CNBC Business News Update - Market Close: Stocks Higher, Framework Of US-UK Trade Deal Announced, West Coast Ports With Fewer Ships Coming In 5/8/25

Episode Date: May 8, 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 bounce for stocks on the framework of a trade deal with the UK and ahead of some talks with China this weekend in Switzerland. On Thursday, the Dow was up 254 points, about a half a percent, led higher by shares of Boeing, which were up 3 percent. The S&P 500 index was up 32 points. The Nasdaq was up 189 points. That was a little more than 1 percent. Boeing shares surged on a UK plan to buy $10 billion worth of planes. Bitcoin jumped above 100,000 for the first time since February. The framework of a trade deal with the UK has been announced.

Here's President Trump at the White House. The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers. China says the U.S. asked for the trade meeting this weekend in Switzerland, trying to control the narrative that the U.S. is desperate for a deal before store shelves are empty without Chinese products. We have a meeting, as you know, Scott, we'll be going over to Switzerland on Saturday.

That'll be very, very interesting. Let's find out. I think they want to make a deal very badly, too. The president referring to Treasury Secretary Scott B Besant, who's leading the effort with China. Fewer people applied for unemployment benefits last week, but the 228,000 number was in line with forecasts suggesting a labor market that is holding steady. Economists call it a low-hire, low-fire job market.

There's still no tariff clarity for many. Worried West Coast port executives and workers spent some time talking with CNBC's Brian Sullivan at the Port of Long Beach in California. Pharmaceuticals, baby strollers, computers and much more. What comes here into the Port of Long Beach behind us is not only critical to what you either want or even need but it's also a huge part of the overall American economy. The truckers and the stevedores, they get paid on cargoes. They're scared. They're nervous.

We've already seen overtime canceled. There's a ship behind us, but there's not three ships behind us like there were 14 and 16 ship cancellations. The normal is two or three. It's not zero. We're not seeing no ships come in, but it is coming down and all that stuff goes into the stuff that we buy and make. CNBC's Brian Sullivan. Wealthy Americans could pay more in income taxes. Some confirmation here from a source familiar with the president's thinking to CNBC,

saying that the president is considering allowing the rate on individuals making $2.5 million or more to revert from 37 percent to the pre-2017 rate of 39.6 percent. The president is now arguing in favor of raising that top tax rate. That's an increase, obviously not a huge increase, but it is an increase. And for a Republican president to be talking about a tax increase on anybody, you know, is unusual. CNBC's Eamon Javers.

Krispy Kreme shares plunged after the donut chain paused its McDonald's rollout. That's when sales slowed below projections. Krispy Kreme shares are down more than 70% over the past 12 months. Amazon has added pet prescriptions, expanding its online pharmacy offerings. Amazon's holding a pet day sale for two days next Tuesday and Wednesday. On Friday's watch list, Treasury Secretary Besant arrives in Switzerland ahead of weekend talks with Chinese officials. Florists are hoping to do a big business ahead of Mother's Day on Sunday. Jessica Edinger CNBC.