CNBC Business News Update - Market Midday: Stocks Rally, TikTok Ban Upheld, Novo Nordisk Lower On Ozempic Included In Medicare Negotiation 1/17/25

Episode Date: January 17, 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, soaring this afternoon as bond yields fall. The Dow up 455 points, 1% led higher by shares of NVIDIA, which are up more than 3% this afternoon. The S&P 500 index up 69 points, more than 1%. And the NASDAQ up 308 points, That's more than one and a half percent. The Supreme Court upholding the TikTok ban. The Supreme Court here upholding the TikTok ban by Congress writing, there is no doubt for more than 170 million Americans, TikTok offers a distinctive and expansive outlet for expression, means of engagement and source of community.

But Congress has determined that divestiture is necessary to address its well-supported national security concerns regarding TikTok's data collection practices and relationship with a foreign adversary. CNBC's Eamon Javers. But incoming President Trump is expected to perhaps offer some sort of lifeline to the Chinese-owned company. The Biden administration doesn't want the last act of the Biden administration to be a ban on TikTok. So they have signaled that they will not be enforcing the provisions of this law over the weekend. Remember, the deadline happens on January 19th. President Trump is sworn in on Monday, January 20th. The 20th is a Monday, is a federal holiday. And so therefore, you're seeing an argument from the Biden administration that,

hey, we'll just leave it to the next business day for the new executive branch to enforce this law. Some believe there will be some sort of compromise. Incoming President Trump says he's spoken with China's President Xi about TikTok. Here's LightShed's Rich Greenfield on CNBC. Whether or not it's good for America, Trump wants TikTok to exist. He uses it very aggressively and Trump is going to save TikTok. Attending Donald Trump's inauguration will be China's vice president and TikTok's CEO. Novo Nordisk ADR is down 5% this afternoon as its blockbuster diabetes injection Ozempic is in the next round

of Medicare drug negotiations. Along with its weight loss shot, Wagovi and diabetes pill Rebelsis, they're all considered one product since they all have the same active ingredient, which is semaglutide. Novo's obesity drugs are going to be included in the Medicare negotiating program. Remember, this was under the Inflation Reduction Act, which dictated that Medicare could negotiate drug pricing for certain popular drugs. That potentially limits the upside on what is a very expensive, what is it, $1,000 a month drug? I think that there are a lot of people who felt that this had to happen. No one thought that they would be able to just run amok.

While the stocks are down, it's going to be the greatest drug of all time. CNBC's Sarah Eisen with Mad Money host Jim Cramer. New in theaters, Paramount's September 5. Sony's comedy One of Them Days and Universal's new horror film Wolfman. Universal's a sister company to CNBC. After today's session, the financial markets will be closed Monday for the Martin Luther King holiday. Jessica Ettinger, CNBC. After today's session, the financial markets will be closed Monday for the Martin Luther King holiday. Jessica Ettinger, CNBC. The second inauguration of President Donald Trump and the impact on American business. Becky Quick live in Washington with influential investors including Stanley Druckenmiller and Elon Musk biographer Walter Isaacson. Monday starts 9 a.m.

Eastern, CNBC.