CNBC Business News Update - Market Close: Stocks Lower, Global Central Banks Buying Gold, Levi Strauss Out With Strong Results 10/9/25

Episode Date: October 9, 2025

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I'm Jessica Eddinger. CNBC, Wall Street opens Friday morning after markets pulled back from record highs on Thursday. The Dow down 243 points, a half a percent. Boeing shares let it lower. They were down 4%. The S&P 500 index down 18. So was the NASDAQ. It was down 18 points.

Invidia shares were up 1.8% on Thursday, and they hit a record high. Other companies who shares hit all-time highs include Johnson & Johnson, L3 Harris, Northrop Grumman, and Monster Beverage all on Thursday. Not really raising some kind of a flair and saying, be careful here, but it does show you that the market's a bit uneven. It's just sort of hesitating above this 6,700 level. CNBC's Mike Santoli, J.P. Morgan's CEO, Jamie Diamond, with a warning for investors speaking with the BBC. You don't see a crash coming. You don't see a correction. I am far more worried about that than others. So if you said, now I'm talking about probabilities,

I would give it a higher probability than I think is probably priced in the market and by others. So if the market's pricing in 10%, I would say it's more like 30. So one third chance of a correction. Yeah, and I'm not saying next year. Because the timing of these things

is almost impossible. So it could be what, six months, could be a year. Could be six months, could be two years. On Thursday, gold pulled back from its record high on Wednesday. investors say countries around the world, though, through their central banks, are choosing gold instead of buying American dollars. And that's what's been pushing up the price. I want to point out that the central banks now own 27 percent of their reserves are now in gold. It exceeds U.S.

Treasury. So the de-dollarization theme continues to drive gold. Then we can add in the debasement trade, which really started to gain steam with the government shutdown. And then I've just said, diversification. Investors want to own something other than really, hey, you know, you look at equity markets, they're kind of stretched. So, you know, metals. And I'd throw in copper, silver, platinum, platinum. We're seeing it in all of these hard metals. Carlisles, Jeff Curry, on CNBC. Delta Airlines and PepsiCo, out with strong quarterly results, Levi Strauss reported a stronger than expected quarter after the closing bell on Thursday. The denim maker has been on a hot tree. It's captured some cultural moments, including Beyonce, Timothy Salome, denim,

also in a strong cycle. Levi shares have well outperformed the broader S&P 500 since it last reported on July 10th and competitors like Gap and contour brands. CNBC's Courtney Reagan. American consumers pulled back their spending in September in the new CNBC NRF spending monitor. The National Federation of Retailers says people might have conserved some cash in September to have more to spend for the holidays. Consumers hit the pause button in September after two months of gains. Hopes are that it's a pause that refreshes ahead of this approaching holiday season. The monitor, which

is powered by real credit card spending data from Affinity Solutions, dropping 0.7%. For the month, there was both widespread and steep decline. Seven of the 12 categories fell with one unchanged. The declines were led by furniture, restaurants and bars, and general merchandise, electronics and appliances,

the sixth decline in a row. CNBC's Steve Leesman. Taylor Swift's new album has broken the record for most first week, album sales. Billboard says the life of a showgirl. Album sold more than three and a half million units in the first week beating the record set back in 2015 by Adele. On Friday's watch list, we get the latest on Consumer Sentiment. Jessica Eddinger, CNBC. You come to my show and you learn how to do stocks. Mad Money, weeknight six Eastern, CNBC.