CNBC Business News Update - Market Open: Stocks Gain Ground On Shortened Trading Day, Apple Approaches $4T Value, American Airlines Flight Delays

Episode Date: December 24, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Stocks are posting gains on this shortened trading day. The market set to close three hours earlier than usual ahead of the Christmas holiday. The Dow Jones Industrial Average up 26 points at 42,933. The S&P 500 gaining 24 points, or four-tenths of one percent. And the Nasdaq, seven-tenths of a percent higher, or 134 points. Shares of Apple are up about six-tenths of a percent today to just under $257 a share. That is a little over $7 away from Apple achieving a $4 trillion valuation. That does not come as a surprise to Constellation Research Principal Analyst Ray Wong.

These tech giants have been able to move and manipulate as every market change has occurred, whether it was cloud or whether it was going to mobile or whether it was going to the digital transformation and now AI. And it's because they've got the capital to invest in the CapEx to be able to survive. And that's why these digital giants are actually continuing to win in the marketplace, because they reinvest their capital and reallocate towards the newest innovation and trends. Passengers traveling on American Airlines may be experiencing delays today, one of the busiest travel days of the year. That stems from a one-hour-long ground stop earlier today due to a technical issue that's now been corrected. A strike at Starbucks has expanded to cover over

300 stores nationwide. That's according to the union representing Starbucks workers, which has clashed with the coffee chain over wages, scheduling and staffing. Banks and business groups are suing the Federal Reserve over the annual stress tests that they must undergo to assure a sufficient capital level. They say the procedure for determining how the tests are conducted is too opaque. Peter Schach now, CNBC. Experience the power, CNBC.