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, 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. Ancho...red by CNBC's Jessica Ettinger.

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Starting point is 00:00:00 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
Starting point is 00:00:54 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.
Starting point is 00:01:25 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.
Starting point is 00:02:06 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.
Starting point is 00:02:29 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.
Starting point is 00:02:47 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.
Starting point is 00:03:12 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.

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