CNBC Business News Update - Market Midday: Stocks Lower, China Highlighting Rare Earths Dominance Ahead Of Talks, US Consumer Is "Holding Up" 5/9/25

Episode Date: May 9, 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. Wall Street has turned again. It's in the red. The major averages all lower this afternoon. The Dow down 100 points, led lower by shares of IBM Its shares are down almost 1% this afternoon. Bitcoin topped $104,000 today. It is still a tariff headline driven market. Here's CNBC's Mike Santoli and Carl Quintanilla. On Wednesday the president was asked whether he would roll back some of those 145 tariffs on China. He said no. Today he says 80 seems right. Yes. Reports maybe it gets below 60. I mean, I think it really does sort of accentuate

the somewhat absurd moment that the market finds itself in and trying to handicap these things. Meantime, the US Treasury Secretary and Chinese counterparts are set to talk. This weekend, for the first time since President Trump proposed tariffs on Chinese goods as high as 145%. counterparts are set to talk this weekend for the first time since President Trump proposed tariffs on Chinese goods as high as 145 percent. China is posturing ahead of the talks messaging about its dominance over rare earths metals that are important to U.S. industry. The commerce

ministry today said that it's going to have a crackdown on rare earths smuggling. This is coming as the social media account that is linked to CCTV and has followed for its commentary on U.S.-China trade has been mocking the U.S. and its rare earths shortages, suggesting that China will play the rare earths card in the U.S.-China discussions in Geneva. CNBC's Eunice Yoon in Beijing. The U.S. consumers holding up. According to the Bank of America Consumer Checkpoint for April, despite very low consumer sentiment numbers. Consumer momentum is continuing.

It is continuing at a more moderate pace, but it is still moving forward. And the other thing that we're seeing is for most households, their financial condition remains solid. Bank of America institutes Liz Everett-Crisberg on CNBC. They analyze data from about 60 million B of A credit card holders. But Americans are pulling back on travel. Expedia shares down 10 percent on weak quarterly results. The travel booking platform also issued a soft outlook. Ride Share Company Lyft shares are higher even with disappointing quarterly results

because it announced a stock buyback plan. Sweetgreen shares are lower. The Salad Chain lowered its full year outlook saying it's seeing a consumer pullback. Florist's hoping to do a brisk business today ahead of Mother's Day on Sunday. New in theaters, Lionsgate's Shadow Force. Briarcliff's's Juliet and Romeo,

and A24's Friendship. Jessica Edinger, CNBC.