CNBC Business News Update - Market Midday: Stocks Higher, US Trade Deal Framwork Announced With UK, Consumers Kept Spending In April 5/8/25

Episode Date: May 8, 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. The Dow jumping as President Trump announces the framework of a trade deal with the United Kingdom. The Dow is now up 579 points this afternoon, almost 1.5 percent. Shares of Boeing are leading the Dow higher up 4 percent. The S&P 500 index now up 77 points. That's 1.3%. And the NASDAQ now soaring. It wasn't the red. It's up 318 points, almost 2%. Nvidia shares have popped into the green this afternoon, and they are up 1%. Boeing shares surged as I mentioned after Commerce Secretary Lutnick announced

that the UK plans to purchase $10 billion worth of Boeing airplanes. Boeing now on pace for its fifth straight winning week, its longest in about 18 months. Bitcoin hit its highest in three months, almost $100,000. The framework of a trade deal with the U.K. announced today. Here's President Trump at the White House. The deal includes billions of dollars of increased market access for American exports, especially in agriculture,

dramatically increasing access for American beef, ethanol, and virtually all of the products produced by our great farmers. China is saying the U.S. asked for the trade meeting this weekend in Switzerland, trying to control the narrative that the U.S. asked for the trade meeting this weekend in Switzerland, trying to control the narrative that the U.S. is desperate for a deal before store shelves are empty in the U.S. without Chinese goods. We have a meeting, as you know, Scott, we'll be going over to Switzerland on Saturday. That'll be very, very interesting. Let's find out.

I think they want to make a deal very badly, too. The president is referring to Treasury Secretary Scott Besson, who's leading the effort with China. Fewer people applied for unemployment benefits last week. The 228,000 number was in line with forecasts suggesting a labor market that's holding steady. Economists call it a low-hire, low-fire job market. Ford says it's increasing prices on several models because of the Trump tariffs including the Mustang Mach-E, the Bronco Sport, and the small pickup truck,

the Maverick, all of which are made in Mexico. Toyota, meantime, says it's not yet considering price increases. The company is warning that profits could drop as much as 20 percent. Some of its cars are assembled in the U.S., some in Mexico. Anheuser-Busch InBev out with quarterly results. A.B. InBev beat on the top and the bottom line. The U.S., however, that was a weak spot in the report. Revenues in the U.S. falling 4.7 percent compared to an estimate of a 2.6 percent decline. However, Central and South America, they both exceeded sales estimates. The maker of Budweiser and Stella Artois says it's going to focus on those mega brands going forward. CNBC's Frank Holland. Consumer spending was up in April as people may be buying before tariff price increases hit. Consumers registering a second straight month

of strong sales according to the CNBC NRF retail monitor. The good numbers come amid separate data showing extremely downbeat views on d economy. So people spendi reflect though these num front running and could s from the calendar being t into april. But anyway, y are still spending indeed in its commentary on the

uncertainties still in pla reasons to spend as they get ahead of price increases in any supply chain dislocations. CNBC senior economics reporter Steve Leesman, Jessica Edinger CNBC. Introducing CNBC Plus. Start streaming. Go to CNBC.com slash plus now.