CNBC Business News Update - Market Midday: Stocks Higher, Oil Pulls Back From 5 Month High, New Home Sales Higher Last Month 6/23/25

Episode Date: June 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 is higher this afternoon, but barely investors trying to shake off the U.S. attack on Iranian nuclear facilities over the weekend. The Dow is up eight points off its earlier highs. IBM shares leading at higher up one and a half percent. The S&P 500 index up 13, the NASDAQ up 57 points, and video shares down this afternoon, but just about a tenth of a percent. We have tariffs, trade wars, we have a tax fiscal situation in the United States.

And I think what actually is hardest to understand is how these things interact. And so, you know, it's not terribly surprising that there's not strong conviction to sell. And I think that's really all we're seeing today. It's wanting to get more information. And I think not only hope for that the Iranian nuclear program is neutralized, but also perhaps some expectations

that if things deteriorate, there will be some easing up of tariffs and tariff risk. Carlisle Group's Jason Thomas on CNBC. Some investors like that the U.S. Federal Reserve may be a step closer to lowering interest rates. Fed Governor Michelle Bowman is saying that if inflation remains contained, she would support lowering rates in July, becoming the second Fed governor. To say so, she says it is time to consider adjusting the policy rate. That's CNBC senior economics reporter Steve Leesman. More

existing homes were sold in May than expected, but sales were the slowest since the Great Recession. 2009 as the real estate market plods slowly along. Sales were 0.7% lower than May of last year. That is the slowest pace since 2009 for May. The increase in sales was likely fueled by a big jump in the supply of homes for sale. The median price of an existing home sold in May $422,000, a record high for the month of May. Now homes are taking longer to sell 27 days versus 24 a year ago. 27% of all transactions were all cash and that is higher than last year. That's CNBC's Diana Olek.

Oil prices pulling back from a five month high as investors worry a little less today about Iran possibly disrupting tankers carrying oil through the straight of Hormuz. How many times has the straight of Hormuz been closed? Zero, never. I was gonna say zero, you didn't give me a chance. Okay, but the buzzer went off. Here's the reality.

Even during the Gulf War, when 451 oil tankers were attacked, mined, or shot at, 451, the Strait of Hormuz was not shut down. The reality is China's gonna have something to say about it. The US 5th Naval Fleet, which is in Bah is China's gonna have something to say about it. The U.S. Fifth Naval Fleet, which is in Bahrain, is gonna have something to say about it. The Nimitz Carrier Group is going over there. They're gonna have something to say about it.

It's gonna get more expensive. So shipping day rates were $24,000 a day about a week and a half ago. They're at 100,000 and going up right now. So vessel owners are like, yeah, we'll go. But you're gonna have to pay it. CNBC's Brian Sullivan. But Americans are already paying more at the pump.

Gas prices up about 10 cents a gallon in less than a week, according to AAA. Hims and Hers Health shares plummeting today on Word that drug maker Novo Nordisk is ending its partnership over worries that Hims and Hers sales and promotion of Wigovia knockoffs may be deceptive. Jessica Ettinger CNBC. You come to my show and you

learn how to do stocks. Mad Money, weeknight 6 Eastern CNBC.