CNBC Business News Update - Market Midday: Stocks Higher, Rebound Rally Gains Steam, Crude Oil Prices Fall 10/13/25

Episode Date: October 13, 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 and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger. CNBC Wall Street is soaring this afternoon. It's being called a rebound rally today. The Dow up 574 points, 1 and a quarter percent. Goldman Sachs shares leading the way this afternoon up 3%. The S&P 500 index up 99 points. That's one and a half percent. The NASDAQ is up 446 points. That's a little more than 2%. And checking NVIDIA shares, this afternoon. They're up almost 3%. President Trump putting investors at ease by saying everything with China will be fine. Over the weekend, Chinese officials said they're not afraid of a trade war after President Trump threatened new 100 percent tariffs on Chinese goods as he accused China of cornering the global market on rare earth minerals. While the stock market is open on this Columbus Day and Indigenous People's Day, many banks are not. The on markets closed today. It's also Canadian Thanksgiving. The Canadian stock markets are closed. Chipmakers have been investing in each other and rivals. And they're becoming each other's customers in the AI space.

But Broadcom's chip president says the mystery $10 billion customer it has is not Open AI. The mystery customer was revealed in the company's third quarter earnings report. Meantime, Broadcom shares were popping on a deal for custom chips with Open AI, adding to its deals with Nvidia and AMD. Big oil being forced to confront some tough choices as the era of monster profits is fading. Companies are struggling to protect shareholder payouts on weaker crude prices. U.S. crude prices fell below $60 a barrel late last week. Big oil needs about 65 a barrel to turn a profit. U.S. and European oil majors like ExxonMobil, Chevron, Shell, and BP are starting to cut jobs.

One expert says, it's definitely time for the U.S. government to refill the strong. Strategic Petroleum Reserve that was drawn down when gas prices soared several years ago. Absolutely. They should be buying and they should be buying it into the SPR so that we have it for the next time that there's a crisis. Look, the one thing we know about oil markets is whenever it's going down really low, it's going to come back up at some point, at some day. By the way, the oil price has a large impact on what's going to happen in Gaza, the ability of other Arab states to be able to support and to rebuild a trillion dollars of what's going to be. I mean, necessary in Gaza, at $60 a barrel is quite difficult.

But I would buy back into the SPR. That's former Middle East negotiator and advisor to former President Biden, Amos Hockstein, on CNBC. Meantime, prices at the bump keep falling. Consumers like that. AAA says the average price nationwide for a gallon of regular. Now $3.8. That's a drop of about 10 cents a gallon in the past month. Airlines trying to navigate their schedules and passengers.

Today, a nor'easter has been disrupting flying. Starting last night, states of emergency declared along the East Coast, including New York and New Jersey today. Earnings season begins tomorrow. Quarterly results coming from big banks. This is the period that defines most stocks, the earnings. Tuesday's a big day for earnings. We have Black Rock, Wells, Fargo, and Goldman Sachs. All three have had a good run for the year, and they aren't exactly in the crosshairs of the trade war. I think Goldman Sachs is liable to have the biggest upside surprise. Not to be outdone, J.P. Morgan reports, too. We get results in the Citigroup as well, and I got to tell you, closest to ever since that bank run by the Athol, Cerebral, Jane Fraser, will put up the best

numbers of all. CNBC Mad Money host Jim Kramer. Jessica Eddinger, CNBC. CNBC is the network for ambitious people.