CNBC Business News Update - Market Close: Stocks Higher, JP Morgan CEO Allows Bitcoin Investing For Clients, CBS News CEO Steps Down 5/19/25

Episode Date: May 19, 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 Tuesday morning after the major averages eeked out gains. On Monday, they shook off the U.S. credit downgrade by Moody's. The Dow in the green up 137 points, three-tenths of a percent. United Health shares leading the way up 8 percent. The S&P 500 index was up 5%, the NASDAQ up 4%, NVIDIA barely in the green but it was green. Companies whose shares hit fresh all-time highs on Monday include TJ Maxx and Marshall's parent TJX companies, Monster Beverage, Mastercard, Visa and Cardinal Health. JP Morgan's CEO Jamie Dimon does not personally buy into Bitcoin, but he will allow for the first time wealth managers at the bank to add it to clients' portfolios if they think

it fits. Also, at the investor meeting Monday, Dimon said the markets are too complacent on tariffs, and he expects S&P 500 earnings growth to collapse. CBS News and its CEO, Wendy Wendy McMahon have parted ways. In a memo to staff today, Wendy McMahon says it's clear she and the network did not agree on the path forward, her words. McMahon's exit follows last month's departure of 60 Minutes executive producer Bill Owens. CBS faces a $20 billion lawsuit from President Trump and its parent company, Paramount Global, is trying to get federal approval for an $8 billion merger with Skydance.

CNBC's Contessa Brewer. Here we go again. Mortgage rates popped up and topped 7% on Monday. The average rate on the 30-year fix went back over 7%, 7.04 to be exact according to Mortgage News Daily. That is the highest rate since April 11th. It did fall back slightly along with bond yields this afternoon to 6.99 percent, but still higher than it was on Friday. Rates began rising sharply at the start of April

after President Trump announced wide ranging tariffs. We did see a pullback from buyers in April pending sales of existing homes that signed contract down 3.2 percent compared to April of last year, according to Realtor.com. CNBC's Diana Olich. Walmart warned last week that higher prices are coming because of the Trump tariffs. President Trump posted over the weekend that Walmart should eat the tariffs, meaning the president doesn't want Walmart to pass those costs on to consumers. I think unfortunately it is fairly inevitable that you are going to have to see price increases come through on at least some of the items.

Now it may not be super evident to us as consumers exactly where or how because as an example that I gave on the Today Show this weekend, if Walmart sells let's say $5 t-shirts, they want to keep that product at $5 even if it has a 30% tariff applied on China, because it just, that's sort of a signature item, right? So they might take that extra tariff amount and put it onto another product.

Unfortunately, I think price increases are inevitable. If Walmart cannot absorb all of it, who can? CNBC's Courtney Reagan. Darden restaurants closing about 15 underperforming Bahama Breeze locations. It's about a third of that chain. Darden also owns Olive Garden and Longhorn Steakhouse, a baseball used in the 1986 World Series between the New York Mets and the Boston Red Sox sold for $183,000 at auction. The ball was used by Jesse Orozco to strike out Mart

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