CNBC Business News Update - Market Close: Stocks Higher, China Might Offer To Fight Fentanyl, S&P 500 Index Longest Winning Streak In 20 Years, Vodka Lemonade The 'Drink Of The Summer' 5/2/25

Episode Date: May 2, 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 Edinger CNBC Wall Street opens Monday morning with the S and P 500 index on its longest winning streak in 20 years. Nine straight days of gains. We'll see if Monday makes it 10. The Dow is on a nine in a row streak to for the first time since December of 2023 on Friday, a winning day. The Dow up 564 points, 1.3%, led higher by shares of Nike up 3%. The S&P 500 index was up 82, 1.5%, the Nasdaq up 266 points, 1.5%. Nvidia shares were up 2.5% on Friday.

Investors grabbing onto any hint of a positive breakthrough on tariffs with China, the S&P is officially back up to where it was on the president's tariff announcement day. It confirms two of the oldest sayings in Wall Street, don't try to time the market. And there is a lot of value to diversifying your portfolio. The S&P is still down in the U.S. year to date. Europe is up 15 percent. Diversification pays. Trying to

time the market as a fool's errand. Traders expect a big pullback from the para position that Trump now maintains. That's Wharton professor Jeremy Siegel on CNBC. The Wall Street Journal reporting China may make an offer to fight the fentanyl trade and investors see this as an attempt to start trade talks with the U.S. Here's the Carson Group's Ryan Dietrich on CNBC. We've had a 19% near bear market, but we have corrected more than 50% of that near bear market. When I went back in history, when you have these near bear markets like we just did, once you correct 50% only once have we rolled

back over to make new lows. And I guess everybody knows that was in 2022 employers added more new jobs in April than expected. 177,000. Although that number was down from March, federal workers down by 9000. That's something that we think is going to come down. Folks were given severance pay so they don't qualify. Plus some of the courts put the jobs back. Manufacturing was down 1,000, transportation up by 29,000. It could have been they were hiring lots of folks in order to handle all the stuff that was coming in ahead of time. There were things in here that make you wonder, can they last?

CBC senior economics reporter Steve Leesman. The Labor Department revised March hiring numbers down by more than 40,000 jobs. The unemployment rate held steady in April at 4.2 percent. Fortnite will be back on Apple iPhones and iPads for the first time in five years. Apple shares were lower. Now that a federal judge found that Apple willfully violated an injunction to prohibit anti-competitive conduct and pricing. Apple could face criminal charges.

Here's the CEO of Fortnite game maker Epic Games. I'd always hoped that Apple would, in my view, come to their senses more quickly and actually find a path to change the rules themselves rather than waiting for a court to tell them. Epic Games founder Tim Sweeney on CNBC. Vodka lemonade being called the drink of the summer 2025, major beverage companies jumping into the category. Vine Pear and Morning Brew note that Surfside released a version three years ago, its sales exploded. Now Anheuser-Busch has Skimmers,

Boston Beer Company has Sun Cruise, and the Gallo Wine Company makes the Lucky One brand of vodka spiked flavored teas and lemonade. On the coming weeks watch list, earnings season rolls on with one Dow component reporting, that's Disney. We get 90 S&P 500 index companies reporting their earnings. On Monday, McDonald's makes its first permanent menu addition in four years with McRisbee Chicken Strips on menus. Jessica Edinger, CNBC.