CNBC Business News Update - Market Midday: Stocks Higher, Rally Is Fading, Investors Hopeful A Deal Can Happen With China, Boeing Higher 4/23/25

Episode Date: April 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 Ettinger CNBC Wall Street's rally starting to fade a little this afternoon. The Dow is up 498 points. It had been up a thousand. Still up one and a quarter percent now led higher by shares of Boeing, which are up almost 6% this afternoon. The S&P 500 index up 90 points. That's 1.7%. The NASDAQ up 417 points, that's 2.5 percent.

Nvidia shares are popping up almost 4 percent. President Trump easing investors' fears over his trade war with China, saying the tariffs will come down substantially. It is more nuanced than that. Here's CNBC's David Faber with Eamon Jabbers at the White House this morning. We confirmed anything we're hearing from the Journal in terms of their reporting on these potential lower tariffs on China? They're not confirming the reporting itself. They're just saying that if they are to make a move to bring those tariffs way back,

they would do that in concert with the Chinese as some sort of negotiation. No indication that that negotiation is going on now, though. The president also flip-flopped on the Fed chair. After posting that Jay Powell's termination couldn't come fast enough, Trump now says he won't fire him. I don't want to talk about that, because I have no intention of firing him. Bitcoin topped 94,000 for the first time since early March.

Gold pulling back from its fresh record high. Watch Boeing shares today. As we mentioned, they are soaring. It's out with a smaller quarterly loss than expected, and it plans to seek FAA approval this year to increase production of its 737 MAX jets. It's been delivering more new planes as the company's worked to stabilize production. The Trump trade war, though, Boeing's deliveries to China but the CEO has a plan. They have in fact stopped taking delivery of aircraft. We'll give the customers an opportunity if they want to take the airplanes that's what we prefer to do but if not we're gonna remarket those airplanes to people who want them.

Boeing CEO Kelly Ortberg on CNBC. Zip-bound and Manjaro maker Eli Lilly suing four companies selling compounded versions of terzepotide. That's the active ingredient in Lilly's weight loss drugs. Lilly claims Mochi Health, Fela Health, Willow Health, and Henry Meds are all deceiving consumers and turning them away from Lilly's FDA approved medicines. Mortgage rates hovering around a two month high for a 30 year fixed home loan, right around 7% according to Mortgage rates hovering around a two-month high for a 30-year fixed home loan,

right around 7 percent according to Mortgage News Daily today. And weekly mortgage demand plunged last week would be home buyers are worried about the broader economy and losses in their stock portfolios. Tesla shares popping higher. Even after one of the worst quarterly reports for the company in years, investors liked that CEO Elon Musk was not only on the earnings call after the report last night, he revealed that the amount of time he spends with Doge in D.C. will decline significantly. Jessica Erringer, CNBC. Introducing CNBC Plus, the new streaming platform from the number one source in business news. Watch live or on demand.

Access any market anytime anywhere. Start streaming. Go to cnbc.com slash plus now.