CNBC Business News Update - Market Midday: Stocks Higher, Gold Higher, FBI With NBA Arrests In Mafia-Linked Gambling & Sports Rigging Probes 10/23/25

Episode Date: October 23, 2025

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I'm Jessica Eddinger, CNBC. Wall Street this afternoon in the green, major averages all higher. The Dow up 65 points. It's being led higher by shares of Honeywell, which are soaring up 7% this afternoon. The S&P 500 index up 30 points. That's about a half a percent. The NASDAQ up 175 points, three quarters of a percent. Shares of Invidia are up almost 1% this afternoon. Gold is higher after yesterday's pullback, the FBI with arrests in the NBA and alleged mafia-linked gambling and sports rigging charges. The FBI director, in fact, said that this is the insider trading saga for the NBA. Sports gambling investigation that they announced today, six defendants named, including Miami Heats, Terry Rosier and former Cavaliers player and assistant coach Damon Jones. They say between 2022 and 2024, illegal betting. was happening that these guys were involved in throwing the games or misusing insider information

for gambling and then profiting on games for the Hornets, the Lakers, the Trailblazers, and the Toronto Raptors. The second big investigation, Operation Royal Flesh involving Trailblazers coach Chauncey Billups, player Terry Rose here again and Damon Jones in an underground illegal poker ring. CNBC's Contessa Brewer, the full story is at CNBC.com. Tesla shares under pressure today down 4% profit plunging even with a record quarter for EV sales, although the sales pop is well known to be a one-off. Consumers rush to buy anything electric to take advantage of the federal tax credit that expired at the end of the quarter. On the earnings call last night, CEO Elon Musk talked about firms that want shareholders to reject his $1 trillion pay package.

He says shareholders should vote in favor of that. I just don't feel comfortable building a robot army here and not and then you know being ousted because of some asinine recommendations from ISS and glass Lewis who have no freaking clue i mean those guys are corporate terrorists Tesla shares are falling today but they are still positive since the inauguration in the green up 2% for the year they're up about 8% as of today just as Americans were settling into $3 gallon gas oil prices are higher today prices are higher today prices the pump could follow. We are watching the price of oil.

Prices jumping after the Trump administration hit Russia's two largest crude companies with sanctions. Now, the administration citing what it calls a lack of serious commitment to a peace process to end the war in Ukraine. Treasury Secretary Scott Besant calling for a ceasefires. He announced the sanctions on Rosneft and Luke oil, a senior White House official telling NBC news that sanctions are related to plans for a meeting between President Trump and Russian President but we're prudent falling through. CNBC's Andrew Ross Sorkin. AAA says the national average today for a gallon of regular is $3.7.

Moleson cores cutting 400 corporate jobs as it reduces salaried workers by 9%. American Airlines profit forecast for the rest of the year, now better than forecast. The company's bringing in an industry veteran to lead its commercial team to make that happen because American Airlines profits have been lagging behind. its rival airlines. Jessica Eddinger, CNBC. This December, CNBC opens its doors for an exclusive in-person experience at the iconic NASDAQ market site in New York City.

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