CNBC Business News Update - Market Midday: Stocks Mixed, Senate Report Slams Airlines For Junk Seat Fees, Trump Tariffs Expand To Canada 11/26/24

Episode Date: November 26, 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 Ettinger, CNBC. Mixed markets on Wall Street this afternoon. The Dow off its earlier low. It's down 109 points. Shares of Amgen dragging that lower. Amgen's down 9%. The S&P 500 index up 17. The Nasdaq is up 77 points this afternoon. Companies whose shares have hit fresh all-time highs include Marriott, Royal Caribbean, TJ Maxx and Marshalls parent TJX companies, Procter & Gamble, American Express and United Airlines. A new report in Washington slams airlines for raking in billions in, wait for it, seat fees. A Senate panel report that did say airlines between 2018 and 2023, they've brought in more than $12 billion with a B dollars from seating fees. You know, sometimes extra legroom will cost you over $100 more, especially if it's a long flight. And for United alone, last year they brought in more money from seating fees than they did from check bags. CNBC aviation reporter Leslie Josephs.

President-elect Trump promising to impose an additional 10% tariff on goods coming into the U.S. from China and a whopping 25% tariff on goods coming from Canada and from Mexico on day one of his presidency. Canada, okay, so Canada, we have a great trading partner. No one thinks that it's anything else. And then Canada gets slapped on the same thing as Mexico. And I just, I puzzle over it because I think that one is about people coming to the country that he doesn't want. And the other is about... Fentanyl? What?

Canada is not really known as a bastion of fentanyl. Right. I mean, we have a lot of cities in this country that take fentanyl, but it's not from Canada. CNBC Mad Money host Jim Cramer. Shares of Japanese automakers like Toyota and Nissan were falling. They have factories in Mexico that ship cars to the U.S. The Trump team, meantime, investigating whether a close aide to the president-elect, Boris Epstein, sought money from White House job seekers.

You know, it raises my eyebrows just because, look, Trump says he hates this. And I get this. He hates people making money off of their relationships with him. And I understand that. But listen, if he's going to fire Boris Epstein, then there's going to be a lot of people fired after that because a lot of folks in Trump world make a good bit of money on the side sort of selling access to Donald Trump. So be curious to see if Trump really follows through on this. And if so, whether or not it's the first domino to fall. My guess is there'll be a lot of complaints, but that nothing really will change. Former acting White House

chief of staff in the first Trump administration, Nick Mulvaney on CNBC. The Fed will release the minutes of its last meeting this afternoon. Investors paying close attention for hints on when there might be another interest rate cut. Amgen, whose shares have dropped 11 percent, says its new experimental weight loss drug helped patients drop 17 percent of their weight in a year. It's called Maritide. It's an injection. It was taken only monthly, but shares are lower, so that may not have been enough for investors. President Biden proposing that Medicare and Medicaid start covering expensive weight loss drugs like Ozempic and Wegovy for those with a body mass index of 30 or higher. Some may already have coverage if they have diabetes. The mega millions jackpot tonight,

inching toward a half billion. It's now 489 million. Jessica Ettinger, CNBC. CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.