CNBC Business News Update - Market Close: Stocks Higher, The S&P 500 Index And Nasdaq Each Close At Record Highs, Tesla's Results Disappoint 7/23/25

Episode Date: July 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 Erringer CNBC Wall Street opens Thursday morning after a winning day for the major averages and a record-setting day. President Trump announcing a trade deal with Japan and reports are saying a deal with the EU is very close with only a 15 percent tariff rate lower than feared. The Dow up 507 points on Wednesday, more than 1 percent, led higher by shares of Merck, which were up almost 3%. The S&P 500 Index added 49 points, that was three-quarters of a percent. The Nasdaq added 127 points, more than a half percent. Nvidia shares on Wednesday, up two and a quarter percent.

The S&P 500 index opens Thursday morning at yet another record high. It's 12th of the year and the NASDAQ also opens at a fresh record high. Companies whose shares hit fresh all-time highs on Wednesday include Ralph Lauren, Coach Parent, Tapestry, Royal Caribbean, eBay, Capital One, Fastenal, Jabil, RTX, Raytheon, Emerson Electric going back to that company's 1890 debut on Wall Street and Caterpillar going back to its debut on Wall Street in 1929. Investors like that there's some trade deal clarity. There's hope now. Okay, here's the framework. We can live with 15%, right? 15% is the new

zero, right? It's not 30, it's not 50. Everybody's live with 15% right 15% the new zero right? It's not 30 it's not 50 everybody's excited about 15 which is just such a baseline update. You think a year ago we'd be freaking out about 15% and here we are celebrating oh my goodness it's just 15% G Squared's Victoria Green on CNBC. Tesla reported disappointing quarterly results after the closing bell Wednesday. Earnings and revenue missed forecasts, but the company says a lower priced model is still coming this year. Look, this company has challenges in front of it. When you have a quarter in which you're down 20% on earnings growth, 9% on your revenue growth, and now you're going to do that again, there's a growth challenge in front of you.

And you have to question from a fundamental perspective, where do you see that turn in growth? And I'm not sure there's anything in front of us other than Elon Musk saying, hey, I'm back. Vertis Investments, Joe Terranova on CNBC. Google Parent Alphabet out with earnings and revenue after the closing bell Wednesday that beat estimates, but shares fell initially when the report came out. I'll tell you why we don't own it.

And it really boils down to just this. Gartner's forecasting a 25% drop in 2026 in single search engine queries. So even if they do great in AI, even if they do great with Gemini, it is not as profitable as the main business. And that keeps us at bay. Gilman Hills, Jenny Harrington on CNBC, IBM and T-Mobile each out with results that beat estimates for both earnings and revenue. Chipotle reported mixed quarterly results and trimmed its outlook as consumers start to watch their wallets. Existing home sales took a dive last month down 2.7% in June from May. This report is based on closing. So contracts likely signed in April and May when the average on the 30 year fixed jumped over 7% a few times

and never really went below 6.8. The median price of a new home sold in June was $435,300 up 2% year over year and another record high for the month of June. That is the 24th consecutive month of annual increases. CNBC is Diana Olek on Thursday's watchlist, earnings are coming from Honeywell American Airlines, Corig, Dr. Pepper and Tractor Supply. We find out how many people applied for unemployment benefits last week and we get newly built home sales numbers for June. Jessica Edinger, CNBC.