CNBC Business News Update - Market Close: Stocks Rally, Investors Bet Israel-Iran Truce Holds, Oil Prices Plunge 6/24/25

Episode Date: June 24, 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 at Ingers CNBC Wall Street opens Wednesday morning after another relief rally for stocks this time on easing tensions in the Middle East. The Dow closing 50 up 67 points more than 1%. And the Nasdaq up 281 points, 1.5%. The Nasdaq closing at its first record high since last February. Nvidia shares were up 2.5% on Tuesday. Companies whose shares hit fresh all-time highs Tuesday include Netflix, Take Two Interactive, Royal Caribbean Cruises, JP Morgan, GE Vernova, Broadcom, Cisco, IBM, and Microsoft. Oil plunged again Tuesday. Oil prices have had their biggest two-day drop in five years since the start of the pandemic. U.S. crude oil now sitting just below $65 a barrel. Investors are betting that the Israel-Iran truce will hold,

but things could change in an instant because it's a news-driven market. There is clearly a baseline assumption in all of this that this wouldn't escalate too far if you looked at the reaction, even when you did see all prices move up. It seemed relatively limited, and now at least that confidence does seem to be justified,

but like you, watching the headlines minute to minute BNP Paribas Daniel Morris on CNBC Fed chair Jay Powell was grilled by a House committee Tuesday He said that interest rates could be cut if inflation doesn't rise but with tariffs Inflation could rise the Fed is just waiting for more data You know the things that are being sold at retail now, they might have been put into inventory before the tariffs in February or March. So we think we should start to see this over the summer, you know, in the June numbers

and in the July numbers. And if we don't, I think we're learning here. So it may turn out that the pass-through is less or more. We'll get an inflation number for June. We'll learn something then. We'll get it for July as we go through the summer. We should start seeing this and if we don't, I think we're perfectly open to the idea that the pass through will be less than we think. And if so, that'll matter for

our policy. Fed chair J Powell testifies to a Senate committee on Wednesday. Tesla Robo taxi incidents caught on camera in just the first two days of the rollout in Austin already have regulators attention. The National Highway Traffic Safety Administration says it's contacted Tesla after reviewing online videos of robo taxis allegedly in the wrong lane and speeding on roads in Austin, Texas. Now, Tesla began a limited paid robo taxi service with a dozen or so cars in the city on Sunday. That's CNBC's Silvana Hannau.

Consumer confidence, June numbers from the conference board. Not so great. 93, a bit of a disappointment. If we look at present situation, the week is going all the way back to Sep of 24. We had some really weak reads. CNBC's Rick Santelli. 19 million Americans planning to fly for the Fourth of July holiday, which is a week from Friday.

The travel period actually starts this Friday, though, as many people have taken all of next week off. They'll be getting on the road or in the skies as early as this Friday afternoon. On Wednesday's watch list, earnings are coming from Micron. we get newly built home sales numbers for May the NBA draft begins in New York City the president Trump's tariff deadline is just two weeks from Wednesday. Jessica Ettinger CNBC. CNBC is the network for ambitious people.