CNBC Business News Update - Market Close: Stocks Lower, Amazon Shares Pop Up 10% After Hours On Results, Mortgage Rates Go Up After Fed Cut 10/30/25

Episode Date: October 30, 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 and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger. CNBC, Wall Street opens Friday morning after a losing day for stocks. Investors did not get the trade deal with China. They were promised. The Dow fell 109 points a quarter percent. Boeing shares let it lower. They were down 6%. The S&P 500 index down 68 points, 1%.

The NASDAQ fell 377 points. That was 1.5%. Netflix announced a 10 for one stock. Stock split, making it easier for people to buy a share of stock. It closed Thursday at $1,089 a share. It would be closer to about $108 a share, depending on the price when the split happens. Shares were lower of Apple in after hours trading on disappointing iPhone revenues in the quarter. Services revenue was up 15%.

Apple is enjoying a better-than-expected cycle on the iPhone, but it's still trading it, 41 times trailing earnings. And even if you assume sort of 11% growth this year for earnings, you're still talking about a company that's 35 times with roughly half the growth rate of its closest peers. So it's a tough one to get excited about at these valuations. That's Muffet Nathanson's Craig Muffet on CNBC. Amazon shares popped 10% in after hours trading on better than expected quarterly results there. Chipotle shares tanked 17% Thursday food inflation, just killing the chain. It also blamed student loan repayments eating into its customers' wallets.

It had to lower its outlook. Some investors disappointed. President Trump met with China's President Xi, and there was no trade deal. President Trump told reporters on board in Air Force One that a trade deal with China would be ready to be signed, quote, pretty soon. The highly anticipated meeting began in an ominous note as President Trump's Marine One helicopter was in the air. His social media site lit up with a message announcing that the U.S. will restart nuclear weapons testing, which it hasn't done since 1992. CNBC's Amin Javvers. He also says there is no movement yet on TikTok.

The American Enterprise Institute economist Derek Scissors had this take on the meeting on CNBC. The meeting itself was a waste of time. the last nine months of U.S. policy has been a waste of time. So there's been a lot of drama, sound and fury, signifying very little. U.S. policy is pretty much where it was when President Trump took office. It's not going to be a clean outcome. Let's take an incredibly specific example. I think some farmers have recognized I shouldn't be growing soybeans to sell to China.

The Chinese aren't going to buy four years of heavy volumes of soybeans. Of course, they're not. The Fed cut interest rates Wednesday, but mortgage rates went the other way. Up. Fed cuts have nothing. nothing to do with mortgage rates, which loosely follow the 10-year Treasury yield. This actually happened the last time the Fed cut as well. And the reason is pretty simple. The bond market had already priced in a cut, but it did not like the commentary from Fed Chairman Powell.

So on Tuesday of this week, the average rate on the 30-year fixed had fallen to 6.1%, the lowest level in over a year. But then, after the Fed cut and the news conference, that rate shot up higher. Now we're at 6.33%. CNBC's Diana Oleg. On Friday's watch list, we get earnings from Chevron and ExxonMobil. World Series game six is Friday night in Toronto. The Blue Jays could win the championship. In theaters this weekend, Netflix's most watched movie ever, K-pop Demon Hunters. And Friday is Halloween. Jessica Eddinger, CNBC. This December, CNBC opens its doors for an exclusive in-person experience at the iconic NASDAQ market site in New York City. Fast Money Live, trading the holidays. December 11th. Get your tickets now at CNBC Events.com slash fast money.