CNBC Business News Update - Market Close: Stocks Mixed, S&P 500 Index Hit New Record, Vietnam Trade Deal Done, Gov Jobs Report Out Thursday Morning 7/2/25

Episode Date: July 2, 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 Thursday morning after a mixed Wednesday for stocks and a fresh record high for the S&P 500 index as President Trump announced a Vietnam trade deal, although gains were limited by weak jobs data. The Dow was down 10 points. It was let lower by shares of United Health, which were down more than 5%. The S&P 500 index up 29 points, about a half a percent, and the NASDAQ gained 190 points, almost 1%. Nvidia shares were up about two and a half percent on Wednesday. Companies whose shares hit fresh record highs on Wednesday include American Express, Robinhood, Morgan Stanley, Goldman Sachs, Capital One, Wells Fargo and Royal Caribbean Cruises.

For the day, I don't think the rally is phenomenal. A lot of it is short covering, there's some low quality aspects to the rally, but we've had a terrific run. We're 25% off the lows, which is among the strongest rallies we've seen in the last 40 or 50 years. Solace Alternatives' Dan Greenhouse on CNBC. President Trump has posted on social media that a trade deal is done with Vietnam. The tariff will be 20 percent on goods coming into the U.S. from that country and 40 percent on goods passing through Vietnam and coming

into the U.S. Nike, the stock, it's up. Right. And up nicely. Why? Because the market price says, well, okay, 20% is not as bad as maybe we thought it would be. It's not as bad as the reciprocal tariffs. So maybe that's the statement across the whole trade and tariff thing.

It's not going to be as bad as the market first feared, so put that in the win column, not the L. CNBC's Scott Wapner. Meantime, Americans are already paying more because of tariffs. Data weave is tracking price increases for clothing, shoes and handbags across major U. S. Department store chain websites, including Macy's Nordstrom and Dillard's. It found footwear is up 4% clothing up 2%. A job scare for investors. The private sector lost jobs in June in the new

ADP payroll report. A second disappointing ADP report. This one turning negative for the first time since March of 2023 and raising questions among some if we're now seeing the uncertainty and the tariff show up in some of the harder data. Total private payrolls were down 33,000. Small business reducing employment by 47,000, medium down by 15, and large businesses raising their employment by 30,000. That's CNBC senior economics reporter Steve Leesman. The government's jobs report will be out Thursday morning,

and that's a day early because markets are closed for the July 4th holiday on Friday. Foreign owned and California based Del Monte food has declared bankruptcy for the 139 year old canned food maker is seeking a buyer. Consumers have been moving towards store brands of canned fruits and vegetables and the aluminum tariffs

have been taking hold Microsoft slashing thousands of people. CNBC's Steve Kovac reports to Microsoft telling me that would be approximately 9000 employees based on their most recent employee head counts. This is on top of the 6000 employees that they laid off in May. So bringing the total to approximately 15000 for this year so far on Thursday's watch list. It is jobs Thursday. We get that June employment report from the Labor Department.

We find out how many people applied for unemployment benefits last week. We get new numbers on factory orders. Wall Street closes early Thursday, 1 p.m. Eastern for the July 4th holiday. Jessica Erringer, CNBC. CNBC is the network for ambitious people.