The Dow Jones Industrial Average hit 38,000 points for the first time ever on Monday and climbed more than 100 points to close the day at 38,001.81. It's another sign that markets are booming. The S&P 500 also hit another record high that day, building on its official bull market. Meanwhile, the Nasdaq Composite rose 0.32%. “It's almost like you're afraid of missing out,” Brian Price, head of investment management at Commonwealth Financial, said of the new records. “We had some volatility at the start of the year as investors perhaps rebalanced their portfolios and tried to make some gains. But now it just seems like we're continuing the trend that was clearly there in the fourth quarter.” Follow live market updates.
United Airlines Boeing 737 MAX 9 passenger aircraft taxis at Chicago International Airport O'Hare ORD preparing for a departure. The modern and advanced Boeing 737M is a new airliner with registration number N77543, ETOPS certified and equipped with two CFMI engines, which have been in service for less than half a year.
Nicolous Economou | Photo only | Getty Images
United Airlines expects the FAA's grounding of Boeing 737 Max 9 aircraft to have a financial impact. The company said in a filing Monday that it expects an adjusted first-quarter loss of between 35 cents and 85 cents per share. United has more grounded aircraft in its fleet than any other airline. The planes are being investigated after part of a 737 Max 9 exploded during an Alaska Airlines flight, leaving a gaping hole in the plane. The warning came as United reported its fourth-quarter results on Monday, which showed a relatively strong holiday period for the airline. United's shares rose more than 6% in premarket trading.
Rafael Henrique | Sopa pictures | Light rocket | Getty Images
Facebook's parent company Meta has made efforts to exit the news business. The decision to de-emphasize news on the platform came, among other things, after a series of PR disasters – and news organizations are feeling this. Looking at 1,930 news and media websites from more than 370 companies, 33 were lost in December % of total social referrals by page views on Facebook, down from 50% last year, according to analysis conducted for CNBC by analytics firm Chartbeat. Many organizations relied on Facebook for referral traffic. As a result, publications have sought to diversify their efforts and rely more heavily on their own platforms, which are more predictable. “The flood of Facebook traffic could never have funded our journalism, the majority of our journalism,” said Mother Jones CEO Monika Bauerlein.
The New York Stock Exchange welcomes Johnson & Johnson (NYSE: JNJ) to the podium. To mark the occasion, Joaquin Duato, Chairman and Chief Executive Officer, will ring the Opening Bell® together with Lynn Martin, NYSE President.
NYSE
Johnson & Johnson, considered a pioneer in the healthcare sector, reported fourth-quarter earnings that narrowly beat Wall Street's expectations. The company reported an increase in sales in its pharmaceutical and medical device businesses. Total sales rose 7.3% in the last three months compared with the same period in 2022. The results come as J&J doubles down on its pharmaceutical and medical device divisions after spinning off consumer health unit Kenvue, the biggest restructuring in the represents company history. CFO Joseph Wolk told CNBC's “Squawk Box” on Tuesday that J&J is benefiting from a rebound in older adults scheduling non-urgent surgeries, which took a nosedive during the pandemic.
Lisa Su, President and CEO of Advanced Micro Devices Inc. (AMD).
Bridget Bennett | Bloomberg | Getty Images
Artificial intelligence stocks have been hot lately. AMD, for example, rose nearly 130% in 2023, led by strong demand for its graphics processors or the AI chips that power programs like ChatGPT. But how long will this streak last? One analyst's response was: “Damned if we know.” Gus Richard, an analyst at Northland Capital Markets, said it was difficult to gauge the market and overall demand signals were distorted. “We're downgrading the rating to 'Damned if we know,'” he wrote in a recent note. He then clarified that he has an actual rating of “market perform” for AMD, which is equivalent to “hold,” and said that AI is big, “just not as big as investors think.”
— CNBC's Alex Harring, Leslie Josephs, Jonathan Vanian, Annika Kim Constantino and Kif Leswing contributed to this report.
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