CNBC Business News Update - Market Open: Stocks Rally, Bond Yields Fall, Bitcoin Back Above $102k 1/17/25

Episode Date: January 17, 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. Bond yields are falling and stocks are higher on Wall Street. Out of the gate this morning, the Dow up 331 points, three quarters of a percent, led higher by shares of Nvidia, which are up almost 2%. The S&P 500 index is up 49 points. The Nasdaq up 253 points. That's 1.3 percent. Bitcoin higher on reports that incoming President Trump is planning a crypto executive order. It was above 102,000. Investors

are watching shares of Apple today. They were down almost 4 percent yesterday. Apple coming off its worst day since last summer. Apple shares today are up eight-tenths of one percent. As outgoing President Biden warned of an oligarchy forming in the U.S., for the first time, the CEOs of America's biggest tech and media companies will be on the inauguration platform Monday. As Donald Trump retakes the White House. This is something that we've never seen before. The CEOs of some of the most powerful and wealthy technology and media companies in the world seated on the platform

for the inauguration of an American president. For Tim Cook of Apple, for example, it's all about U.S. tariffs on Chinese goods. Trump has called for tariffs on imports from China as high as 60 percent, and Apple is said to produce as much as 95 percent of its iPhones and Macs in China. Jeff Bezos' Amazon has enormous contracts with the federal government. Stakes equally dramatic for Google's Sundar Pichai, with the threat of a breakup of the search giant Google looming. And it's even more personal for Mark Zuckerberg. Trump has repeatedly threatened to send the meta-CEO to prison or said he should go to prison.

And Zuckerberg has enormous interest, clearly, in the outcome of the debate over TikTok, the popular and growing social media site that competes with Facebook and Instagram. CNBC's Eamon Javers. Meantime, the CEO of TikTok and the vice president of China will also attend Trump's inauguration. Today, the Supreme Court may announce a delay in the law forcing a ban of the Chinese app if it's not sold to U.S. owners. TikTok was banned as a security threat by Congress. It sits on the phones of about half the U.S. population, Trump argued in a brief to the court last month.

The presidents have ultimate power in foreign matters over Congress, arguing he's the power to decide whether the law goes away. Whether or not it's good for America, Trump wants TikTok to exist. He uses it very aggressively, and Trump is going to save TikTok. Lightshed partners Rich Greenfield on CNBC. Walgreens closing another 450 stores this year. As work to turn around the struggling drug chain continues, Novo Nordisk's blockbuster diabetes injection Ozempic. In the next round of Medicare drug negotiations, along with weight loss shot Wagovi and diabetes pill Rebelsis, they're all considered one product since they all share the same active ingredient, which is semaglutide. Shares of Novo Nordisk were dropping this morning.

After today's session, the financial markets will be closed Monday for the Martin Luther King holiday. Jessica Ettinger, CNBC. The second inauguration of President Donald Trump and the impact on American business. Becky Quick live in Washington with influential investors including Stanley Druckenmiller and Elon Musk biographer, Walter Isaacson. Monday starts 9 a.m. Eastern, CNBC.