CNBC Business News Update - Market Close: Stocks Higher, Record Highs For the Dow, S&P 500 Index, and the Nasdaq, Amazon Reportedly Cutting 30K Jobs 10/27/25

Episode Date: October 27, 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 and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Ettinger CNVC. Wall Street opens Tuesday morning after a triple record-setting day for stocks. On China, trade deal optimism, the Dow was up 337.7.10th of a percent. Shears of Invidia led the Dow higher. They were up 2.8 percent on Monday. The S&P 500 index up 83 points, 1 and a quarter percent. The NASDAQ up 432 points, 1.8 percent. all three major averages closing at record highs, the S&P 500 index closing above 6,800 for the very first time. Pretty clean break higher after just this stutter step we had for a couple of weeks. We're kind of migrating to the very high conviction themes, which of course is semis and AI.

CNBC's Mike Santoli. Companies who shares at fresh all-time highs on Monday include Google Parent Alphabet, IBM, American Express, Micron Palo Alto Networks, Palantir and Apple. Any shortages of rare and critical minerals would have upset many crucial technology industries. So some of that risk has been put to the side. And it's part of the reason why I think you're seeing a lot of optimism in tech stocks, hardware, and the AI story as well. That's DWS Group's David Bianco on CNBC. Amazon shares higher as it reportedly gets ready to fire tens of thousands of workers. This is according to Reuters. Amazon, according to Reuters, Amazon is planning a possible round of layoffs that could amount to around 30,000 corporate jobs and could begin later on this week.

That's according to multiple people familiar with the matter. It roughly equates to about 10% of their corporate workforce. Again, they have about one and a half plus million employees overall, but working in warehouses, delivery, and everything else. These are specifically for the corporate jobs. it would be the largest round of job cuts possibly since 2022 when they laid off around 27,000 of those jobs. CNBC's Dominic Chu, I-Robot stock plunged 30% Monday after the Rumba maker warned the search for a buyer has stalled. Qualcomm shares soared as it announced new chips to compete with AMD and Nvidia. People forget that they maybe they weren't even aware.

They've actually sold AI accelerators for years. If this is the second gen or third gen part that they're now in it, I'm thinking it takes time, right? But I'll take it. Bernstein's Stacey Rescon on CNBC. On Tuesday's watch list, the Fed begins a two-day meeting on interest rates. We get earnings from UPS, JetBlue, Novartis, PayPal, Sherwin-Williams, United Health Visa, booking holding, just to name a few. We get the latest on home prices from S&PK Schiller and the latest on consumer confidence. McDonald's has new Buffalo Ranch dipping sauce in restaurants.

No Mega Millions winner last weekend, so Tuesday night's jackpot, $714 million, the ninth largest in the history of that game. Jessica Ettinger, CNBC. My name is Josh Brown. The best stocks in the market is very simple. These are stocks with good fundamentals in the process of rise and higher. Join pro for exclusive access to Josh Brown's best stocks in the market at CNBC.com. slash best stocks.