CNBC Business News Update - Market Midday: Stocks Lower, Nvidia Hits Record High Then Rolls Over, Dubai Billionaire To Build US Data Centers 1/7/25

Episode Date: January 7, 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 in the red this afternoon as bond yields pop higher. The yield on the 10-year Treasury at its highest since last April, 4.69%. You know, mortgage rates follow the 10-year. The average rate on a 30-year fixed home loan, now 7.14%. The markets now, the Dow, down 67 points, led lower by shares of Nvidia, down 5%. The S&P 500 index down 44 points. The Nasdaq is down almost 300 points this afternoon. President-elect Donald Trump announcing a $20 billion investment to build new data centers across the U.S. from a foreign developer based in Dubai. The Emirati billionaire

is planning centers in Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana, according to Trump. NVIDIA shares hit a fresh all-time high this morning before plunging 5% this afternoon. They had passed Apple to become the most valuable company on earth, and then they rolled over. NVIDIA shares now on pace for their worst day since last September. This after the CEO of the chipmaker gave an optimistic speech last night to open the Consumer Electronics Show in Las Vegas. Facebook making some major changes. No more fact-checking by outside teams. Meta Zuckerberg in a video we posted just a few hours ago. The company is scrapping its third-party fact-checking by outside teams. Meta Zuckerberg in a video we posted just a few hours ago.

The company is scrapping its third-party fact-checking program. Restoring free expression on our platforms. More specifically, here's what we're going to do. First, we're going to get rid of fact-checkers. The decision comes as Zuckerberg does look to build a relationship with the incoming Trump administration. CNBC's Carl Quintanilla, Facebook parent Meta, also adding a friend of President-elect Trump to the Meta board of directors, Dana White. Zuckerberg posted that White has built UFC, the ultimate fighting championship,

into one of the most popular sports franchises in the world. Apple shares were lower today after an analyst firm downgraded the company to a sell. Lenders may soon be unable to see consumers' medical debt on their credit reports, barring them from using it in lending decisions for mortgages and credit cards. The Biden administration says its Consumer Financial Protection Bureau rule would ban the inclusion of medical bills and negative content from that on credit reports. McDonald's, the latest company to roll back diversity programs, joining Walmart, John Deere, Harley Davidson, and others. In a blog post, the company said it will no longer set, in its words, aspirational

representation goals. It will instead continue to embed inclusion practices into its day-to-day business. It will retire a DEI pledge in its supply chain. Anti-DEI crusader Robbie Starbuck said that he had contacted McDonald's Friday to ask about its diversity programs but didn't get a response and after McDonald's announcement yesterday, Starbucks claimed victory in a post on X. CNBC's Joe Kernan. Stellantis has revealed a redesigned Ram heavy-duty pickup truck line. These should be on dealer lots by the end of March and start at just under $50,000. Stellantis' Dodge brand has been rolling out the electric Dodge Chargers. Coming this year is going to be the four-door Daytonas. They run in the $70,000 plus range. Jessica Ettinger, CNBC.

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