CNBC Business News Update - Market Close: Stocks Lower, Trump Threatens Tariffs On Apple and Europe, Paramount With High Hopes For Mission Impossible 5/23/25

Episode Date: May 23, 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 Ebinger, CNBC. Wall Street opens Tuesday morning after the Memorial Day Market holiday, President Trump rattling business and the financial markets Friday with unexpected tariff threats, stocks fell. The Dow was down 256 points, a half percent, led lower by shares of Salesforce, down three and a half percent. Apple shares down three percent. The S&P 500 index down 39 points, that was a half percent. The Nasdaq down 188 points, exactly 1%. Nvidia shares were down a little more than 1%.

The major averages all lower for the year. President Trump threatened a new 50% tariff on everything coming into the U.S. from Europe starting June 1st, which is a week from Sunday. He also posted that Apple should pay a 25% tariff on all iPhones not made in the U.S. and that's all of them. Later, the president added, maybe all phone companies should pay tariffs on the phones they sell in the U.S. to make it fair. Rosenblatt's Barton Crockett said this about Apple on CNBC. He's asking for the impossible and it's kind of hard to watch. To make iPhones at scale in this country is not going to happen in an investable timeframe and certainly not while Trump is president.

Some investors though are starting not to buy much of what the president is selling. You think there's credence to this idea that vital knowledge puts forth that these, you know, 50 percent tariff on the E.U. or 25 on Apple sounds, in their words, you know, so absurd that the market's just not going to fall for it. I do, to a large degree. I mean, I think the market's just not going to be quick to sell everything in panic after we got the backpedaling on the tariff policies a few weeks ago. That's CNBC's Mike Santoli with Scott Wapner.

On Friday, the president also signed executive orders to speed up the return of nuclear power to the US, and nuclear stocks large and small popped. The overarching goals are to speed up permitting and boost US nuclear supply chains in order to quadruple the US'sS.'s nuclear power by 2050. Reforms to the Nuclear Regulatory Commission calls for the Department of Energy and Defense to deploy reactors on federal lands and boosting fuel supply chains to decrease dependence

on foreign nations. Reactor developers like Oklo and New Scale and fuel suppliers Centris all hire CNBC's Pippa Stevens. U.S. Steel will keep its headquarters in Pittsburgh in a partnership announced by President Trump with Japan's Nippon Steel. The president said late Friday a deal to create 70,000 new steel jobs was done and a rally will be held in Pittsburgh at the end of the month. It's a busy weekend for would-be home buyers. There are open houses over the month. It's a busy weekend for would be home buyers. There are open houses over the holiday. The average rate on a 30 year fixed home loan

heading into the weekend was above 7% according to mortgage News Daily for a 30 year fixed rate loan. It's the opening weekend of the first major theme park in the U. S. In 25 years CNBC sister company Universal opened its epic universe in Orlando. You enter these four different themed worlds through a portal based on the greatest intellectual properties we could put together. How to Train Your Dragon, Harry Potter, Universal Monsters, All Reinvented, and Super Nintendo World. Universal CEO of Destinations Mark Woodbury on CNBC. Hollywood wants you at the movies over the weekend,

but it might be hard to get in. Paramount's Mission Impossible, The Final Reckoning, was selling out well before the weekend started. Disney has high hopes for its animated family film, Lilo and Stitch. On the coming week's watch list, lots of earnings from retailers like Costco, Burlington, Ulta Beauty, Best Buy and more. Plus AI darling, NVIDIA.

Jessica Edinger, CNBC.