CNBC Business News Update - Market Midday: Stocks Higher, Bitcoin Tops $111k, Above Average Hurricane Season Predicted 5/22/25

Episode Date: May 22, 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 in the green this afternoon for stocks. The Dow now higher up 93 points being led higher by shares of Nike up one and a half percent. The S&P 500 index up 12 points. The Nasdaq's up 128 points more than a half percent. Nvidia shares are now more than one percent higher. Bitcoin continues to rally today topping a record $111,000. It was pushing toward $112,000.

Insurance companies are on notice as NOAA predicts an above-normal 2025 Atlantic hurricane season, forecasting up to 19 total named storms, as many as 10 hurricanes, and as many as five majors. Warmer than average ocean temperatures, forecasts for weak wind shear, and the potential for higher activity from West Africa all contribute to a possibly busy season, which starts a week from Sunday. Slightly fewer people applied for unemployment benefits last week, a sign the job, is still holding up. But the number of continuing claims? It was above 1.9 million. The 1.9 million on the continuing claims, that's something to watch. It would suggest a little bit of trouble of people who lose work getting back

into the workforce. But the flow in through the jobless claims number is still suggesting a healthy job market. CNBC senior economics reporter Steve Leesman. April home sales numbers out. Sales dropped to their slowest pace in 16 years. New data confirming a super slow spring housing market. And some home sellers are dropping their asking prices. This is the slowest April sales pace since 2009. Inventory jumped 9%, 1.45 million homes for sale at the end of April, which at the current sales pace makes a 4.4 month supply.

That is the highest supply in five years. More supply is starting to cold prices. The median price of an existing home sold in April, $414,000, up 1.8% year over year. Both the South and West regions did see prices fall. CNBC's Diana Olek. Advance auto parts shares are soaring on better than expected quarterly results.

Investors are betting that Americans won't be buying as many new cars and instead will keep paying to fix up the ones they have. But automakers do expect to sell some cars this weekend for the Memorial Day holiday. The impact of the Trump tariffs, though, is already starting to show up on dealer lots. Nobody wants to be the first one to raise prices, let's say, on a small SUV or a crossover utility vehicle, a really popular segment where someone could go across the street.

Well, J.D. Power ran the numbers for the first half of May. And what they're seeing here, this portends what they're expecting for the rest of this year. Average price paid year over year up $825. The average incentive, which is what the automakers and the dealers use to sweeten the deal, to get you out the door so you can say, yeah, I got a good deal here. It's down $263.

CNBC's Phil LeBeau. Nike says it's raising prices on a whole lot of its products, not all of them, and it was careful to not blame the Trump tariffs. Nike also says it will start selling on Amazon again. Jessica Edinger, CNBC. You come to my show and you learn how to do stocks. Mad Money, weeknight 6 Eastern, CNBC.