CNBC Business News Update - Market Close: Stocks Higher, Trump Tariffs Reinstated By Court For Now, Costco With Modest Earnings Beat 5/29/25

Episode Date: May 29, 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 modest gains for the major averages. The Trump tariffs have been reinstated by an appeals court for now with an emergency stay. The Dow was up 117 points Thursday. That's a third of a percent led higher by shares of Boeing up 3%. The S&P 500 index up 23. The NASDAQ was up 74 points. Nvidia shares up more than 3%. Some investors say these court fights actually might help the markets calm down a little. I left work on a Friday thinking that there were going to be tariffs on Europe. I woke up on a Monday saying that that wasn't going to happen. It does slow down the uncertainty,

which I think reduces some of the volatility. Morgan Stanley's Jim Caron on CNBC. Costco out with better than expected quarterly results after the closing bell Thursday. Best Buy with a much tougher quarter. Its shares were lower and it cut its full year revenue outlook. Best Buy's CEO warned that higher priced items are already here because of the tariffs. all to beauty shares higher on better than expected quarterly results.

Fed Chair Jay Powell met with President Trump Thursday at the White House. Federal Reserve Chairman Jerome Powell was here at the White House for a meeting with the president at the president's invitation. Now the Fed saying in its readout that Chair Powell did not discuss his expectations for the path forward for monetary policy. We also heard from White House Press Secretary Caroline Levitt. The president did say that he believes the fed chair is making a mistake by not lowering interest rates.

Powell sticking to his line, President Trump making his voice heard now directly to the fed chairman after we've of course heard him saying these sorts of things over the past few months on social media CNBC's Megan Kasella Jeep bringing back the discontinued Cherokee SUV and there will be a hybrid version pricing is in doubt but some believe it could be in the 36 to $40,000 range pending home sales in April fell more than expected as the spring home buying season is based on signed contr

homes during the month. T shopping when the stock m coaster because of the ta all caused the average ra fixed to jump to well over levels nationwide are hit but mortgage rates are st We're right around 7 percent. CNBC's Diana Olek. U.S. economic growth contracted in the first quarter for the first time in three years. It was the second look at the

first quarter data, but the slowdown was less than expected. The important point to pull out of this is that there was a downward revision in consumer spending this economy is a consumer driven economy that's the growth engine just notable as we're trying to track the ins and outs of the consumer and just how much sort of weakness and slowness there is given the higher levels of uncertainty and some of the confidence surveys showing the consumers been shaken CNBC's Sarah Eisen more Americans filed for unemployment benefits last week than expected and it was well

above the pre pandemic normal. Continuing claims, the number of people who are still collecting checks was higher as well the most in three years suggesting it's taking people longer to find that next job. Staples bringing back the easy button as part of its marketing for the chain's 20th anniversary. This is according to Office Products International. The buttons were a pop culture hit. Millions of those were sold. On Friday's watch list, we get a fresh read on inflation and the latest personal income numbers. New in theaters will be Sony's Karate Kid Legends. Focus features

the Venetian scheme and A24's horror film, Bring Her Back. Jessica Ettinger, CNBC.