CNBC Business News Update - Market Close: Stocks Mixed, Trump - Xi Phone Call Possible, Tesla Sales Fall In Europe 6/2/25

Episode Date: June 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 Tuesday morning after starting June in the green. The Dow had been down 400 points on Monday but recovered to finish up 35 points led higher by shares of Nike which were up more than 2%. The S&P 500 index was up 24. The Nasdaq up 128 points more than half a percent. Nvidia shares were up about one and a half percent on Monday. Companies whose shares have hit fresh all time highs on Monday include Philip Morris, CrowdStrike, and Palantir.

The market still remains very sensitive to headlines in both directions as it relates to trade. So I don't think there's a whole lot you can do here, but we are definitely advocating for staying fully invested. Wilmington trusts Megan Shue on CNBC. Gold at its highest since May 8th, closing just below $3,400 an ounce. Investors hopeful that something might get done

between the US and China on trade. Look, I think people are very beleaguered by the fact that there's, the trade talks seems to have gotten worse, not better with China. CNBC mad money host Jim Cramer, the White House says President Trump will likely speak with China's president this week. Senior White House official telling CNBC that President Trump and Chinese President Xi Jinping are likely to speak this week. Press Secretary Caroline Lev sec later confirmed that report

that a call could be close sign. Remember the last ti was shortly before the in Megan Casella in Washington slid. State lawmakers in for revenue from the indu are worried that other sta do the same thing. Sports betting stocks taking a hit after Illinois

lawmakers proposed a tax increase on sports bets in their 2026 budget, 25 cents per wager for licensed businesses. First 20,000 wagers accepted and then 50 cents per wager after that amount draft kings flutter getting hit on that news. CNBC's Sarah Eisen flutter owns FanDuel. Tesla sales still dropping in Europe. Shares were dropping Monday. Yeah, these are ugly numbers. Any way you look at it, we're getting the May sales results for electric vehicles from a number of countries. They're not good for Tesla. Double digit, major double digit declines. Portugal, France, Sweden, Denmark. You get the picture here. CNBC's Phil LeBeau. Campbell's reported better than expected quarterly results.

More office space being removed than added in the U.S. for the first time in at least 25 years. More office space is being removed than added, thereby shrinking the office footprint. This according to exclusive new data from CBRE. Office vacancies of course soared to a record high during the pandemic and they still hover right around that. Office leasing activity increased 18% in Q1 year over year and developers have also another 85 million square feet of office space being readied for conversion in the next few years. CNBC's Diana Olek. On Tuesday's watch list, we get earnings from CrowdStrike, Dollar General, and Cygnet Jewelers.

We get job opportunity and labor turnover numbers in the new Joltz report. We also get some new car sales for May. Jessica Ettinger, CNBC. Michael Jordan's the only guy who can compare in terms of confidence. When you're Steph Curry, there's brand value there, there's brand awareness. Curry Inc.

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