CNBC Business News Update - Market Open: Ugly Day For Stocks, Boeing Drags Dow After Crash, Carter Funeral Set For Jan 9 12/30/24

Episode Date: December 30, 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. It's an ugly morning for stocks on Wall Street following Friday's losing session. The Dow plunging 541 points, 1.25%. It's being led lower by shares of Boeing, which are down 4%. The S&P 500 index down 75 points, 1.25%. The NASDAQ down 273 points. That's almost 1.5%. One investor says if you zoom out, though, the big picture shows incredible gains. Santa's already delivered. Well, we've had quite a rally already in 2024. And this has been a very strong quarter.

I mean, let's look at the numbers. 26% up in 2023. The market's up about 25.5% in 2024. I call that a lot of rally. Plenty of gifts from Santa Claus so far. Aureus Asset Management's Kerry Firestone on CNBC. Before the market opened, the S&P 500 index was up 25% so far this year. It's best since 2021. Former U.S. President Jimmy Carter died at the age of 100. The state funeral for the former president will be January 9th. That's a week from Thursday. Stock markets typically close for that day of mourning after a president's death,

but the NYSE hasn't made an official announcement yet. Boeing shares, as you heard, down 4% following the crash of a Jeju 737-800 in South Korea, killing 179 people. It's unclear what caused the crash. South Korea's transport ministry says it will carry out a comprehensive special investigation of the aircraft. America First Republicans are fighting the president-elect on immigration, saying Americans should be given top tech jobs. President-elect Trump weighing in on a feud among Republicans over H-1B worker visas. Trump telling the New York Post that he supports the program, which allows employers to temporarily hire non-citizens for highly skilled jobs. Trump allies, including Elon Musk, have argued that the H-1B visas benefit the country.

CNBC's Bertha Coombs. In a flip-flop, President-elect Donald Trump now wants to pump the brakes on a TikTok ban. President-elect Trump asked the Supreme Court to pause implementation of that law that would ban TikTok in the U.S. Believe it or not, it was going to happen on January 19th if the app isn't sold by its Chinese parent company. The court is due to hear arguments in the case on January 10th, and Trump's attorney said

the president-elect takes no position on the underlying merits of the case, but requests that the deadline be paused while it considers the case, but requests that the deadline be paused while it considers the case and then allow the incoming administration the opportunity to pursue a political resolution. CNBC's Joe Kernan. The U.S. city where home prices climbed the most in 2024 is Anaheim, California. Prices up more than 12 percent in one year. Paying off debt, the number one money goal for Americans in the new year, according to numerous surveys studied by CNBC.

Members of the CNBC Financial Advisors Council say with the new year, it's a great time to make sure your spending aligns with your goals. Jessica Ettinger, CNBC. CNBC.