CNBC Business News Update - Market Close: Stocks Higher, Ford With Strong May Sales As Pre Tariff Vehicles Dwindle, Cruises Seen As Winners As Consumers Watch Travel Dollars 6/3/25

Episode Date: June 3, 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 Wednesday morning. After a winning Tuesday, investors shaking off worries that the White House hasn't announced a phone call yet between President Trump and China's President Xi. The Dow up 214 points a half percent, led higher by shares of Nvidia, which were up almost 3%. The S&P 500 index added 34 points. The NASDAQ was up 156 points, eight tenths of a percent on Tuesday. Ford out with some great sales numbers for the month of May. Keep in mind, we are seeing the inventory of pre-tariff models. It's dwindling. But these are solid numbers from Ford and we're seeing this from all the automakers. The market is shifting. It's moving away from electric vehicles much more towards hybrids and internal combustion

engine vehicles. Ford's overall sales up 16.3%. The Maverick hybrid, hybrid trucks have become a big seller. CNBC's Phil LeBeau. Airlines are facing a 10% drop in summer bookings as consumers push back against high airfares amid economic uncertainty. But cruises are seen as a cheaper vacation than if you buy transportation, hotel and food all separately. We spoke to Carnival last night and Carnival has with all of its banners about 50% of all cruise cabins in the industry. So they're the biggest player by far. And they said they still see a 25 to 40% discount

on cruise vacations compared to comparable land-based vacations. So as people get more sensitive to that value proposition, we think the cruise industry has a lot of room to grow its share. Loop Capital's Laura Champagne on CNBC. Bulk airplane seat discount? The booking site Thrifty Traveler says United and Delta have stopped charging single travelers more for plane tickets. After the

practice became public, Thrifty Traveler says American was still requiring more than two flyers to qualify for the lowest seat fare on some routes. Nvidia surpassed Microsoft on Tuesday as the world's most valuable company. Meantime, Microsoft just cut hundreds more employees this week. CNBC Med Money host Jim Cramer with Carl Quintanilla. They have a take on AI replacing people. We keep seeing these people laid off by Microsoft. Do you think that that's just because they don't have a lot of business? It's because they have so much business they need the machines, which are better. replacing people. off 6,000. You think it's because of this. When you don't say why you're letting people off and you're doing incredibly well, I'm saying that those people are the equivalent, as we said at Goldman

Sachs, dead wood. More Americans than ever are polyworking. It's a term for having a side hustle or two in addition to a regular full-time job. Government job cuts, the tariff trade war, and a volatile stock market have people nervous about their income. The New York Times says the number of people working multiple full or part-time jobs is now pushing 9 million. That's the most in more than 30 years, according to the Bureau of Labor Statistics. On Wednesday's watch list, we get earnings from Dollar Tree, RV Maker, Thor Industries, and Five Below. We get a read on private sector job creation with the ADP report.

The beige book will be out on current economic conditions in the US. Walmart holds its annual shareholder meeting. Jessica Ettinger CNBC. The CNBC Disruptor 50 list revealed. Special coverage begins June 10th in Squawk Box and streaming on CNBC+.