CNBC Business News Update - Market Open: Stocks Higher, Nippon Steel Takeover Of US Steel Blocked, Apple TV+ Free Streaming Period 1/3/25

Episode Date: January 3, 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 higher after the December pullback that extended into the first trading day of the new year yesterday. We've got the Dow up 113 points this morning. It's being led higher by shares of Nvidia up more than 3%. The S&P 500 index up 28 points. The Nasdaq is up 164 points this morning. Some investors say a three peat for full year, 20% plus gains for the S&P. That's going to be tough after it happened in 2023 and in 24. You know, with the mega cap names, almost all the returns of the S&P came from seven names since the election. And we don't think that's possible to be consistently true throughout the year. It's not easy to broaden 493 names when seven have been carrying all of the load. Glorious researchers carry firestone on CNBC. The S&P 500 index is on a

five-session losing streak. It was higher yesterday morning before it petered out. This is the longest losing streak since last April. For that index, we'll see what happens this afternoon. The Nippon Steel purchase of U.S. Steel has been blocked by President Biden, citing national security. One year ago today, an Alaska Airlines jet suffered a door plug blowout on a Boeing 737. One year later, Boeing believes that it is making progress when it comes to improving its manufacturing processes. It is now under the oversight of the FAA, much greater oversight.

In fact, they're doing manufacturing checks. That's been in place for a number of months. The other change, far lower production. They've addressed employee concerns about manufacturing processes. They've cut down on the amount of traveled work. That's work that is not done in a certain position as the plane is being manufactured. And they say, you know what, we'll come back and do that later on. That has long been a complaint of the workers on the line there saying,

that's your quality control. That has been reduced dramatically. CNBC's Phil LeBeau. Cancer warning labels may be coming to alcoholic beverage containers. The direct link between alcohol consumption and increased cancer risk. The Department of Health and Human Services puts alcohol consumption as the third leading preventable cause of cancer in the U.S. following tobacco and obesity. It says alcohol heightens the risk of

seven types of cancer, including throat cancer, liver cancer, and breast cancer in women. And it says while scientific evidence for the connection has been growing over the past few decades, fewer than half of Americans recognize it as a cancer risk factor. The advisory includes recommendations to raise awareness of the link, including updating health warning labels on alcoholic beverages. That's CNBC's Joe Kernan. A labeling change would require an act of Congress. Shares of Constellation Brands, Diageo, and Jack Daniels maker Brown Foreman were lower. Warren Buffett's Berkshire Hathaway, which owns companies from Geico Insurance to Fruit of the Loom Underwear to Dairy Queen and many more, beat the S&P 500 index in 2024.

Class A shares of the Omaha, Nebraska-based company rallied 25.5% last year. The S&P was up 23.3%. Congress convening today for the first time in this new year. All eyes on weather speaker Johnson keeps his job. Apple TV Plus, free to stream today for three days through Sunday. Jessica Ettinger, CNBC. Get a head start on 2025 with the hottest tech event, CES, the Jobs Report, and meet the future of biotech and Pharma at JPM Healthcare.

And the meeting of world leaders in Davos. Plus, the first Fed decision of the year, CNBC.