CNBC Business News Update - Markets Quiet For National Day Of Mourning, Insurance Industry Monitors LA Wildfires, Airlines Work To Handle Severe Winter Weather Across The South 1/9/25

Episode Date: January 9, 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 Ettinger, CNBC. Wall Street opens Friday morning after a quiet Thursday. The markets closed for the National Day of Mourning and funeral for President Jimmy Carter, as is tradition. Markets have been volatile for this start of the new year. They finished mixed on Wednesday. I do think that some of these dips should be bought. I'm not saying that you should go in hand over fist to buy, but I think you should nibble on some of the dips.

I think the volatility is going to continue. This policy uncertainty remains a key theme. 248 Ventures, Lindsay Bell on CNBC. The insurance industry closely monitoring the devastation from California wildfires, burning homes and businesses to the ground. Hollywood is on hold. Production stopped on a number of series including Abbott Elementary, Grey's Anatomy, Hacks, Suits LA and many more. Airlines trying to handle winter weather delays and cancellations across the

south. Businesses and schools closed in communities from Texas to Georgia because of freezing rain and snow. Microsoft making performance-based job cuts across many departments. In a flip-flop, Tesla CEO Elon Musk now says Doge, the Department of Government Efficiency, probably will not find $2 trillion in federal budget cuts. Elon Musk scaling back his expectations for the Department of Government Efficiency, speaking during a live chat on X last night. Musk calling his goal of $2 trillion in spending cuts a, quote, best case outcome, adding he knows people in the government who care about spending money effectively, but the system prevents them from doing so. CNBC's Silvana Hanau. Next week's threatened port strike from Maine to Texas on hold. Sources telling CNBC a compromise was reached on semi-automation and automation at the ports. That was the key issue in these talks. Full details are not being released

until the ILA union can have a full vote on the deal. Until then, Longshoremen and the port operators known as USMX, they will continue to work under the current agreement. CNBC's Frank Holland. Volkswagen says its Scout EV has more than 50,000 reservations. The new Scout is a revival of an American brand that was owned by International Harvester and discontinued in 1980. They'll be out in two years at about $60,000. Drug maker Eli Lilly, which makes the diabetes drug Manjaro and the weight loss drug Zepbound, is Morgan Stanley's top biopharma pick for 2025. They recently received FDA approval for a new indication for sleep apnea, and so that will

also help expand the reimbursement coverage of this drug, particularly into the Medicare setting. We think this can be a $100 billion market opportunity over the longer term. And we think Lilly's going to get a significant share of that market with their drug Zephound. Morgan Stanley's Terrence Flynn on CNBC. Florida leaning into pro hockey with two outdoor games next year. One will be part of the Winter Classic held where the Miami Marlins play at Lone Depot Park. The other will be a game at Raymond James Stadium in Tampa where the Buccaneers play. On Friday's watch list, it's a jobs Friday. The December employment report comes from the Labor Department. We also get earnings from Delta Airlines and the Detroit Auto Show begins.

Jessica Ettinger, CNBC. Jim Cramer is the benefit you get that you can't get anywhere else. He has a unique ability to know the market, explain it to people. It's a great value. Get invested. Join the club today. Go to cnbc.com slash join Jim.