CNBC Business News Update - Market Midday: Stocks Rally, Nvidia Higher, Nvidia CEO To Speak Tonight At CES, Hulu & Fubo Play Nice 1/16/25

Episode Date: January 6, 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 Ettinger, CNBC, noon hour on Wall Street. We've got a rally despite the Santa Claus rally that wasn't. The Dow is up 316 points this afternoon, three quarters percent. The S&P 500 index up 69 points, more than one percent. And the Nasdaq up 327 points, more than one and a half percent. You can thank shares of NVIDIA for this afternoon's rally in the markets. Tech is leading. NVIDIA is a big reason why today's stock up near five percent and Jensen Wong usually delivers. We'll see if he does tonight out in Vegas, 630 Eastern Time is the

big keynote that we are all watching. CNBC's Scott Wapner. Bitcoin is higher, pushing closer to $100,000 again. Oil at its highest since last October. WTI, West Texas Intermediate Crude at $74 a barrel. You could see prices ticking slightly higher at the pump in the near future. Business ground to a halt in parts of the U.S. today. States of emergency in at least seven U.S. states in the central and mid-Atlantic because of a large winter storm. Driving conditions across the Midwest described as impossible. Reports across Kansas, Missouri and Kentucky of semi-trucks sliding and stranded drivers. Today, schools are closed in Washington, D.C., Philadelphia, and many other cities as blizzard conditions move east. Amtrak has canceled train routes in the Mid-Atlantic and the Northeast.

There are also potentially thousands of flight cancellations today, so a big headache, especially for those people headed back to work after, you know, the long holiday week. NBC's Frances Rivera. Disney's Hulu Plus Live TV to be combined with the Fubo streaming service. Hulu Plus Live TV and Fubo together have 6.2 million subscribers. That's behind only YouTube in terms of live streaming subscribers. This is part of a push to grow in order to compete. Both services will be available to consumers separately and Fubo will now create a sports and broadcasting offering featuring Disney's networks. This helps Fubo expand its offerings, and it gives Disney greater distribution while growing streaming ad inventory for Disney to sell.

The combined company will benefit from synergies with the potential to merge the platforms down the line. CNBC's Julia Boorstin. Vera Bradley facing an activist investor that wants the purse and accessory chain to sell itself to a larger company or go private through a buyer. Retail Dive says Fund One Investments called out the quilted purse retailer for a history of value destruction and questionable capital allocation, as well as poor performance and a failed turnaround. McDonald's snack wraps coming back sometime this year. No specific announced date. Brand Eating says they were discontinued about nine years ago nationally,

but some locations had them until the pandemic. Snack wraps are on menus in Canada, though. Disney's Mufasa won the weekend box office. Paramount's Sonic the Hedgehog 3, which won the previous two weekends, was a very close second. New year, new hire. Swipe fees for merchants that accept credit cards. More small businesses say they're encouraging customers to please pay with cash. Jessica Ettinger, CNBC. Inside Wealth, an exclusive newsletter for a

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