CNBC Business News Update - Market Close: Stocks Lower, Israel - Iran Conflict Intensifies, Home Builders Cutting New Home Prices 6/17/25

Episode Date: June 17, 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 Wednesday morning after markets were lower after a losing day for stocks. The markets took a leg lower Tuesday afternoon on President Trump's post seen as a threat to Iran amid its conflict with Israel. The Dow ended the day down 299 points almost three quarters of a percent. Merck shares let it lower down more than 3%. The S&P 500 index down 50 points, 8 tenths of a percent. The NASDAQ down 180. That was nine tenths of 1%. Nvidia shares finished lower Tuesday down almost a half percent. That S&P 500 index pulled back below that 6,000 mark and could keep coming down loss and momentum and stocks at 52 e guys that's contracted that suggests rally

exhaustion that tells you there's a bias for the market to correct over the short term. So that's like call it a 5% pullback from the recent highs you think is in the cards. CNBC's Mike Santoli with Morgan Stanley's Jason Hunter oil hit $75 a barrel Tuesday on Middle East tension but still below the spike that happened in oil prices last Friday when Israel first attacked Iran. Oil, you know, to the extent this becomes a broader macro problem, you know, we haven't seen any real supply disruptions in an extremely fluid situation, but, you know, we've been dealing with geopolitical

uncertainty, intense uncertainty now for years, and markets have absorbed all that relatively well. That's vital knowledge, as Adam Crisafulli on CNBC. The CEO of Amazon says more jobs will be cut at the company over the coming years as AI takes hold. Andy Jesse wrote that employees should learn how to use AI tools and experiment and figure out how to get more done with scrappier teams. Amazon has cut 27,000 people over the past three years. Meantime the Amazon Prime Day sale in July will be four days this year, 96 hours, beginning at 3 a.m. Eastern on Tuesday July 8th. The home builders not feeling so great about their business.

They're having to cut prices to sell new construction homes. But if you're looking to buy a home, you should probably look at those. Homebuilder sentiment in June dropped two points from May to 32 on the NIHB index. This index has only seen a lower reading twice since the Great Recession back in 2012. Now the builders cite high mortgage rates, tariffs,

and overall economic uncertainty. Builders are cutting prices 37% in the June survey, said they did. That's the highest share since NAHB started tracking this three years ago. CNBC's Diana Olek. On Wednesday's watch list, we find out how many people applied

for unemployment benefits. Last week we find out housing starts and building permits numbers. Thursday is a federal holiday. Juneteenth. The financial markets will be closed on Thursday and open again Friday morning. Jessica Edinger CNBC. The club is really about empowerment. What I like about Jim is he makes it easy for someone like me to understand how to invest my money properly Who we got Jim get invested join the club today go to CMBC comm slash join Jim