CNBC Business News Update - Market Open: Stocks Slide, Netflix Sets NFL Streaming Record, OpenAI To Become For-Profit Company

Episode Date: December 27, 2024

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schach, now CNBC. Stocks have opened lower on the final trading day of what is still on track to be a positive week. It's also the second day of the so-called Santa Claus rally period, which, at least so far, has not proven to be the case. The Dow falling 237 points to 43,089. The S&P 500 lower by 39 points, or two-thirds of one percent. And the Nasdaq falling eight-tenths of a percent, 160 points jay woods chief global strategist at freedom capital sees a 10 correction in the markets coming up we've had a tremendous run you know 10 corrections do happen on average

every 18 months and what we're seeing is just horrible market breadth uh the leadership great leadership those mag seven, but the divergence is getting a little too rich for me. And I think once we get to the new quarter, we're going to have some headwinds to deal with and could lead to a little trepidation and we get a normal correction. The two Christmas Day football games aired on Netflix set a streaming record for NFL contests with an average audience of more than 24 million people. That's according to preliminary Nielsen data. OpenAI, the company behind the popular chat GPT artificial intelligence interface, is changing its corporate structure. It will become a for-profit public benefit corporation.

It will maintain a non-profit segment, however, to pursue charitable initiatives. 36 percent of Americans took on holiday debt this year, according to a LendingTree survey. Those who did so averaged $1,181 in debt compared to $1,028 a year ago. Peter Schach now, CNBC. Overtime's about understanding what just happened in the markets that day and preparing for tomorrow. I'm looking to talk to all investors, sophisticated investors, beginning investors. I'm always learning. Closing bell overtime for Eastern CNBC.