why two-thirds of the stock market keep going down is because the country's slowing down big, and the president may not be aware of this.

CNBC Mad Money host Jim Kramer with CNBC's Carl Keentania. Tesla's annual shareholder meeting set for tonight, the results of the shareholder vote will be revealed on whether they say yes to, CEO Elon Musk's trillion dollar pay package, Musk had said, if it's not approved, he's walking. We should get the results, guys, shortly after the shareholder meeting starts at 4 p.m. this afternoon. I'm going back to January 23rd, 2018. Remember that? I remember that day, guys. That's when the previous pay package was announced. And at that time, there were a ton of people who said, yeah, he might

hit a few of these. There's no way he hits them all. Guess what? He hits them. them all. And we know everything that took place following the award of that pay package. I was held up, ultimately shot down in court in Delaware. That process is still playing out in terms of whether Elon Musk gets some of that money. CNBC's Phil LeBoe. Jessica Eddinger, CNBC. My name is Josh Brown. The best stocks in the market is very simple. These are stocks with good fundamentals in the process of rise and higher. Join pro for exclusive access to Josh Brown's best stocks in the market at CNBC.com slash best stocks. Fox.