CNBC Business News Update - Market Open: Stocks Mixed, Bitcoin Falls, Trump Announces Day 1 China, Mexico & Canada Tariffs, Amgen Tanks 11% 11/26/24

Episode Date: November 26, 2024

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 on Wall Street out of the open. We've got mixed markets. The Dow being dragged lower by shares of Amgen, dropping 11 percent. The Dow's down 208 points, a half percent. The S&P 500 index in the green up 14, so is the Nasdaq up 99 points now, a half percent. Given the fact that the economy is going to slow, there's a lot of uncertainty, especially with the news that came out this morning with the Trump tariffs next year. The consumer continues to be very stretched. And we just think that earnings growth is way too optimistic for next year. 15% earnings growth year over year in an environment where the economy is expected to slow from this year's pace.

That's just way too optimistic. We think some of this euphoria has just carried on after the election. Verdant's capital's Megan Hornman on CNBC. Bitcoin's been sliding back down toward the $90,000 mark. Both Dick's Sporting Goods and Abercrombie & Fitch say they expect strong holiday sales. Kohl's lowered its forecast, saying holiday shopping at its stores is muted. Best Buy cutting its full year sales forecast, saying there's softer demand for electronics. President-elect Trump promising to impose an additional 10 percent tariff on goods coming

into the U.S. from China and a whopping 25 percent tariff on goods coming from Canada and from Mexico on day one of his presidency. Canada, okay, so Canada, we have a great trading partner. No one thinks that it's anything else. And then Canada gets slapped on the same thing as Mexico. And I just, I puzzle over it because I think that one is about people coming to the country that he doesn't want, and the other's about, I don't know. Fentanyl? Canada's not really known as a bastion of fentanyl. I mean, we have a lot of cities in this country that take fentanyl, but it's not from Canada.

CNBC Mad Money host Jim Cramer. Shares of Japanese automakers like Toyota and Nissan were falling. They have factories in Mexico that ship cars to the U.S. The Trump team, meantime, investigating whether a close aide to the president-elect, Boris Epstein, sought money from White House job seekers. You know, it raises my eyebrows just because, look, Trump says he hates this, and I get this. He hates people making money off of their relationships with him, and I understand that. But listen, if he's going to fire Boris Epstein, then there's going to be a lot of people fired after that because a lot of folks in Trump world make a good bit of money on the side,

sort of selling access to Donald Trump. So we'll be curious to see if Trump really follows through on this, and if so, whether or not it's the first domino to fall. My guess is there'll be a lot of complaints, but that nothing really will change. Former acting White House chief of staff in the first Trump administration, Nick Mulvaney on CNBC. The Fed will release the minutes of its last meeting this afternoon. Investors paying close attention for hints on when there might be another interest rate cut. Amgen, whose shares have dropped 11 percent, says its new experimental weight loss drug helped patients drop 17 percent of their weight in a year. It's called Maritide. It's an injection and was taken only monthly, but shares are lower, so that may not have been enough for investors. President Biden proposing

that Medicare and Medicaid start covering expensive weight loss drugs like Ozempic and Wagovi for those with a body mass index of 30 or higher. Some may already have coverage if they have diabetes. The mega millions jackpot tonight, inching toward a half billion. It's now 489 million. Jessica Ettinger, CNBC. CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.