CNBC Business News Update - Market Close: Stocks Higher, S&P 500 Index And Nasdaq Each Very Close To Record Highs, Tariff Deadline "Not Critical" 6/26/25

Episode Date: June 26, 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 Friday morning after the S&P 500 index touched a fresh all-time high intraday on Thursday before closing slightly below the NASDAQ. The same as the White House hinted that President Trump's July 9th tariff deadline for deals with dozens of countries may not be a trade deadline at all. The Dow was up 404 points, almost 1 percent. Nike shares leading at higher, they were up 2.8 percent. The S&P 500 index was up 48 points,

eight-tenths of a percent. The Nasdaq up 194 points, just about 1 percent. Companies whose shares hit fresh all-time highs on Thursday include Netflix, Uber, Royal Caribbean Cruises, Capital One, Goldman Sachs, JP Morgan, CrowdStrike, Palantir, Microsoft and Nvidia. Here's Black Rock's Rick Reader on CNBC. You know, you had this period, people were concerned about you had tariffs, you had mideast, what was inflation going to look like? And some of those clouds have parted.

And then what is so clear is you look at the amount of cash that's sitting out there. Globally, there is so much money that wants to come into the market that didn't for a while. And I just think if you don't have any negative news, the natural gravitational pull is into the market. Wall Street cheering a possible Trump U-turn on the looming tariff deadline less than two weeks away.

White House press secretary Caroline Levitt just offered us the latest indication that that July 9th deadline for the so-called reciprocal tariffs on countries specific tariff rates, that it might not be as firm as we once thought. The deadline is not critical. The president can simply provide these countries with a deal if they refuse to make us one by the deadline, and that means the president can pick a reciprocal tariff rate that he believes is advantageous for the United States. That deadline, she says, is not critical.

She goes on to reiterate something we have heard from the president before, that he believes he can simply issue a new tariff rate to any country that isn't negotiating and that that would be what he calls the new trade deal. CNBC's Megan Kasella in Washington. Investors so far are shaking off some disappointing economic data. The U.S. economy contracted for the first time in three years in the first quarter after strong growth in the fourth quarter of last year. Growth in the economy turned around and sank between January and March and it was worse than forecast. First quarter GDP, it really did shift dramatically,

down half a percent, and this all has to do with tariffs, as everyone's trying to figure out what's going on with tariffs. I'm not sure anybody has figured out what's going on with tariffs. Weakest GDP going all the way back to 2022. CNBC's Rick Santelli. Mortgage rates dropped to their lowest level

since early May. Freddie Mac says the average rate on a 30-year fixed home loan dropped to 6.77%. It's even lower in the latest look for mortgage news daily at 6.72%. On Friday's watch list, we get the latest on inflation. It'll be the personal consumption expenditures report. New in theaters, Apple's

F1 starring Brad Pitt and Universal's Megan 2.0. Universal is a sister company to CNBC. Jessica Edinger, CNBC. CNBC is the network for ambitious people.