CNBC Business News Update - Market Midday: Stocks Higher, Investors Monitor Whether US-China Talks Happen, Mortgage Demand Drops 6/4/25

Episode Date: June 4, 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 with some modest gains today. The Dow is up 34 points being led higher by shares of Merck this afternoon, which are up a little more than 2 percent. The S&P 500 index up 11 points and the NASDAQ up 62 points. Nvidia shares are slightly in the green this afternoon. Companies whose shares have hit fresh all-time highs today include Netflix, Cintas, Broadcom, Spotify and Visa. In the near term, the market has the ability to move towards the all-time highs. I acknowledge that.

But I do see in the third quarter, there is difficulty ahead and it's related to an economy that is going to cool. And I've said this for the last several weeks. My biggest concern is not inflation. It is growth. And I am concerned that growth is slowing rapidly. Vertis investments, Joe Terranova on CNBC. President Trump posting it's extremely hard to make a deal with China's President Xi Jinping

as trade talks stall on Monday A White House official told CNBC that they would likely speak this week Here's CNBC's Carl Quintanilla and Jim Cramer with their take we still Jim don't have Confirmation from the Chinese side that they will talk on Friday, right? Without a call. I wouldn't know if it going to be Friday. It's hanging over us. Trump wants to embargo them. I think he wants to put in, look, it's embargo versus we need these certain products. I think it's going to be exciting. I think the market's going to hate it because I think it's going to be up and down. We're going to come every day and there's going to be a true social and we're gonna be

so destabilized. Private sector hiring rose by just $37,000 in May, the lowest in more than two years. That's according to payroll firm ADP. We saw manufacturing, which actually had some surprise increases earlier this year, shed jobs in May. We saw losses in professional business services. We saw losses in healthcare business services. We saw losses in health care jobs, trade transportation and warehousing, also shedding jobs. That's ADP economist Neila Richardson on CNBC. Mortgage demand dropped for a third straight week. Applications for a loan to buy a home fell last week, but they were 18 percent higher than the same week a year ago, would be home buyers are facing rates

just a tick below 7% for a 30-year fixed home loan, according to Mortgage News Daily. Warner Brothers Discovery shareholders voted to reject the pay package of several of the company's executives, including more than $51 million for CEO David Zasloff. That vote is non-binding, but the board says that it takes it seriously and will continue to engage with shareholders. CNBC's Becky Quick shares of Warner Brothers' Discovery are down 5% year to date. McDonald's bringing back snack wraps nine years after they were discontinued for being too difficult and slow for the kitchen to prepare, they're going to be back in restaurants in less than a month on Thursday, July 10th because the lower price point could bring back customers who are watching their wallets. There's no official pricing yet.

Deanerschnitzel has a deal with Walmart to open locations inside Walmart stores. USA Today says they'll be in Walmart locations, including Bakersfield, California, Colorado Springs, Reno and Tempe, Arizona. Jessica Edinger, CNBC. Michael Jordan's the only guy who can compare in terms of confidence. When you're Steph Curry, there's brand value there, there's brand awareness. Curry Inc., the business of Steph and Curry. Premieres Wednesday, 9 Eastern and Pacific.

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