CNBC Business News Update - Market Close: Stocks Higher, 3 Major Indexes Close At Record Highs, Nvidia Shares Lower 8/28/25

Episode Date: August 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 by CNBC's Jessica Ettinger.

I'm Jessica Eddinger, CNBC. Wall Street opens Friday morning for the final day of August trading after a winning Thursday and a record setting day. All three major averages closing at record highs. The S&P 500 index, closing above 6,500 for the very first time. The Dow was up 71 points led higher by Salesforce shares. The S&P 500 index up 20 points. The NASDAQ was up 115 points. NVIDIA shares closed down eight-tenths of a percent. After strong quarterly results, some investors, though, still weighing on whether the share price might be too high. Nike says it's cutting 1% of its corporate staff to try to continue to refocus the business. Best Buy says it raised prices in the last quarter because of tariffs, but it had some good quarterly results.

Best Buy, topping expectations for both the top and the bottom line, putting up the strongest comparable sales result in three years. years while it raised some prices due to tariffs, gaming, laptops, those sold well, but appliances, home theater, those lagged. CNBC's Courtney Reagan. Fed Governor Lisa Cook has officially sued President Trump after he moved to fire her. The issue will now go to court. The president is interested in getting the Fed to lower interest rates and replacing as many Fed board members as possible. Another slow summer in the residential real estate business and a lot of would-be-home buyers signed contracts to buy a house and then canceled them. Pending home sales in July dropped

0.4% from June, according to the realtors. The street was looking for a tiny gain of 0.3%, so let's just call it even. Now, this count is based on signed contracts, so people out inking deals in July. Regionally, sales dropped month to month in the northeast and Midwest. They were flat in the south, and they rose in the west. Now, given that these are signed contracts, I also want to note a very recent report from Redfin that found these contracts being canceled at the highest rate since they began tracking this in 2017. 15% of homes that went under contract in July says Redfin were canceled. CNBC's Diana Oleg. On Friday's watch list, it will be the final day of August trading heading into the long Labor Day holiday weekend. We get some data like

personal income and spending numbers for Americans, and we do get the latest on consumers. sentiment after consumer confidence came in lower. McDonald's will have pumpkin spice lattes on menus Friday and pumpkin and cream pies, too. New in theaters for the holiday weekend, Sony's caught stealing and iconics, the toxic Avenger. Plus, in select theaters for its 50th anniversary, Jaws. Jessica Eddinger, CNBC. Football season is back. Sports business expert Mike O'Zanyan breaks down the latest numbers.

the most profitable sports league in the world. Exclusive NFL team valuations. September 4th, CNBC.