CNBC Business News Update - Market Midday: Stocks Mixed, Palantir Loses A Quarter Of It's Value At The High, Starbucks Slashes Corporate Jobs 2/24/25

Episode Date: February 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 is mixed this afternoon. Microsoft saying it still plans to invest $80 billion in AI but adjusting the infrastructure in some areas. Apple saying it'll open a Texas AI server factory as part of its half trillion dollar. investment. The Dow is in the green up 220 points a half percent. Nike shares helping the Dow today up 5%. The S&P 500 index trying to keep its head above water it's up four points. The Nasdaq in the red down 86 points this afternoon. Nvidia has been a drag. Nvidia shares down 1%. Anthropic saying it's released its most intelligent AI model yet as competition ramps up. Palantir, a one-time market favorite, is down 8% this afternoon. And Palantir has lost more than a quarter of its value from its high. President Trump is losing the stock market war to the rest of the world so far since election day. European, Chinese and emerging markets have dramatically outperformed the U.S. as measured by

the S&P 500 index. The Dow and the Nasdaq now in negative territory since inauguration day. Jim, in fact, since inauguration day, the U.S. is the worst performing G7 ETF. The money is being made in Europe overnight. You come in, it's like, holy cow, they're doing pretty good. Japan's good. Thank you, Warren Buffett, for verifying that. China, obviously, on fire, plus 20 percent. And us, well, people are very confused, particularly in the Russell 3000, which is a small business. They're just certainly less happy about things.

And they're taking out that lack of happiness on the market. CNBC Mad Money host Jim Cramer and CNBC's Carl Quintanilla. Warren Buffett's Berkshire Hathaway sitting on more cash after selling more stock in the last quarter without giving an explicit reason why in Buffett's annual letter to shareholders over the weekend. Some investors think with markets near all time highs, Berkshire is hoarding cash to buy stocks on sale after a big

sell off or opportunity that may be looming. If you go back to a few of his letters a few years ago, he talks about, you know, really rare opportunities coming around, you know, every five, 10 years.

And so, you know, look, we just have to have faith in the system. It's worked over those 60 years, you know, look, we just have to have faith in the system that's worked over those 60 years. You know, and if you look back at 08, 09, look, there could be other events that we don't know and have shown up in history. So I think he's well situated to take advantage of that.

Gabelli's McCray Sykes on CNBC. Starbucks reportedly firing more than a thousand corporate staffers. The chain faces near record high coffee prices because of unfavorable weather and coffee growing regions of the world. Fur coats making a comeback for young Americans? But the Wall Street Journal says the consumers are mostly buying used and vintage fur. Apple TV Plus says Severance has surpassed Ted Lasso as its most watched series. Severance is back with season 2 after making fans wait three years.

Jessica Edinger CNBC. The Investing Club we're not about trading we're about investing. Ted invested join the club today go to cnbc.com slash gyms club