The Exchange

A batch of negative data, including weak consumer sentiment, is weighing on stocks. Plus, UnitedHealth plunges as the Justice Department reportedly investigates its Medicare billing practices. And Wells Fargo has the retail names most exposed to the Trump administration’s shifting policy on immigration.

Walmart’s weak guidance is weighing on the Dow, putting it on pace for one of its worst days of the year. Plus, a flurry of Fed officials are weighing in on tariff uncertainty and warning of a material slowdown. And the housing market could be set for another soggy spring selling season. We’ll ask the CEO of Tri Pointe Homes about what he’s seeing.

Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.

President Trump reiterated his reciprocal tariff plan over the weekend. We’ll speak to an expert that says it really could lead to 20% or more tariffs on many of our biggest trading partners. Plus, shares of Intel are surging again today amid reports it could be broken in two. But we’ll speak to an analyst who says he has a “better” idea to create value. And, U.S. and Russia officials are holding their first high-level talks in more than two years, as they try to negotiate a truce in the Ukraine conflict. We’ll get the latest details.

The major averages are set to end the week higher despite a whirlwind week of tariffs, inflation, and Musk-driven drama. But President Trump’s rhetoric around defense spending is spooking that sector. And Intel is on pace for its best week since 2000 on rumors of a tie-up with Taiwan Semi. We’ll cut through the noise with Bernstein’s Stacy Rasgon.

President Trump is set to impose new, reciprocal tariffs on other nations, matching what they currently charge the U.S. to import goods. We’ll look at the fallout for stocks and the inflationary impact. And is DOGE distracting Elon Musk from Tesla? Wedbush’s Dan Ives doesn’t think so, and says deregulation will drive another $1 trillion in market cap for the EV maker. And Atlantic Council CEO Fred Kempe is in Munich with what European officials are saying about a potential truce between Russia and Ukraine.

Today’s hotter-than-expected CPI print might make the Fed’s path forward a bit murkier, as Powell doubles down on not rushing to cut rates with the economy as strong as it is. Plus, Elon Musk is laying out his vision for DOGE’s cuts to the federal government, as his feud with OpenAI’s Sam Altman continues.

Fed Chair Powell is wrapping up his first day of testimony on Capitol Hill, saying there’s no rush for the central bank to cut rates. Plus, Elon Musk is making an offer to buy OpenAI, but Sam Altman wasted no time shutting that down. And BYD is taking aim at Tesla in China with its new driver assistance technology

Inflation is stealing the show today with consumers increasingly anxious about tariffs and higher costs. KPMG’s Diane Swonk is now forecasting zero Fed rate cuts this year and joins us to make her case. Plus, we’ll speak with the Frontier CEO as the stock soars on the back of earnings and on the heels of making another offer to buy Spirit. And the U.S. unit of Belgian cement producer, Titan America, is going public on the NYSE. The CEO joins us in a First on CNBC interview.

January’s jobs report is on deck, and there’s likely to be a huge swing on the monthly figure and some major revisions. Plus, tech stocks are underperforming this year at a level we haven’t seen in over a decade. And Amazon, Affirm, and Expedia results are on deck. We have the numbers and narratives to know in Earnings Exchange.

Alphabet shares are selling off after missing revenue estimates, but one tech portfolio manager isn’t worried about it. Plus, researchers uncovered a troubling connection between DeepSeek and a Chinese telecom company that’s banned from doing business in the U.S. We’ll speak with the man behind the report. And gold is hitting another record high as the dollar gains strength too, and that has one portfolio manager looking to buy some unloved names.

Wall Street is back in love with growth names like Meta and Palantir, but our guest has a word of caution for investors banking on big returns. Plus, more companies are splitting their stock and seeing big returns afterwards. We’ll ask Bank of America who’s next on their watchlist. And tariffs are mostly on pause, but there’s another headwind on the horizon for retail stocks.

Stocks are cutting their losses after opening sharply lower, following news of a temporary tariff deal between the U.S. and Mexico. We have the impact to the economy and supply chain. Plus, one CEO is warning of a lumber supply shock as homebuilders depend on Canadian lumber to construct houses. And Nvidia is coming off its worst week in more than two years after the DeepSeek-induced sell-off. Wall Street’s #1 analyst joins us with a look at the tariff risk facing the space.

The Fed’s preferred inflation gauge came in-line with estimates. We’ll look at how to position as stocks shake off a rough start to the year. Plus, Nvidia’s CEO is at the White House to meet with President Trump. And tariffs are set to take effect on Mexico, Canada, and China tomorrow. We’ll look at which companies have the most exposure and how to protect your portfolio.

Tesla moving higher despite dismal results, but our analyst says its in a unique position with a supercharged AI and self-driving outlook. Plus, Apple is on deck to report results and one CIO says the bar seems pretty low post-DeepSeek. And UPS is tracking for its worst day on record after announcing plans to scale back Amazon deliveries. We’ll speak with the CEO about that and their cost-cutting efforts.

We’re gearing up for the Fed’s first rate decision under the second Trump administration, and what to expect Chair Powell to say at his press conference. Plus, Nvidia falling again on more AI news and reports of potentially stricter restrictions on their China sales. And we’ll look ahead to Microsoft, Tesla and Caterpillar’s results after the bell in Earnings Exchange.

The Nasdaq is rebounding after yesterday’s Nvidia-led sell-off, but Vaneck’s CEO sees more pain ahead for big tech. If that comes to pass, Barclays says health care stands to be the biggest beneficiary of tech’s underperformance, and our analyst has the names with the biggest upside. And consumer confidence came in weaker than expected as Main Street remains pessimistic about their future employment. We’ll look at what it means for the Fed’s next move.

DeepSeek isn’t just outperforming Silicon Valley competitors – it’s also open-source, cost effective, and requires way less computational power. VC Bradely Tusk tells us it’s going to be really hard to tell his starts ups not to use it. Plus, some good news on the housing front. New home sales were better than expected, and rents are coming down. This matters to CPI, PCE and to the Fed. We discuss if a rate cut could be on the docket for Wednesday’s meeting.

The S&P 500 is hitting another record high ahead of the busiest week of earnings, but our market guest is worried about one risk to the overall rally. Plus, President Trump wants the Fed to cut rates, and our economist thinks he might get his wish times three! And Netflix is getting another big upgrade on Wall Street to cap off the stock’s best week in a year.

President Trump speaking to bank CEOs at Davos, and throwing punches at some of them with his comments too. Plus, Blackrock’s Larry Fink is warning of renewed inflation risk to the market. And Netflix is moving higher again today after its blowout earnings report. We’ll look at the fallout for the media landscape.