CNBC Business News Update - Market Close: Stocks Higher, China Says NO Tariff Talks Have Happened With the US, President Trump Says Talks HAVE Happened 4/24/25

Episode Date: April 24, 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 Friday morning after a winning day for stocks as investors scooped up beaten down tech shares. The Dow up 486 points, one and a quarter percent. It's back above 40,000. The S&P 500 index up 108 points. That was 2%. The Nasdaq was up 457 points, 2-3 quarters percent. Nvidia shares were up 3.5 percent on Thursday. We've been through markets like this before where there's this game and every day the game resets and you have to guess which side is going to win that day. And I think most investors should not try to play that game. People that are swing trading, day trading, have at it, have fun. I know there's some money to be made there. It's not my game. People that are swing trading, day trading, have that, have fun. I know there's

some money to be made there. It's not my game. Ritholtz-Welts, Josh Brown on CNBC. Google parent Alphabet out with strong quarterly results and shares surged in after hours trading. Intel reported better than expected earnings, but it believes sales in the quarter may have been pulled forward because of tariffs, its planning job cuts. South Korea may be close to a trade deal with the U.S., according to the Treasury secretary. But as far as China goes and tariffs, it's a mystery. After China said there have been no talks with the U.S. There's sort of bizarre back and forth.

We had the Chinese denial that there were any talks. Then the president of the United States said they had a meeting this morning. But then he said, I'm not going to say who they is. That set off a kind of a mystery here at the White House. Officials here are simply not engaging on that question, saying we're just going to let the president's remarks stand. So it's possible there's some kind of secret negotiation going on behind the scenes here, but we can't see any evidence of it.

CNBC's Eamon Javers. American Airlines withdrew its full year revenue forecast as flyers buy fewer plane tickets. Uncertainty is the word of the day. You know, decent business in January and really domestic leisure travel fell off considerably as we went into February. And that's persisted as we've moved into April.

And look, the uncertainty is the reason behind pulling our guide. American Airlines CEO Robert Isom on CNBC disappointing outlooks from two other airlines. Southwest Airlines says that it will reduce its capacity in the second half of the year as more signs point to weaker domestic bookings. In the meantime Alaska Airlines posted mixed results and said that it would not update its full year guidance either. It's citing the economic uncertainty and volatility. These are leading economic indicators.

Airlines tend to pick up on these things rather quickly with bookings and what they can see. CNBC's Becky Quick. Procter & Gamble says price increases are likely as soon as June 1st. In the tariff environment, P&G makes Tide detergent, Gillette razors and Bounty paper towels just to name a few brands. Tariffs are inherently inflationary. You just said that there likely will be price increases that consumers will face. How high do you think that will be and when will we start to see that?

I don't know. It's obviously different for different products. Procter & Gamble CEO John Mueller on CNBC with CNBC's Becky Quick. The spring real estate market, very slow, existing home sales in March fell to their slowest pace since 2009. That was a great recession. More inventory and slower sales are starting to put the chill on prices. The median price of an existing home sold in March was $403,700. That's still an all-time high for the month. CNBC's Diana Olek on Friday's watch list. The man accused of killing the CEO of United Healthcare on a New York City street, Luigi Mangione, will be arraigned in federal court.

New in theaters, Screen Gems horror film Until Dawn and Amazon MGM's The Accountant 2. Jessica Edinger, CNBC.