CNBC Business News Update - Market Close: Stocks Mixed, China Gets Tough Ahead Of Trade Talks, Tariffed Chinese Goods Arrive In US 5/9/25

Episode Date: May 9, 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 Monday morning after a losing week for stocks. Friday was mixed but barely for the major averages. All eyes are on tariffs on Chinese goods. The Dow down 119 points Friday, a third of a percent led lower by shares of Amgen down more than 2%. The S&P 500 index was down four points Friday. The Nasdaq was in the green on Friday, but only up less than a point. By Monday, investors will be evaluating the tariff situation with China. Nobody really expects a weekend trade deal or even a framework for one. China's signaling, which is aimed at the Chinese public, is to present China as tough. The Chinese are threatening that they have other ways to hit the U.S. back. Very little expectation that there's going to be anything really dramatic out of these discussions.

Even Scott Bee has said before and hinted that this is really an initial stage and that these longer, more drawn out discussions would come down the road. CNBC's Eunice Yun in Beijing meantime heading into the weekend, the first newly tariffed goods at a higher rate from China started reaching the U.S. At West Coast ports, the first cargo ships with goods subject to the 145 percent tariffs are arriving on our shores, destined for Amazon, Home Depot, Tractor Supply and other big retailers.

That's CNBC's Dominic Chu. Consumers are trying to figure out where prices have been raised and what retailers are not passing those higher costs along quite yet. Bitcoin crossed back over the $103,000 mark on Friday, climbing 25% this month. It's up 35% since its April lows. Where's the buying coming from? You have these publicly listed entities that are consistent buyers of Bitcoin. One of the most profitable companies in the world, Tether, that continues to use profits

to buy Bitcoin. You have states, so New Hampshire, Arizona, potentially Oregon, who are now adopting digital asset holding frameworks. You have sovereign states. I was in Dubai last week. states, so New Hampshire, Arizona, potentially Oregon, who are now adopting digital asset holding frameworks. You have sovereign states. I was in Dubai last week. The UAE, alongside many other nations, are buying Bitcoin as a reserve asset. Neoclassics Michael Bucella on CNBC. The U.S. consumer is holding up, according to the Bank of America Consumer Checkpoint for April. Consumer momentum is continuing. It is continuing at a more moderate pace,

but it is still moving forward. And the other thing that we're seeing is for most households, their financial condition remains solid Bank of America institutes. Liz Everett, Chris Berg on CNBC. They analyze data from about 60 million B of a credit card holders,

but Americans are pulling back on travel. Expedia shares were down on weak quarterly results. The travel booking platform also issued a soft outlook, much like the airlines have. On Monday's watch list, investors will be gaming out the latest in the Trump tariff trade war. Earnings are coming from Fox, Hertz, and Topgolf Callaway. The high-end spring art auctions get underway

at Sotheby's and Christie's. Jessica Edinger, CNBC.