CNBC Business News Update - Market Close: Stocks Mixed, Fed Holds Rates Steady, Markets Closed Thursday For Juneteenth 6/18/25

Episode Date: June 18, 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 Friday morning after the Juneteenth holiday Thursday. On Wednesday the Fed held interest rates right where they are. It still sees two interest rate cuts coming sometime this year, but that wasn't enough to hold onto gains for stocks. The Dow fell 44 points. It was led lower by shares of Verizon down almost 5%. The S&P 500 index was down 1 point. The Nasdaq was in the green on Wednesday up 25 points. Nvidia shares were up almost 1% Wednesday. Companies whose shares hit fresh all-time highs on Wednesday include Raytheon, RTX, IBM, Take-Two Interactive and Microsoft. Here's CNBC senior economics reporter Steve Leesman with what the Fed is saying about the economy. No change in the Federal Reserve Funds, they're saying at a net level of four and a quarter

to four and a half percent. They're saying the economy continues to expand at a solid pace. Unemployment remains low. Inflation is somewhat elevated. Now, the Fed forecasts increase the inflation outlook. They reduce growth for 2025. This is a second step in a row that the Fed has taken toward a more stagflationary forecast

of higher inflation and lower growth. Toy maker Hasbro blaming the Trump tariffs for forcing it to cut jobs, saying it's facing higher costs because of tariffs and will fire 3% of its workforce. Hasbro is dealing with tariffs. Remember this is a company, you know, when we say toys are made in China, we're half of the toys and games from Hasbro are made in China. So this company is absorbing higher tariffs and the

CEO has said to manage through the tariff effects they're going to have to see either or job losses or some sort Sarah Eisen investors got construction home busines out it's all about buildi CNBC's Diana Olek buildin of course an indication o

Single family is down shar both month to month, year over year. Multi-family though taking a slight bump up and that's interesting because we have started to see rents move a little bit higher in multi-family. All that new supply coming in, but there's such strong demand for rental apartments right now. Why? Because people are not buying homes. They're also staying in their apartments longer. And that's why you're starting to see developers say, hey, wait a minute. Yes, we put all this into

the pipeline. It was all delivered, but we're still under supplied and we need to start building again. So multifamily permits were up pretty strongly, up 13% year over year. On Wednesday, for the first time since 1901, U.S. Steel was no longer on the New York Stock Exchange. Japan's Nippon Steel finalized its takeover. The businessman JP Morgan created US Steel in 1901. Charles M. Schwab was its first president. Zero to 60 in two seconds, yes, coming from General Motors,

which unveiled the quickest Corvette ever made. It's the 2026 Chevrolet Corvette ZR1X Hypercar, a souped-up version of the Corvette e-ray hybrid that went on sale two years ago. The ZR1X is the fifth Corvette style in the current lineup and its sticker price could top $200,000. On Friday's watch list we get earnings from CarMax, Olive Garden, Parent Darden, Restaurants, and Kroger. New in theaters for the weekend, Disney's Pixar's Elio, Magenta's Bride Hard, and Sony's horror film sequel, 28 Years Later.

It's also Bring Your Dog to Work Day on Friday. I'm Jessica Edinger, CNBC.