CNBC Business News Update - Market Close: Major Averages All Close At Record HIghs, Nvidia Shares Pop 5%, Amazon & UPS Cut Thousands Of Jobs 10/28/25

Episode Date: October 28, 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 and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger. CNBC, Wall Street opens Wednesday morning after a triple record setting Tuesday on Wall Street. Investors hoping that President Trump does have a trade deal done with China on Thursday, as promised. The major averages all in the green with the Dow finishing up 161 points, 3 tenths of a percent led higher by shares of Sherwin Williams, which were up five and a half percent. The S&P 500 index up 15. points. The NASDAQ was up 190 points, 8 tenths of a percent, all three major averages, finishing at record highs. Shears of NVIDIA up just about 5 percent on Tuesday. Apple and Microsoft, each topped $4 trillion in market cap on Tuesday, Microsoft closing above that threshold, Apple closing just below it. Companies who shares at fresh all-time highs Tuesday include Google Parent Alphabet, Morgan Stanley, Apple, crowd strike, IBM, Palo Alto networks, and AMD. Invidia's CEO says AI chips are now being made in Arizona. And he told CNBC that there's a new industrial revolution happening.

It's all about AI and making the chips that power it. With your proximity to the White House right now, you're here quite often. Is that a concern that you're hearing from them? Like, what about the workers? We have to make sure that we're not displacing them. And is there anything that you guys are in video in particular is doing with the white house look look at what president trump is doing the first thing here my first phone call my first meeting with him it's manufacturing in america move manufacturing back to the united states it creates tons of jobs because we're talking about the a i industrial revolution all of these ai factories creates a ton of jobs invidia ceo jensen wong with cnbc's christina parts a nevelis and americans will need those jobs

Amazon firing tens of thousands of workers. It's going to lay off about 14,000 corporate employees as it restructures for the AI era, marking the latest move in a multi-year effort to streamline operations and shift resources toward its biggest bets, including generative AI. Those layoffs are expected to become the largest corporate job cuts in Amazon's history. Royder's reporting the total could go as high as 30,000. And the company did signal that more layoffs are likely in the year ahead. Kenzie Seagalos, UPS firing tens of thousands of people. Plans to cut 14,000 corporate jobs and 34,000 operational jobs.

This total of 48,000 was partly due to phasing out Amazon volumes and also nearing a deal to return its lower cost shipping option. Today, I play a part in this workforce reduction. Now, the company officials I spoke with said it was a factor. CNBC's Frank Holland. And here's Citigroup's Ari Rosa on CNBC with a take on UPS. Look, the tariff impacts are very clear of the following. through into UPS, right? And so UPS is one of the largest unionized companies in the country.

It absolutely is the bellwether of the economy. Levi's going high end with Blue Tab Premium denim clothing, jeans and more that can cost you 350 bucks. The Wall Street Journal says it wants to appeal to wealthier shoppers while still offering cheaper Levi's in mass market stores. On Wednesday's watch list, earnings are coming from Boeing Caterpillar. Verizon. CBS Health, GSK, Kraft-Hein's, UBS, Alphabet, Meta, Microsoft, Chipotle, eBay, MGM, Resorts, and Starbucks. The Fed announces a decision on interest rates 2 p.m. Eastern Wednesday. Jessica Eddinger, CNBC.

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