CNBC Business News Update - Market Close: Stocks Higher, US Crude Oil Pulls Back, Trump Mobile Offers Cell Phones And Service 6/16/25

Episode Date: June 16, 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 Tuesday morning after a winning Monday for stocks, the price of oil pulling back after reports said Iran would like to resume nuclear talks with the U.S. to end Israel's attacks. The Dow was up 317 points, three-quarters of a percent. That was actually a pullback. It had been up more than 500 points on Monday. It was led higher by shares of Goldman Sachs up 2.3%. The S&P 500 index was up 56 points, just about 1%. The Nasdaq up 294 points, 1.5%. Nvidia shares up almost 2% on Monday. 16 52 week highs for S and P 500 companies.

You've got IBM, Microsoft, Palantir, Darden, and yes we continue to show the resiliency in this market. That's Vertis Investments Joe Terranova on CNBC but on Monday defense names pulled back from last Friday's pop. Lockheed Martin, Northrop Grumman and L3 Harris all down at least 3%. Oil sold off a little from its fleeting pop last Friday on Middle East conflict. Still higher than it's been for the past few months. U.S. crude, $72 a barrel, but it could go back up even higher. If the Iranian regime comes to believe that what the Israelis want is regime change, I would not rule out that we could see energy infrastructure attacks in a prolonged war

situation. Again, if this war extends, if Israel is basically intent on regime change becoming the goal or bringing the United States into this conflict, I don't think we can rule out that we could see energy once again in the crosshairs of a conflict in the Middle East. RBC's Halima Croft on CNBC. Investors are hoping some trade deals get done at the G7 meeting that's on in Canada, the group of seven biggest economies in the world, with the U.S.'s President Trump there, there's a looming moment where stocks

could pull back when the tariff pause ends in about three weeks. The markets have just wanted to ignore this deadline. You know, we call it the elephant in the room. I think even if you don't have any additional reciprocal tariffs come on on July 9th, you're already the economy is already having to navigate a much higher tariff rate that it has in really like a hundred years. Pimco's Libby Cantrell on CNBC. Canada's ambassador to Washington meantime told Reuters,

we are not there yet on any trade deal with the U.S. President Trump's sons have announced a new business, Trump Mobile, $47 a month and a phone in the $500 range, which could eventually be made in America? The T1 model 8002, which is what they will tell you it's called if you call them, is undoubtedly a rebranded Chinese Android phone. The rebranding of what is almost certainly T-Bone's network. So what you have here is the Trump organization being the Trump organization. They're putting their name, some existing products and services in very familiar ways. And then they're making a bunch of promises.

That's The Verge's Neelay Patel on CNBC. On Tuesday's watch list, the Fed begins a two-day meeting on interest rates. It's widely expect where they are. We get th numbers. The florida panth away from back to back. S night. They played the Ed game six taco bells, new chicken tacos and burritos

Tuesday. Jessica atdinger CNBC. You come to my show and you learn how to do stocks. Mad Money, weeknight 6 Eastern, CNBC.