CNBC Business News Update - Market Close: Stocks Sink, Trump Walks Back Trade Comments, Investors Await Fed Decision 5/6/25

Episode Date: May 6, 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 Jill Schneider.

I'm Jill Schneider, CNBC. Wall Street was on edge today with a Fed decision looming and comments from President Trump that seemed to downplay tariff and trade concerns. Stocks fell for a second day. The Dow lost nearly 390 points, the S&P 500 was down 43 and the Nasdaq dropped 154. During a White House meeting with Canadian Prime Minister Mark Carney, Trump walked back comments he made Sunday that trade agreements could come as soon as this week. Remarks echoed by Treasury Secretary Scott Besant, who told CNBC Monday,

quote, we're very close to some deals. Today, the president said we don't have to sign deals. The Fed began its two-day policy meeting today with a decision scheduled for Wednesday. The central bank is widely expected to keep rates steady this time around. Healthcare related stocks took a hit today. Merck, Amgen and United Healthcare were the biggest losers in the Dow. Drugmakers in particular have been under pressure after President Trump said tariffs on pharmaceuticals will be unveiled in the next two weeks. He also said he would have an imminent announcement on drug costs. Jill Schneider, CNBC.