CNBC Business News Update - Market Midday: Stocks Higher, President Trump Says US Is In "Good Shape" With China Trade Deal, AMC Theaters To Show Ads 6/5/25

Episode Date: June 5, 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. Investors like some possible movement on trade with China. Major averages are higher this afternoon. The Dow is up 95 points, a quarter percent. Amazon shares leading at higher, they're up 1.8 percent. The S&P 500 index up 12. The NASDAQ's up 61 points. Nvidia shares turned higher. They're up about a half percent this afternoon. Companies whose shares hit fresh all-time highs today include Booking Holdings, Netflix, and Visa. China's President Xi Jinping held a phone call with President Trump today.

The two countries are poised for trade officials to meet and continue talking about tariffs. Here's President Trump at the White House. We had a very good talk, and we've straightened out any complexity. It's very complex stuff and we straighten it out. The agreement was we're going to have Scott and Howard and Jameson will be going and meeting with their top people and continue it forward. But no, I think we have everything.

I think we're in very good shape with China and the trade deal. And here's CNBC's Eunice Yun. She is in Beijing. This statement and the conversation that President Xi Jinping and President Trump had had, I think, is going to be perceived here in China as a win for China. The readout from the Chinese side is suggesting that President Xi Jinping had essentially given a lecture to President Trump on the correct course of action for Sino-U.S. relations. There was some alarm today over the U.S. job market.

The number of Americans who filed for unemployment benefits last week hit its highest in eight months. On initial jobless claims, up, up up up to 247,000. That's CNBC's Rick Santelli. The government's big May jobs report will be out tomorrow morning. Some economists aren't worried about jobs at all. Wells Fargo forecasting job creation for May at 125,000. Well, I feel comfortable at 125 at this point. Maybe the risk rescued a little bit to the downside on that, but I don't think we're going to be seeing the labor market just falling apart.

We're not seeing that in terms of like the initial jobless claims moving up, but not spiking. And the anecdotes that we've seen again from the Fed and the Beige Book is we wouldn't think that the labor market is falling apart at this point. Wells Fargo chief economist Jay Bryson on CNBC. Elon Musk doubling down with his attacks on the Republican Party's big beautiful budget bill that increases the U.S. deficit. He's calling for lawmakers to kill the bill. AMC theaters will show commercials ahead of movies along with the trailers for future films. Pre-movie advertising is part of a new deal with national cinema media, according to The

Hollywood Reporter. The new Nintendo Switch 2 video gaming console is out. Long lines to buy it today. It retails for about $500. It's similar to the old one but has a bigger screen, better graphics and a new version of Mario Kart World. Five below shares were higher on better than expected quarterly results. Same store sales they rose more than seven percent. You can see shares are up just about five and a half percent. The Philadelphia based discount retailer also guided in a second quarter

revenue above estimates. Five below's new CEO saying a renewed focus on value is working and shoppers are keeping a tight budget a CNBC's Frank Holland, Je jobs report numbers and a