CNBC Business News Update - Market Open: Stocks Mixed, Nvidia Shares Down Again, Bitcoin Back Above 100k 1/28/25

Episode Date: January 28, 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 and reported by CNBC's Jessica Ettinger.

I'm Jessica Ettinger, CNBC, Wall Street, all in the red this morning after yesterday's tech wreck called a deep sink by some, a pun on the Chinese AI company DeepSeek. After it revealed a faster, cheaper artificial intelligence model, the Dow down 51 points, led lower by shares of American Express. The S&P 500 index down 103 points, almost 2%. The Nasdaq is now down 35 points. Shares of Nvidia down about a half a percent after it experienced the biggest one-day loss of any company in history yesterday at almost $600 billion. As costs come down, as efficiencies grow, the adoption demand and consumption does continually rise. You know, think about when Apple first announced the TGS computer, it cost about $4,000 or $5,000 for a household to buy a personal computer. As efficiencies

and computers got better, we actually sold a lot more computers and it was better for the computer industry. And so most everybody on the tech side was saying, this is a good thing that's happening. Not fun yesterday in stock market. Let me clarify that. But overall, technological advancements are a good thing. G Squared's Victoria Green on CNBC. Bitcoin bouncing back above $100,000 this morning. Durable goods orders fell in December,

the biggest month-over-month drop since last June. This is a measure of things made to last a long time, from washing machines to cars to airplanes. This comes in way light. We're expecting a number vaguely up half a percent. We end up with down 2.2 percent. That is the weakest going back to June of last year, so not good on the durable goods order front. If you take out transportation, a rather dramatic improvement. We go right to the expectation level of up three tenths of a percent, which shows you where the drag on the number was. CNBC's Rick Santelli. The Fed beginning a two-day meeting on interest rates today. A decision on whether to raise,

cut or hold comes tomorrow afternoon. Microsoft in talks to buy TikTok's U.S. business from its Chinese parent company ByteDance, according to President Trump. He told reporters on Air Force One he wants to see a bidding war after he signed an executive order to delay the U.S. ban on that app. No comment from TikTok or Microsoft. Google Maps changing the name of Gulf of Mexico to Gulf of America after the government officially updates it in the U.S. geographic names system. The change will be visible in the U.S. It'll stay Gulf of Mexico in Mexico, and both will be seen outside of the two countries. Credit card bills are coming due now after America's record holiday spending lending

tree says more than a third of consumers took on holiday debt, averaging almost $1,200 per shopper. That's a big increase of about 15% over 2023. Starbucks will report results after the closing bell. And while many investors are bracing for some horrible numbers, others are taking an optimistic long-term view. Well, I think everyone knows this is still going to be a tough quarter, right? I do think that if you look at U.S. traffic, it'll be a little bit less bad than the prior quarter. But I think you're going to start to see an upswing in the coming quarter. And as we go through this fiscal year, you're starting to see some of these small changes in U.S. stores.

And I'm pretty optimistic that things can get better from here. Morgan Stanley's Brian Harbour on CNBC. Wendy's has teamed up with the Girl Scouts to introduce thin mint Frosties, but they won't be on menus for another three weeks or so. Jessica Ettinger, CNBC. Earnings season, the quarterly numbers as they break. The scorecard for the American economy. Earnings season on CNBC.