CNBC Business News Update - Market Midday: Stocks Lower, Dow Hit New All Time High Before Falling, Walmart Hits $1 Trillion Valuation 2/3/26

Episode Date: February 3, 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, CNBC. Wall Street's in the red this afternoon. The Dow hit a fresh record high this morning, then pulled back. It's down 120 points now. IBM shares leading it lower. They are tanking more than 7%. The S&P 500 index down 50 points. The NASDAQ falling 319 points. Invidia shares are down a full 3% this afternoon. Walmart hit the $1 trillion valuation. mark for the first time today. Walmart shares up to about $127, about two and a half percent. Gold is up 6 percent today, silver up 14 percent after getting smashed last week. Precious metals have gotten caught up in the whole memeification trade. I think now it's just gotten way ahead of itself. You don't tend to see these kind of moves. And when you see the moves like we had last week and then you see the plunges like Friday, that's not fundamentals. Anyone who thinks it is is just, you know, you should look somewhere else. Bespoke's Paul Hickey on CNBC.

Disney shares are in the red this afternoon after yesterday's 7% drop. The company announced the next CEO will be the man who runs the experiences businesses. Theme parks and cruises Josh DeMorrow. Disney chairman James Gorman told CNBC's Julia Borsden that Dana Walden was elevated to president and chief creative officer. When you made the choice to go with tomorrow, were you concerned about losing? losing Dana? How did you manage that balance? Working with Josh and ensuring that the best creativity permeates all of our businesses is what we want. If you've, if you've, which I know you have been through the parks, being on one of the cruise ships, you would appreciate just how much the

IP is infused in all aspects of what Disney does. So Josh is actually deep in the IP. Elon Musk's SpaceX combining with XAI, which includes the AI chatbot GROC, his satellite Like communications company Starlink and his social media company Twitter now X, the new company expected to issue stock to the public and eventually put data centers in space. This comes ahead of a possible blockbuster IPO later this year for SpaceX. In a blog post, must say that he wants to form, in his words, the most ambitious, vertically integrated innovation engine on and off Earth. SpaceX wants to launch a constellation of one million satellites in,

to orbit. It's a huge deal. And one of the reasons that these data centers are as large as they are is you need to cool them, you need the energy to power them. If you put it all in space, you have the automatic cooling, you have the automatic power. There's basically no, nothing mechanical moving around. That's CNBC's Andrew Ross Sorkin. Pepsico says its drink sales are improving. It's reportedly planning to cut snack prices after customers flooded the company with emails and voicemail messages complaining that prices were just, too high. That from a Wall Street Journal report. PepsiCo shares, though, are up three and a half percent. Super Bowl week is on. You get the Pro Bowl game tonight. The AFC and NFC battle it out in a flag football

showdown. Jessica Eddinger, CNBC. The CNBC sport universe is growing. We're covering the intersection of sports and business unlike anyone else in the game. For all of our latest stories, videos, and more, go to CNBC.com slash sport.