CNBC Business News Update - Market Midday: Stocks Higher, New Record Highs For The S&P 500 Index And Nasdaq, Weakest Private Sector Job Growth Since October '24 7/3/25

Episode Date: July 3, 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 on this half day of trading ahead of the July 4th holiday tomorrow the markets will be closed tomorrow. Stocks are higher the S&P 500 index and the NASDAQ each hitting fresh record highs today on a better than expected June jobs report the Dow up 337 points three quarters of a percent. It's being led higher by shares of travelers which are up 2 percent. expected June jobs report points, three quarters of led higher by shares of t 2%. The S and P 500 index 8 tenths of a percent. No

220 points more than 1% i helping. They're up almos More jobs than expected were created last month. It's the big June job job jobs report. 147,000 jobs, definitely a bit better than expected. It's a pretty good number and guess what? Now let's look at the unemployment rate, 4.1%. CNBC's Rick Santelli.

But guess where much of the hiring was done last month? I have to point out, I don't even know if President Trump is going to like this report. Why? 73,000 of the job gains were government. CNBC senior economics reporter Steve Leesman. You have the weakest private sector growth since October of 2024. What I think happened here is this anomalous hiring in the state and local government is what makes this so much higher than what the street was estimating.

Now, the June report is more evidence of a low hire, low fire job market. You've got a federal hiring freeze. You've got an immigration crackdown. And you have a situation where the private sector is sitting on eggshells, walking on eggshells here, waiting for these trade deals to either happen or not. And in the meantime, you've got these tariffs which are driving up costs. So CEOs, they're not hiring, everything's on hold.

But the good news is they learned their lesson in COVID. They're not doing big layoffs. I hear of a few here and there, but in total, they're not doing layoffs because they're hoard lesson in COVID. They're not doing big layoffs. And I hear of a few here and there, but in total, they're not doing layoffs because they're hoarding their talent. They've learned that once you get rid of your talent, it's very hard to get it back. That's the Conference Board President, Steve Odland,

on CNBC. Airlines are facing investors during the strong but cheaper Fourth of July holiday period. After pulling back in May and June, there are a record number of travelers taking to the skies this weekend, but airlines cut their airfares to make that happen. Airlines also cut capacity and swapped bigger planes with empty seats in there for smaller ones. Here's CNBC's Melissa Lee with City's airline analyst Stephen Trent on CNBC. Airlines have been running much more efficiently and with much more discipline.

They've already cut capacity quite a bit going into this slowdown. That's definitely going to help. And if you look at what happened last year, it was a bit tough. We had a little bit of a mismatch in terms of capacity here in the domestic market. The group acted aggressively. They cut. You saw a nice unit revenue bounce into the end of the year. They are still well positioned to have a bounce into the back half of this year.

Fourth of July barbecue prices are higher this year. A new congressional report says President Trump's tariffs have hurt the great American picnic. The prices of beer, outdoor folding chairs and grilling tools are all higher and the total cost of a typical grocery trip for a cookout has increased by more than 12 percent over last year. The report shows six packs of Miller Lite and Coors Lite they've increased by more than 13 percent since April. Wall Street closes early today 1 p.m. Eastern for the j