CNBC Business News Update - Market Close: Stocks Higher, Boeing Crash Had One Survivor, Farmer Subsidies Coming From Food Stamp Cuts 6/12/25

Episode Date: June 12, 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 Erringer, CNBC. Wall Street opens Friday morning after some gains for stocks Thursday. The market was volatile. Major averages were mixed for much of the trading day, but the Dow finished higher, up 101 points, a quarter percent, led higher by shares of UnitedHealthcare, up 2.5 percent. The S&P 500 index up 23 points, the NASDAQ up 46 points, Nvidia shares were up 1.5% Thursday. Companies whose shares have hit fresh all-time highs today include Microsoft, Oracle and Philip Morris. Boeing shares fell more than 4% on news of the first crash ever

of one of its 787 Dreamliner jets. It happened in India just after takeoff. One survivor is reported with 242 total on board. Boeing CEO, Kelly Ortberg was working on turning the company around. We don't know what, if there's any responsibility for GE, let alone of course Boeing. It's definitely a nightmare for leadership. Things were going so well.

I've known all six prior Boeing CEOs quite well, but I don't know Kelly Ortberg, but he did come in with some questions because he was in charge of Rockwell Collins and designed the MCAS system that was part of the controversy of the 7 37 max issues. But he took charge and he's doing everything right. That's Yale School of Management's Jeffrey Sonnenfeld on CNBC. More of people than forecast applied for unemployment benefits last week, the highest number this year. 248,000 on initial claims as we inch ever closer to 250,000.

CNBC's Rick Santelli. Here's former U.S. Treasury Secretary and current IBM Vice Chairman Gary Cohn on CNBC with his take on the job market. The number that's most concerning to me is the claims number. We've got to start paying attention to the fact that the job market clearly feels like it is slowing down. Looking at the continuing claims number, it's moving in the wrong direction too. The number of people still collecting unemployment checks notched its third week above 1.9 million suggesting it is taking people longer to find their next job. Google's cloud suffered from global outages on Thursday

along with Amazon Web Services and other cloud-based services. Major internet service disruption started just before 2 p.m. Eastern. President Trump's one big beautiful bill is currently in the Senate. In it is more than $57 billion of new funding for U.S. farmers. That's over the next decade. Many have been hurt by the Trump tariffs.

The new money is coming from food stamps. While we are appropriately increasing the programs for our farmers, that is in the greater context of cutting $290 billion out of the USDA budget on the SNAP program. So yes, while we're increasing the support of our farmers up to 60 billion, we're decreasing 290 billion through that cost savings.

We're moving a little bit of that money over to the farmers. Agriculture Secretary Brooke Rawlins on CNBC. Financial technology company Chime, which offers banking services but isn't a bank and isn't regulated as such, is now a publicly traded company. Its shares debuted at $43 on the NASDAQ Thursday. That was above the $27 per share IPO set price. On Friday's watch list it's quiet. No big earnings reports, no big economic data as investors get ready for Father's Day on

Sunday. We do get the latest on consumer sentiment and US Open Golf Round 2 will be on in Oakmont, Pennsylvania. Jessica Edinger CNBC.