CNBC Business News Update - Market Midday: Stocks Higher, Investors Like Trade Deals Getting Done, Existing Home Sales Down In June 7/23/25

Episode Date: July 23, 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, optimistic about trade deals. A report out of Europe says the EU and the US are close. President Trump already announced a trade deal with Japan. The Dow soaring 393 points, eight tenths of a percent. Merck shares leading it higher. They're up 2.9 percent. The S&P 500 index up 34 points. That's a half percent.

And the NASDAQ now up 68 points, a third of a percent. Nvidia shares up one and a third percent today. The U.S. and the E.U. reportedly close to a tariff deal of 15 percent. President Trump hinting that it's close. We have Europe coming in tomorrow and the next day. We have some other ones coming in. We're doing things that have never been done in this country before. Our country is becoming very rich again.

And that's the way it should be. They're not taking advantage of us. Investors like that. There's some trade clarity. There's hope now. OK, here's the framework. We can live with 15%, right? 15% is the new zero, right? It's not 30. It's hope now. Okay, here's the framework. We can live with 15% right 15% the new

zero right? It's not 30. It's not 50. Everybody's excited about 15, which is just such a baseline update. You think a year ago, we'd be freaking out about 15% and here we are celebrating. Oh my goodness. It's just 15% G Squared's Victoria Green on CNBC. Existing home sales took a dive last month in June, down 2.7 percent from May. This report is based on closing, so contracts likely signed in April and May when the average on the 30-year fix jumped over 7 percent a few times and never really went below 6.8. The median price of a new home sold in June was $435,300, up 2 percent year over year, and another record high for the month of June. That is the 24th consecutive month of annual increases.

CNBC's Diana Olek. Tesla reports quarterly results this afternoon after the closing bell on Wall Street. It's a messy story in many respects. What is the one name within the Mag-7 that we are avoiding at this moment in time? I mean, it's a black box as far as Q2 results. That's CFRA's Angelo Zeno on CNBC. Also reporting after the closing bell today, Google parent alphabet.

Wild swings in shares of Open Door, which is a home flipping company, and retailer Kohl's. The Frenzy is highlighting some reignited meme stock mania. New names joining the fray today. GoPro and Krispy Kreme. Travel to Europe could cost more late next year. The European Commission has proposed a new fee of 20 euros, up from 7, for visa-exempt travelers.

That'll cost you about $23, up from about $8 to go visit Europe. Jessica Ettinger, CNBC.