CNBC Business News Update - Market Close: Stocks Sell Off On Israel-Iran Airstrikes, Oil Prices Spike, Consumer Sentiment Up For The First Time This Year 6/13/25

Episode Date: June 13, 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 Ebinger CNBC. Wall Street opens Monday morning for a holiday shortened week of trading. Thursday is the Juneteenth federal holiday. The financial markets will be closed. Stocks fell Friday on Israeli airstrikes on Iran and Iran's retaliation. Oil prices hit their highest since January. The Dow fell 769 points. that was 1.8% and it's lower for the year now. The S&P 500 index down 68 points more than 1%. The Nasdaq was down 255 points 1.3%. Nvidia shares were down a little more than 2% on Friday. There were companies whose shares hit fresh all-time highs Friday, while the major averages tanked, including Philip Morris, RTX, which is formerly Raytheon, McKesson, Oracle, Casey's General Stores,

and Curtis Wright, which first listed on the New York Stock Exchange in 1929. It was formed out of the Wright Brothers Airplane Company. One investor reminds us of what happened just three years ago. Russia invades Ukraine. Oil prices rally 35% through the summer. CPI hits 9.1%. The Fed is backed into a corner. It has to accelerate rate hikes.

And so the big question for us is whether or not this oil price move can be sustained. It means that we likely see a re-acceleration and inflation. New Edge Wealth's Cameron Dawson on CNBC. Defense stocks higher. We've seen global defense spending at historic levels. So, you know, the Trump administration has talked about a $1 trillion defense budget and U.S. defense companies do a very robust

business selling to U.S. allies and partners globally. Of course, there's been some uncertainty about whether those allies and partners, given the trade policies of the Trump administration, will continue to buy from America. But when you look at the numbers that I track, U.S. sales of weapons to foreign partners, we are on pace for a third record year. That's TD Cowan's Roman Schweitzer on CNBC. Oil prices spiking, which means you might see higher prices at the pump soon.

The easy answer on the gasoline side is oil price goes up, gasoline price goes up. So we're going to see a little bump associated with this, this rally include. Pickering energies, Dan Pickering on CNBC. Consumers were feeling better about the economy. Consumer sentiment hit the highest since January. People are getting past the tariff shock, but experts say that shock hasn't

gotten here yet. We haven't really seen the impact of tariffs in the data. You know, some of our checks indicate the companies are just starting to put price increases through in June and July. And some of the data in the reports this week, whether it's used car prices or airline fares, we think are transitory. We think we're gonna have a reacceleration and inflation the second half of the year.

And that doesn't even assume that oil prices go higher from here. Wolf research is Chris Sinek on CNBC. On the coming week's watch list, the Fed holds a meeting on interest rates. It's widely expected to leave them right where they are. We will get fresh retail sales numbers to see how the consumer is holding up with their spending and the markets will be closed on Thursday for the Juneteenth holiday.

Jessica Edinger, CNBC. You come to my show and you learn how to do stocks. Mad Money, weeknight 6 Eastern, CNBC.