CNBC Business News Update - Market Open: Stocks Mixed, American Airlines Shares Lower On Soft Outlook, Netflix Leads Oscar Noms 1/23/25

Episode Date: January 23, 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 in the green. In late morning trading, it's the Dow soars 178 points, led higher by shares of Caterpillar today. They're up 2%. The S&P 500 index has turned positive. It's up four points. It nearly touched a record high yesterday. The Nasdaq's still in the red down 57 points that S&P 500 index however is up three

and a half percent for the month so far that's the best start to a year since 2019 the S&P hitting an intraday high yesterday Nasdaq one percent from its high optimism is high valuations are quite high on the stock market and so I think the market is going to be prone to change. I think it's going to be inconsistent as we see how new policies from the administration play out over time versus the expectations of what we thought the policies were going to be at the election. So a lot of volatility, at least for the first half of the year. Cross Mark's Victoria Fernandez on CNBC. A crack in the job market? More Americans filed for unemployment benefits last week and the total number of people collecting checks now has hit its highest in three years, hinting it's taking people longer to find that next job. Saudi Arabia planning to invest hundreds of billions of dollars in the U.S., reports say. We're getting breaking details on

this massive investment from Saudi Arabia into the United States, $600 billion over four years. It is a sizable investment from the largest economy in the Middle East. These investment dollars could perhaps mobilize what could be a defense treaty between the United States and Saudi Arabia. It's something that's been spoken about under the Trump administration, and now we're seeing more signs that that could actually be coming to fruition. CNBC's Dan Murphy in Davos. American Airlines shares tumbling because of a weaker outlook for the company. Alaska Airlines shares going the other way. They were higher on better than expected quarterly results electronic arts shares tanking the video game maker trimmed its full year outlook saying there's been a slowdown in its football

video games gm revealing a new performance cadillac lyric as it plans to lead ev luxury sales this year not counting tesla this new Lyric runs at about $80,000. CNN reportedly cutting about 200 jobs in its TV division as it makes changes. Some New York shows may be produced in Atlanta to save money. The Academy Award nominations were announced this morning. Best Picture nominees include Anora, The Brutalist, A Complete Unknown, Conclave, Dune Part 2, Amelia Perez, I'm Still Here, Nickelboids, The Substance, and Wicked. Wicked is a Universal film, and Universal is a sister company to CNBC. Jessica Ettinger, CNBC. CNBC's Big January continues with the World Economic Forum in Davos, plus Fast Money Live from Miami and the first Fed decision of the year.

Start the year ahead of the game. CNBC.