CNBC Business News Update - Market Close: Stocks Mixed, President Trump Threatens China With Cooking Oil Embargo, Prices At The Pump Could Stay Low 10/14/25

Episode Date: October 14, 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 and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Ettinger. CNBC, Wall Street opens Wednesday morning after a volatile and mixed Tuesday for stocks. Some stocks fell again late Tuesday when President Trump threatened China with a cooking oil embargo over that country's decision to buy no U.S. soybeans at all this year, hurting American farmers who are now looking for bailouts from the White House. The Dow finished the day higher. It was up 202 points, almost a half percent. It was led higher by shares of Walmart, which soared up almost 5%. The S&P 500 index down 10 points. The NASDAQ down 172 points, three quarters of a percent. Shears of NVIDIA fell almost four and a half percent on Tuesday. Earnings season started with results from the big banks, so far so good.

City Group with stronger revenue than Wall Street expected. Goldman Sachs, Wells Fargo, Black Rock, and J.P. Morgan, beat estimates. On JP, I mean, my goodness, it was a great quarter. It's just that the stock is up 28 percent, and it's not cheap. But I mean, you know, investment banking fees of 17 percent, trading up 24 percent, and their deal-making fees are up 16 percent. That's High Towers, Stephanie Link on CNBC. And on the earnings call, J.P. Morgan Chase CEO, Jamie Diamond said, auto company bankruptcies may be revealing some early signs of excess. in corporate lending.

A big part of the discussion in a JP Morgan call. I think the quote from Mr. Diamond is that if you see a cockroach, there could be others. Yeah, he added, and so everyone should be forewarned. Let me put it to you this way. Revenues could be awesome from investment banking. Loans could be growing, but credit quality deteriorating is the single most important and overwhelming catalyst for banks and bank stocks. UBS is Erica Nigerian on CNBC with CNBC's Carl Kintanilla.

Small business owners are feeling worse about the economy in the new National Federation of Independent Business Report. It was a step back, a decline for the month of September, the optimism index. There was a deterioration in September. The uncertainty index rose to the highest level since February. You know, more firms planning to raise prices. So we're going to be on the lookout for that on inflationary worries. It is worth watching when it comes to the way small businesses are feeling, given all of the tariffs. CNBC's Sarah Eisen.

Tariffs began Tuesday on imported kitchen cabinets, upholstered wooden furniture and bathroom vanities. Small business owners in the home improvement industry were telling the Associated Press they expect some at least short-term pain. You could enjoy lower gas prices for some time. Crude oil hit its lowest since last spring on Tuesday at 5.5. $57 a barrel for WTI. The oil companies need about 65 to turn a profit. There's just too much oil globally and not enough demand. We're seeing really a surge in global oil supply.

Global oil supply now looks on track to increase by 3 million barrels a day this year and another 2 million next year. So we're seeing this oil now hit the water and boost inventories setting for a bloated surplus in the market. That's the International Energy Agency's Torrell-Bissom. on CNBC. On Wednesday's watch list, more earnings. Bank of America, Morgan Stanley, pro-Loges, and United Airlines. We get the Fed's beige book,

a summary of current economic conditions. We find out the number of Americans defaulting on their credit cards and Wednesday night will be the Victoria's secret fashion show. Jessica Erringer, CNBC. Breaking earnings news. This week on CNBC and streaming on CNBC Plus.