CNBC Business News Update - Market Midday: Stocks Higher, Lutnick Says Tariffs Are Set With China Deal Done, Inflation Slightly Higher 6/11/25

Episode Date: June 11, 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's in the green this afternoon. Investors like good inflation numbers, bond yields were falling, and they like that President Trump has posted a deal is done with China. The Dow up 168 points, being let higher by shares of 3M, which are up almost 2% this afternoon. The S&P 500 index up 11 points, the Nasdaq up 40. Nvidia shares have slipped slightly into the red. Companies whose shares have hit fresh all-time highs today include MasterCard and Visa, IBM, Microsoft and Palantir. President Trump posting that a deal is done with China.

CNBC's Eamon Javers has more. The talk's not over. We saw a post from the president on social media earlier this morning in which the president suggested that a deal of some kind has been crafted that has to go to the two leaders now Xi Jinping and himself in order to be ironed out. And the president suggested that there were some mining agreements, some magnets agreements, rare earths, and also an exchange for allowing Chinese students to stay at American universities, something the president said he's never been opposed to all along.

Consumer prices rose less than expected in May, as President Donald Trump's tariffs have yet to show a significant impact on inflation. The consumer price index ticked up a tenth of a percent, putting the annual inflation rate at 2.4 percent. On the headline number, expected up two tens comes in on the light side, up one tenth of a percent. But as the year over year numbers do tell us, we're still a little bit on the high side. That's CNBC's Rick Santelli. Here's CNBC's Mike Santoli.

There's no way to look at these numbers and say they're not welcome news. I mean, a downside surprise to core goods is where people were looking for potentially tariff effects. You're not quite getting that. Now even though inflation ticked higher overall, it ticked lower for a number of things that are important to Americans. New vehicles fell, used vehicles fell. Importantly, apparel, which is a big imported item, down 0.4 percent. Owners equivalent rent, that's the housing unit, up 0.3, that's pretty good.

Motor vehicle insurance up 0.7. Airlines down, interestingly enough, and the most important product of all, of course, eggs down 2.7%. And CNBC senior economics reporter Steve Leesman also says, I expect tariffs prices to come. You cannot collect year to date $70 billion in tariff revenue and not have prices go up. That is going to happen. Tesla CEO Elon Musk now posting he regrets some of the social media posts he made about President Trump. Musk and Trump had engaged in an explosive public feud over social media.

Google with job cuts. The company is offering buyouts to employees across the company, including its coveted search division. I'm Jessica Ettinger, CNBC. The club is really about empowerment. What I like about Jim is he makes it easy for someone like me to understand how to invest my money properly. Boo-yah, Jim! Get invested.

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