CNBC Business News Update - Market Open: Stocks Higher, Nvidia Up 3%, Biden To Stop Most US Offshore Drilling, CES Begins 1/6/25

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 Edinger, CNBC. Wall Street bouncing out of the open this morning. The Dow up 132 points. The S&P 500 index up 45 points. And the Nasdaq soaring up 235 points. Shares of Nvidia helping today. They're up almost 3% right out of the gate. Many investors don't think the market will go up more than 20%

for a third straight year this year, as it did in 2023 and 2024. But you can't dismiss it. You'd have to say it's possible because it has happened before, not since the late 90s, but it probably would have a lot of things need to break right. You have a lot of bullish sentiment at the outset and a lot of the big names in the market have to cooperate. CNBC's Mike Santoli. Bitcoin higher today, pushing closer to $100,000 again. 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 Francis Rivera. Offshore drilling off most of the U.S. coastline will be banned by outgoing President Biden. The world experienced its hottest year in recorded history last year with fossil fuels being blamed for much of that. The Biden White House with an outgoing present for millions of Medicare enrollees who are facing soaring costs for prescriptions. Biden will sign a bill into law that caps out-of-pocket Part D prescription drugs

at $2,000. Disney's Hulu Plus Live TV to be combined with the Fubo streaming service. It's Consumer Tech Week on CNBC. NVIDIA CEO Jensen Wong delivering the Consumer Electronics Show keynote address as that gathering begins in Las Vegas. This is tonight's CES talk. I think that one of the things that Jensen is going to talk about are all the new use cases. It wouldn't surprise me that we start hearing about robots. CNBC Mad Money host Jim Cramer. 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.