CNBC Business News Update - Market Close: Stocks Mixed, Dow Snaps 4 Day Winning Streak, Fed's Beige Book Shows Weakening Economy 6/4/25

Episode Date: June 4, 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 major averages mixed on Wednesday the Dow snapping a four day winning streak it fell 91 points a quarter percent led lower by shares of Chevron the S&P 500 index barely in the green up four tenths of one percent the NASDAQ was higher by 61 points Nvidia shares were up one half of 1% on Wednesday. Companies who shares hit fresh all-time highs Wednesday include Spotify, Syntos, Broadcom, Visa and Netflix. In the near term, the market has the ability to move towards the all-time highs. I acknowledge that.

But I do see in the third quarter, there is difficulty ahead and it's related to an economy That is going to cool and I've said this for the last several weeks My biggest concern is not inflation. It is growth and I am concerned that growth is slowing rapidly Vertis investments Joe Terranova on CNBC some alarming sentiment in the feds new beige book report on CNBC some alarming sentiment in the feds new beige book report that's an overview of the current economic conditions in the US and its sites declining growth slow hiring and rising prices on the inflation front a little bit worse here they said prices have increased at a moderate pace since the previous report and that there were widespread reports of contacts

expecting their costs and prices to rise at a faster rate going forward. On the prices, one other piece of Fed News today, the New York Fed was out with a survey this morning showing that three quarters of businesses surveyed passed at least some of the additional costs due to tariffs directly onto consumers. A third of manufacturers and nearly half in the services sector passed 100 percent of the cost onto consumers. CNBC's Megan Casella.

Companies added just 37,000 jobs in May in the private sector. That was the lowest in more than two years, according to payroll firm ADP. We saw manufacturing, which actually had some surprise increases earlier this year, shed jobs in May. We saw losses in professional business services

We saw losses in health care jobs trade transportation and warehousing also shedding job ADP economist Nila Richardson on CNBC We get the government's big employment report for May on Friday morning The Trump tax bill will add two point.4 trillion to the deficit and leave almost 11 million people uninsured. The Congressional Budget Office, a nonpartisan body, has finished the calculations based on the bill making its way through Congress. Rents are going up in the U.S., but not by much at all. That's not great news for landlords and rental property investors. Apartment rent growth is suddenly slowing at a time when it usually ramps up.

Rents in May grew by just 0.4% from April. That's less than in May of last year and the year before. So now rents are 0.5% lower than May of last year. This after they had been moving closer to positive territory over the last six months. All of this according to apartment lists. vacancies are on the rise again, hitting 7% in May. That's the highest since apartment list began tracking this in 2017. And that's all because of just a ton of new supply over the last few years.

CNBC's Diana Olek on Thursday's watch list. Earnings are coming from lands and Jack Daniels maker, Brown Foreman Broadcom, Lulu Lemon, DocuSign, Petco, Veil Resorts and Cracker Barrel. We find out how many people applied for unemployment benefits last week. Nintendo launches its new Switch 2 and Walmart and Netflix each hold their annual shareholder meetings. Jessica Edinger, CNBC. Jobs report numbers and analysis. Squawk Box, Friday, 830 a. Edinger, CNBC. Jobs report numbers and analysis. Squad Box, Friday, 830 a.m. Eastern, CNBC.