CNBC Business News Update - Market Midday: Stocks Higher, Supreme Court Appears Skeptical That Trump Tariffs Are Legal, McDonalds With Mixed Results 11/5/25

Episode Date: November 5, 2025

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I'm Jessica Ettinger, CNBC, Wall Street and the Green this afternoon, trying to rebound from yesterday's sharp losses. The Dow is up 103 points. The S&P 500 index, up 41 points. That's more than a half percent. The NASDAQ's up 213 points, now almost 1%. Supreme Court justices appear skeptical that President Trump's tariffs are legal. Arguments are on today. Conservative and liberal justices on the court, sharply questioned the Solicitor General on the Trump administration's legal justification of the tariffs, which critics say infringe on the power of Congress to tax. A very large part of the tariffs that the president has enacted this year are on the line here. The Trump administration is asking the Supreme Court, where Trump has appointed three of the nine members to reverse a ruling from a lower court that found that most of the tariffs are an illegal use of the international.

International Emergency Economic Powers Act, an estimated $90 billion in tariff revenue hangs on the high court's ruling here. The Treasury has said it would most likely have to return that money back to the people who paid it this year if the Trump administration loses this case. CNBC's Aman Javers. There was a little glimmer of hope for the job market. ADP says private payrolls increased by about $42,000 in October. It was the first increase since last July. This is not the hiring rates that we saw at the beginning of the year, far from it. But it is a recovery.

It is not broad-based. We did see some gains in education and health care. We did note the gains in trade transportation and utilities. But there's some weakness. You see it in professional services. You see it in information services. You see it in leisure and hospitality. ADP chief economist Neela Richardson on CNBC.

Investors grabbing it whatever data they can because the Bureau of Labor, statistics is dark in the government shutdown, and this is day 35 of the shutdown, the longest in U.S. history. President Trump breaking his own record. The previous longest shutdown was in the president's first term. It went 34 days. Today's day 35. McDonald's out with mixed quarterly results. We are seeing commentary around the Hispanic population and the fact that they are not gathering anymore. They're not, frankly, going out as much and things of that nature in a lot of different names. Right. And I think that wherever people gather to buy things, you have 16% of the population that may be afraid to go somewhere, you're not going to make your numbers. And I think it's starting to dawn on people that the biggest issue in this country is we can't find people to work. And the people who could work are afraid to go out of their homes. CNBC Mad Money host Jim Kramer with CNBC's David Faber.

Danish ozemp maker Novo Nordisk, lowering its growth outlook for weight loss drugs, including Manjaro, under pressure to lower prices, especially in the U.S., but the CEO tells CNBC overall there should be a lot more growth for these kinds of drugs. Take U.S. as an example, 100 million patients that are suffering from obesity, but yet Novo Nordisk and its competitors are providing access to 3, 4 million. patients. This is not really good enough. What about the other 96 million? Novo Nordisk CEO, Mike Dutstart on CNBC. Fewer people applied from mortgages last week to buy a home with interest rates moving around. Today, the average rate on a 30-year home loan, 6.3 percent, according to Mortgage News Daily. Jessica Eddinger, CNBC. This December, CNBC opens its doors for an exclusive in-person experience at the iconic NASDAQ market side in New York City.

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