CNBC Business News Update - Market Close: Stocks Higher, Relief Rally On Measured Iranian Retaliation Strike, Oil Pulls Back 6/23/25

Episode Date: June 23, 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 a winning day for stocks, investors shaking off the U.S. attack on Iran over the weekend and shaking off Iran's retaliation. The Dow was up 374 points, almost 1% led higher by shares of Sherwin-Williams, which were up 3%. The S&P 500 index up 57 points. That was almost 1%. The NASDAQ was up 183 points. Almost 1% Nvidia shares finished up two-tenths of a percent. There was somewhat of a relief rally on Wall Street Monday as Iran's retaliation attack seemed as a de-escalation move. Oil fell 7%. Here's security expert, trusted SEC CEO David Kennedy on CNBC.

To me this seems like a de-escalation situation. I was in the intelligence community. I did two tours in Iraq and one in Bahrain and Afghanistan. If you look at Iran's actions historically, they're trying to show that they have force and they still have control over their people, over the country, but at the same time not trying to escalate. So while this may seem like a very escalatory response, launching six missiles that were intercepted, either A, had a heads up or B, knew that the defense systems would most likely take those out. To me, it seems like very much a de-escalation situation. And that's how investors are seeing it. Oil prices pulling back from a five-month high.

Investors are worrying less about Iran possibly disrupting tankers carrying oil through the Strait of Hormuz. How many times has the Strait of Hormuz been closed? Zero. Even during the Gulf War, when 451 oil tankers were attacked, mined, or shot at, 451, the Strait of Hormuz was not shut down. The reality is China's gonna have something

to say about it. The U.S. 5th Naval Fleet, which is in Bahrain, is gonna have something to say about it. The Nimitz Carrier Group is going over there. They're gonna have something to say about it. It's gonna get more expensive. So shipping day rates were $24,000 a day about a week and a half ago, they're at 100,000 and going up right now. So vessel owners are like, yeah, we'll go, but you're gonna have to pay it. CNBC's Brian Sullivan.

Americans are already paying more at the pump. Gas prices up nearly 10 cents a gallon in less than a week, according to AAA. More existing homes were sold in May than expected, but sales were still the slowest since the Great Recession 2009 as the real estate market plods slowly along. The increase in sales was likely fueled by a big jump in the supply of homes for sale. The median price of an existing home sold in May $422,000, a record high for the month of May. Now homes are taking longer to sell, 27 days versus 24 a year ago. 27% of all transactions were all cash and that is higher

than last year. That's CNBC's Diana Olek. Airlines and power providers on alert for extreme heat in the eastern third of the country over the next several days temperatures are soaring and businesses can be strained. Hymns and Hers health shares plummeting on word that drug maker Novo Nordisk is ending its partnership. Novo says it's concerned about deceptive promotion of illegitimate and knockoff versions of its drug. JetBlue cutting flights from Boston to Miami USA Today says passengers with tickets for future flights need to find a different way to get there. The route just isn't profitable.

On Tuesday's watch list, the Fed chair testifies to Congress as usual for two days starting Tuesday. Earnings will come from FedEx and Carnival Cruise Corporation and billionaire Amazon founder Jeff Bezos and his fiance Lauren Sanchez kick off a three-day wedding celebration in Italy.

Jessica Edinger CNBC. You come to my show and you learn how to do stocks. Mad Money, weeknight 6 Eastern CNBC.