CNBC Business News Update - Market Close: Stocks Higher, Fed Holds Interest Rates Steady, Nvidia Pops On A Report China Export Restrictions Could Be Lifted 5/7/25
Episode Date: May 7, 2025From 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. Ancho...red by CNBC's Jessica Ettinger.
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I'm Jessica Edinger CNBC. The Fed holds interest rates steady and Wall Street
opens Thursday morning after a winning Wednesday. The Dow was up 284 points,
seven tenths of a percent led higher by shares of Disney, which were up almost
11%. The S&P 500 index was up 24 points. The NASDAQ added 48 points. Companies who shares at fresh all-time highs Wednesday
include Netflix, Zin, nicotine pouch maker Philip Morris,
and Cardinal Health.
Investors were heartened by word that government officials
from the US and China will meet in Switzerland this weekend
with trade on the table.
Nvidia shares popped 3% on a report that President Trump will end restrictions
on chip shipments to China.
You know, we would not get overly obsessed
with the daily news flow
because it's been exceptionally erratic.
Some days the negotiations are on,
some days the negotiations are off.
We would not try to trade this market
on a hour by hour basis
because we think it's virtually impossible.
Matrix assets David Katz on CNBC.
The Fed held interest rates steady as
the Fed chair said the economy is in a good place while talking about the risks
of higher inflation and higher unemployment, describing the ingredients
for stagflation without actually saying that word.
We see sentiment, there are concerns that higher prices may be coming.
They're worried now about inflation. They're worried about, you know, a shock from the
tariffs, but that shock hasn't hit yet. So, you know, we're going to be looking at the
real economic data, higher unemployment, and the other would be potentially higher inflation.
Fed Chair Jay Powell, Google parent Alphabet shares dropped 7% after Apple said,
AI will replace old line search engines.
Google pays Apple a lot of money every year to make sure that
Google is the default search engine on Apple products.
For the first time, Google finds itself competing in core search.
It never had to compete before.
And so Google came public 21 years ago.
They had dominant market share and they never lost it. This was in the bag.
Basically Google could go into any business that they wanted to go into
because they had a money printing machine in the basement and it was never
in question. Ritholtz-Welz, Josh Brown on CNBC. Disney announced a theme park in the United Arab Emirates
in Abu Dhabi, along with quarterly results
that beat estimates.
Here's Disney CEO Bob Iger on CNBC.
About 500 million people that are income qualified,
meaning they can afford to visit one of our parks,
live within a four hour plane trip.
When you consider Abu Dhabi, they love Disney.
This is the right place. By the time it opens will be the right time. And this
is a really a momentous occasion for the Walt Disney Company. Iger says it
takes about two years to design a theme park and five years to build it. A
surprising increase in mortgage applications by would be home buyers
last week. Even with lingering economic uncertainty.
Applications to buy were 13% higher than the same week a year ago.
The average rate on a 30-year fixed home loan on Wednesday 6.86%, according to Mortgage
News Daily.
Danish jewelry brand Pandora warning of significant tariff-fueled price increases.
It sources much
Asia. On thursday's watch
from Anheuser Bush Warner
Paramount and lift CNBC wi
live at the port of Long
to check on imports amid
arriving with less than full containers. Jessica Ettinger, CNBC.