CNBC Business News Update - Market Close: Stocks Higher, Nasdaq Touches Record High, Nvidia Is First Company To Hit A $4 Trillion Dollar Valuation 7/9/25

Episode Date: July 9, 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 Thursday morning after a record setting day on Wall Street. The NASDAQ hitting a fresh record high. The major averages all higher. The Dow up to 17. A half percent led higher by shares of Boeing, which were up more than 3%. The S and P 500 index up 37 points. The NASDAQ up 192 points, just about 1%. Companies whose shares hit fresh record highs Wednesday include Ralph Lauren, Coach Parent Tapestry, Uber, Microsoft and NVIDIA, which became the first $4 trillion company ever. We got the NVIDIA record market cap.

Oh, there you go. All right. Hey, who is the leader of Nice and Sly on Earth? Jensen Maugham. We got the Nvidia record market cap. Oh, there you go. Yeah. All right. Hey, who is the leader of Nice Guy on Earth? Jensen Maugham. I know that there's a tenor, especially in New York City, about rich people and how they conduct themselves. This man's made more manners than anyone in America.

There's CNBC's Jim Cramer and Carl Quintanilla. President Trump releasing new tariff letters with new reciprocal tariff rates, but they're really the same rates. About 21 countries have now received those letters and the president said that more countries including Brazil could get letters tomorrow. But here's today's round, the Philippines, Iraq, Sri Lanka, all of these countries facing tariff rates between 20 and 30 percent, roughly on par with what the president first threatened to impose back in April. So the news here really is the date for them to take effect has just been moved now to

August 1st. None of these countries export much of anything to the U.S. CNBC's Megan Casella. Twitter now X has lost its CEO. Linda Iaccarino stepping down from the role after two years running Elon Musk's media company. Amazon reportedly had a slow start for its Prime Day sale. Adobe said day one was the biggest online sales day of the year so far across all retailers, though, including Walmart, Target, Best Buy and all who are running sales. Turns out Amazon, though,

is selling more of its own goods than those from third parties because it can eat some of the tariffs. Amazon can take a much bigger hit. They can work on much smaller margins because Amazon's bulk of their cash doesn't specifically come from sales, right? You've got Amazon web services. So, so they can hedge it, they can offset the price and they can take a bigger hit than sort of, you know, Joe mom and pop who has a small third-party reseller store. That's the United Nations consumer supplier CEO Brett Rose on CNBC. Samsung's Unwrapped

had some new things for consumers looking for a new phone. What Samsung announced today are two foldable phones. They're called the Galaxy Z Flip 7 and the Galaxy Z Fold 7. Fine, we don't really care about foldable phones right now. What we're really talking about though Are the AI features from Google Gemini now it has this thing called Gemini live which is Google's multimodal system for AI it can use visuals voice or text to let you chat with Gemini through the camera or the Microphones etc. It also has some other features like AI photo editing tools and so much more. Now compare that to Apple, which just a month ago we were down at WWDC and they had minimal AI software features at that event and we're not even expecting much more from the new iPhones that should be launching in about two months or so. CNBC's Steve Kovac. On Thursday's watch list earnings are coming from Delta Airlines, plus Slim Jim and Duncan Hines' parent Con Agra and Levi Strauss.

We find out how many people applied for unemployment benefits last week. McDonald's has snack wraps again starting Thursday. Jessica Edinger, CNBC, which American states are driving business last year. Virginia took the honors. Which state will be the top

state for business this year? America's top states for business. The full list revealed Thursday and streaming on CNBC+.