CNBC Business News Update - Market Midday: Stocks Mixed, Nvidia Slips From Fresh Record, Bitcoin Rages Toward 100k, McRibs Are Coming Back 11/21/24

Episode Date: November 21, 2024

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 mixed this afternoon. The Dow is soaring. It's up 334 points, three quarters of a percent, being led higher by shares's down 103 points, a little more than a half percent. Companies whose shares have hit fresh all-time highs today include Ticketmaster, Parent Live Nation, Netflix, and Booking Holdings. It's the parent of travel sites Booking.com, Kayak, and Priceline. Volatile day for NVIDIA. The shares hit a record high at the open, but then slipped back about one and a half percent this afternoon on quarterly results that were mixed after the closing bell last night. Bitcoin topping $98,000, racing toward the $100,000 mark. But one expert is warning of a correction. Seems like you're asking for trouble at one point. And so there will be some sharp corrections, certainly in the stocks that are more levered than the underlying commodity itself.

By definition, there has to be. Galaxy Digital CEO Mike Novogratz on CNBC. The job market remains solid. The number of people who applied for unemployment benefits last week hit its lowest in seven months. We're now at the lowest level on initial jobless claims since April. It's at the same level as a year ago. So what's that say? It says companies are not firing people at a faster rate. The layoffs remaining for the economy as a whole are relatively low here. That's Breen Capital economist John Writing on CNBC. And here's CNBC's Rick Santelli on what might be the more notable numbers. Now, here's a surprise.

One million, nine hundred and eight thousand. We did not get our 24th consecutive one point eight million. We now jumped to one point nine plus million on continuing claims. We haven't had a one nine handle since November of 2021. The continuing claims number, the number of people still collecting checks did tick higher, suggesting it's taking people a little longer to find that next job. BJ's Wholesale Club, following Costco, Amazon and many others, it's raising its membership fee and that sent shares higher. The major driver behind that surge is the wholesale giant's increasing its club membership fee for the first time in seven years.

It goes from $55 up to $60. Its Club Plus membership will increase $10 from $110 to $120. CNBC's Dominic Chiu. McDonald's bringing back the McRib again. Almost every time it says it's for the last time, but not this time. The pork sandwiches will be in restaurants a week from Tuesday for a limited time. American Airlines will start shaming line cutters at the gate who try to board planes early. A loud beep will sound if a flyer tries to get on from a group that hasn't been called yet.

Airlines offer their big spending frequent flyers earlier boarding as a perk. And they're trying to stop line cutters who are often called gate lice on social media. The new Universal theme park in Orlando will have a Harry Potter attraction based on the Ministry of Magic. They're also adding Super Nintendo and How to Train Your Dragon attractions. Universal's a sister company to CNBC. Jessica Ettinger, CNBC. Don't miss CNBC Pro's Best Deal of the Year. Sign up now at cnbc.com slash pro early access.

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