CNBC Business News Update - Market Close: Stocks Higher, President Trump to Meet With China's President Next Week, Target Cutting 1,800 Jobs 10/23/25

Episode Date: October 23, 2025

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I'm Jessica Eddinger, CNBC. Wall Street opens Friday morning after investors learned that President Trump will meet with China's president next week and sent stocks higher. The Dow up 144 points, 3 tenths of a percent. Honeywell shares leading the way, up almost 7 percent on strong quarterly results. The S&P 500 index up 39 points, a half percent. The NASDAQ up 201 points. That was nine-tenths of a percent. NVIDIA shares up 1% on Thursday. Investors like the idea that the U.S. trade war with China could eventually end. President Trump will fly to Asia for that meeting. Ford out with better than expected quarterly results after the closing bell on Thursday, but it's lowering its guidance for the year after a supplier fire. Target announcing it's cutting 1,800 corporate jobs, the first major job cuts, at that company in a decade.

Intel out with better than expected sales numbers in its first earnings report with the U.S. government as its top shareholder. Investors are on hold for the latest on inflation. On Friday morning with a delayed CPI report, the Consumer Price Index, they expect it to show inflation continuing to go in the wrong direction,

as it's done all year, hitting 3%. We probably would have been at 2% by now if it wasn't for the tariffs. We'll have to see how the CPI plays out, but everybody expects it to be up 3% on a year-over-year basis. Yardini researches Ed Yardinney on CNBC. The third quarter for real estate was a buyer's market in the new CNBC housing market survey of real estate agents. 89% of our agents reporting having at least one seller who decided to cut their price last quarter. That really shows how kind of over-optimistic sellers still seem to be, despite all the uncertainty in the economy,

Even more drastic, 40% of agents represented sellers who delisted their homes due to those rough market conditions. CNBC's Diana Oleg. The average rate on a 30-year fixed home loan as of Thursday afternoon, its lowest in more than a month, 6.1% according to Mortgage News Daily. Southwest Airlines transforming itself from a budget airline to one of the big guys charging for specific seats on the planes charging you for bags, charging you for bags. and the CEO tells CNBC what Southwest's biggest challenge is. Our demand looking into fourth quarter is solid. The holidays look good. Really, the only uncertainty to me right now is the length

and just the impact on demand of the government. Shut down before, we always know their impacts. Back to the 2018-2019, the government travel tends to dry up right away. It kind of goes to zero. Southwest Airlines CEO Bob Jordan on CNBC. On Friday's watch list, we get that information. inflation data, earnings are coming from Procter & Gamble, General Dynamics, and HCA health care. We get newly built home sales numbers for September. We get the latest on consumer

sentiment from the University of Michigan. Disney's Springsteen deliver me from nowhere and Paramounts regretting you are new in theaters. And Friday night, the Mega Millions jackpot is $680 million. Jessica Eddinger, CNBC. This December, CNBC opens its doors for an exclusive of in-person experience at the iconic NASDAQ market site in New York City. Fast Money Live, trading the holidays. December 11th. Get your tickets now at CNBC Events.com slash fast money.