CNBC Business News Update - Market Close: Stocks Higher, S&P 500 Index Closes At New Record High, Trump Ends Trade Talks With Canada 6/27/25
Episode Date: June 27, 2025From 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. Ancho...red by CNBC's Jessica Ettinger.
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I'm Jessica Edinger CNBC. Wall Street opens Monday morning for the final day of June trading,
the final day of the second quarter, and the final day of trading for the first half of
the year. Now, Friday's rally for stocks faded after President Trump ended trade talks with
Canada, but the S&P 500 index did notch a record high on Friday. Let's start with the Dow. It was up 432
points, 1% led higher by shares of Nike which soared 15%. Investors
betting that the worst is behind that company. The S&P 500 index up 32 points,
a half percent, and the Nasdaq up 105 points, a half percent. Companies whose shares hit fresh all-time highs on Friday include Disney,
Netflix, Goldman Sachs, Cisco, Microsoft, Royal Caribbean Cruises, Capital One, and
Nvidia. President Trump ended all US trade talks with Canada over the digital
services tax. The president posted that because Canada is moving forward with
the digital services tax, which will impact US because Canada is moving forward with the digital services
tax, which will impact U.S. tech companies, he says he will then be terminating all discussions
on trade with Canada effective immediately.
He goes on to say that he will be letting Canada know the tariff that they will be paying
to do business with the U.S. within the next seven days, really shaking up the U.S.'s relationship
with its second largest trading partner.
CNBC's Megan Kasella, but one investor's not too worried about the trade back and forth.
The weekend is upon us. People are taking their profits once we got to a record high.
So I don't really think this is much to be concerned about. Clearly, trade isn't a done
issue yet, but I think it will be by the end of the summer.
That's Yardenne Research's Ed Yardenne on CNBC. Inflation going in the wrong direction.
It went up in May and it was revised higher for April. Americans are facing higher prices.
The inflation data 2.7 that's the core year over year. It's hotter than expected and in the rear
view mirror there was an upgrade so there is a stickiness here.
CNBC's Rick Santelli.
And inflation is just starting, says Morgan Stanley's Seth Carpenter on CNBC.
Most of what's going on with inflation for this print, for the last CPI print, is mostly
a pre-tariff story.
We still think there's plenty to come in terms of inflation from tariffs.
With inflation rising, Carpenter
adds the Fed may continue to hold off
from cutting interest rates.
We've just lived through a few years
of higher than normal inflation,
and I'm not sure consumers, businesses
are just gonna go back to business as normal
if we see another pickup.
And that caution is what I think the Fed
is trying to express, at least Jay Powell.
You think you're paying a lot for a good steak now.
Just wait.
All time record high for beef.
Cattle futures are at 20 plus year highs.
The futures are at 213 bucks per hundred weight who were below $100 15 years ago.
Now Beef Magazine says the bullish move is because the demand for beef is rising at the same
time that fewer cattle are being culled for meat.
Bullish on bulls.
CNBC's Brian Sullivan.
On Monday's watch list, it is the final day of June trading.
No big earnings or economic reports.
It's a holiday week with the markets closed on Friday, July 4th and Wimbledon tennis is
on in London.
Jessica Edinger CNBC. CNBC is the network for ambitious people.