CNBC Business News Update - Market Close: Stocks Plunge As Bond Yields Pop, Bitcoin Hits Record High, Target Disappoints With Results 5/21/25

Episode Date: May 21, 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 the bond market controlled Wednesday, Treasury yields popped, stocks tanked. The Dow falling 816 points, 1.9 percent, led lower by shares of United Health down 5.7 percent, Nike down 4 percent, American Express down 3 percent. The S&P 500 index down 95 points on Wednesday, 1.5%. The Nasdaq dropped 270 points. That was 1.4%. Major averages are all lower for the year.

NVIDIA shares down 1.9%. Bitcoin, though, jumping to a new all-time high, surpassing its prior record back in January. Bitcoin soared above $109,000. Oil at a one-month high, U.S. crude at $62 a barrel. Prices at the pump are ticking higher. Target slipped 5% Wednesday on tough quarterly results. The retailer partly blaming backlash to its DEI rollback, which sent shoppers to other stores. Pretty disappointing performance from Target for the first quarter. Now on a media call, Target CEO Brian Cornell wouldn't say definitively if the retailer had raised prices due to tariffs or would in the future. He did say Target has many levers and mitigation strategies it would employ

first, raising prices as a quote last resort. Cornell called out quote ongoing pressure from five consecutive months of declining consumer confidence tariff uncertainty and the reaction to its upgraded DEI program. CNBC's Courtney Reagan, TJ Maxx and Marshall's parent TJX company's shares were down 2% Wednesday. The discounters been the retail darling as consumers are uncertain about tariffs. Mortgage rates back above 7% for a 30-year fixed according to mortgage news daily. And here's a red flag for the housing market. Redfin says the number of homes for sale has soared. As some sellers are worried they've already missed the top of the market. Nationally inventory is up 18%

from a year ago and has hit the highest level since the start of 2020 pre-pandemic. When you look at where inventory is soaring even more, it's in some of those markets that were super hot during the pandemic, like Phoenix, Denver, Dallas, Miami, Las Vegas. These markets are now seeing prices weaken dramatically. The jump in listings is not just more new listings,

but homes not selling, just sitting on the market. Now prices lag sales by about three months, so we are likely to see even bigger price drops in these cities over the summer. There are, however, some markets that are not seeing big jumps in supply, and these are, of course, mostly in the Midwest, where homes are most affordable and sales are still strong. CNBC's Diana Olek. Toyota has redesigned America's number one selling SUV, the RAV4, and they're making it exclusively a hybrid. Beginning in 2026 it will eliminate the gas only engine option. Last year the company sold more than 475,000 RAV4s. About half of them were hybrids. Toyota didn't disclose pricing but the current RAV4s, about half of them were hybrids. Toyota didn't disclose pricing,

but the current RAV4 hybrid starts at about $37,000. CNBC's Joe Kernan. Fortnite back in the Apple App Store after the games maker won that five-year court battle over in-app purchase fees. Paramount's Mission Impossible Final Reckoning being screened in IMAX on Thursday night with fan events around the US. Also on Thursday's watch list earnings are coming from Advanced Auto Parts, BJ's Wholesale, Ralph Lauren, TD Bank, Ross Stores, Workday, and Deckers Outdoors. We find out how many people applied for unemployment benefits last week. President Trump holds his meme coin

dinner and Universal's Epic Universe opens in Orlando. Universal's a sister company to CNBC. Jessica Ettinger, CNBC. You come to my show and you learn how to do stops. Mad Money, weeknight 6 Eastern, CNBC.