CNBC Business News Update - Market Midday: Stocks Lower, Investors Awaiting Fed Decision, Ares CEO Hoping For Market Clarity Soon 5/6/25

Episode Date: May 6, 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 Jill Schneider.

I'm Jill Schneider, CNBC. Wall Street is on FedWatch and it's keeping stocks in the red. The central bank is widely expected to hold interest rates steady at the end of its two-day meeting tomorrow. But that, coupled with continued tariff turmoil, is weighing on the market. The Dow is down 200 points, about half a percent. The S&P 500 is lower by 25 and the Nasdaq is lower by about 100. Aries CEO Michael Araghetti says he's hopeful that things will become

less murky sooner rather than later. My hope is that this will resolve itself shortly. I think that we're getting good messaging out of the administration that we should expect. You know, some positive news here in the next week or two. My own view is the most beautiful word in the English

language is in tariff, it's certainty. And I think the minute that the market gets some kernel of clarity, that will get back to a normalized base. President Trump meeting today with Canadian Prime Minister Mark Carney, marking the start of negotiations between the two leaders since Carney took office. That after Treasury Secretary Scott Bessent told CNBC Monday that the U.S. is quote, very close to some deals. Bessent is reiterating that sentiment on Capitol Hill today in testimony to the House Appropriations Committee. And for those growing recession fears, here's Oak Tree Capital Management co-chairman Howard Marks.

HOCKENBURG, Co-Chairman, Oak Tree Capital Management, There's no reason to panic. I think the US will still be the destination of choice, the best place to invest in the world. The only question is, well, will it be as best as it used to be? Or a little less best? The US trade deficit jumped to a record

high in March as imports surged with consumers and businesses seeking to get ahead of tariffs. The Commerce Department says the shortfall in goods and services totaled $140.5 billion on the month, up 14% from the February total and higher than estimates of $137.6 billion. Shares of Palantir are down about 12% even after the data analytics and artificial intelligence software company posted strong revenue growth and lifted its full year guidance. Wall Street attributed the post earnings drop to a high bar to clear and deceleration in international commercial revenues. Jill Schneider, CNBC.

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