CNBC Business News Update - Market Open: Stocks Soar, Macy's Accounting Issue, Wicked Wins Box Office 11/25/24

Episode Date: November 25, 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 Ettinger, CNBC. Bond yields are down. Stocks are popping on Wall Street to start this holiday shortened week. The Dow soaring up 500 points, being led higher by shares of Boeing, which are up more than 2%. The S&P 500 index up 46 points. That's three quarters of a percent. And the Nasdaq is up 167 points. That's almost one percent. Investors are reacting today to President-elect Trump's pick for Treasury Secretary, billionaire hedge fund manager Scott Besant, who had said before he was chosen to see NBC that if tariffs are enacted on everything coming into the U.S., it would happen gradually and over time. He's the latest in a handful of high-level picks who are billionaires. Bitcoin eyeing the $100,000 mark after hitting $99,800 on Friday. In focus this week, we've got data on housing coming, consumer

confidence, inflation, durable goods, and U.S. economic growth with GDP, gross domestic product. Watch Macy's shares today. The retailer says quarterly sales dropped. It's delaying its earnings report after it says an employee who's been fired hid expenses in the company's accounting. Certainly any type of an accounting irregularity is never good news for a public company. But in terms of overall how Macy's has been trending, this is a company that has definitely been struggling, challenged on one side by internet retailers like Amazon and Timu and Shein,

and certainly at the high end by consumers who don't necessarily want to purchase at some of these mass department stores either. Forrester's Sucharita Kodali on CNBC. Americans started Christmas shopping before Halloween with sales at Amazon, Walmart, and Target, but a new Deloitte survey says they're not done yet. While customers are still wary about inflation,

their perception of their own economic status and how they feel about themselves going into next year is up about 9% versus this same time last holiday season. We also saw core retail sales in October up about 5.4% this year, which is usually a good bellwether for what we expect to see during the rest of the holiday season. Deloitte's Brian McCarthy on CNBC. Charlotte airport service workers striking today. People who clean planes and help people in wheelchairs. They're asking for a living wage, they say, during an extremely busy travel week.

Universal's Wicked the movie defied gravity and soared to the number one spot at the weekend box office. Wicked bringing in an estimated $114 million in the United States and Canada, this according to Comscore, and that is the biggest opening for a film based on a Broadway musical. Meantime, Paramount's Gladiator 2 coming in second with about $55 million. And this is Wrigley Scott's sequel to his original blockbuster, which came out back in 2000. Of course, won Best Picture. The two movies helping get Hollywood to its best weekend since Deadpool and Wolverine came out back in July.

CNBC's Andrew Ross Sorkin Universal is a sister company to CNBC. Tonight's Powerball jackpot, $184 million. Tomorrow night's Mega Millions jackpot is closer to a half billion dollars at $489 million. Jessica Ettinger, CNBC. The club has given me technical analysis and fundamentals. Join the club with Jim's best deal of the year at cnbc.com slash club black friday terms and restrictions apply.