CNBC Business News Update - Market Midday: Stocks Mixed, Announced Job Cuts Highest In Five Years, Travel Industry Braces For Shutdown Hit 10/2/25

Episode Date: October 2, 2025

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I'm Jessica Eddinger, CNBC. Day two of the government shutdown, and markets are mixed this afternoon on Wall Street. The Dow, down 70 points. Merck shares leading it lower. They're down almost 2%. The S&P 500 index, down 6 points. The NASDAQ is higher this afternoon. It's up 48 points, and video shares are up 1%.

More weak job market data, this time from employment firm Challenger, gray and Christmas. Here are CNBC's Mike Santoli and Carl Kintanilla. Challenger layoffs, a little bit lighter on layoffs month on month, but we're going to do a million layoffs for the full year announced. We haven't done that since 2020. And then hiring intentions in September, the worst September for hiring intentions since 2011. The jobs market's just not that far from really setting off alarms. The Labor Department will not release the September jobs report tomorrow because of the government shutdown. Also, this morning, there was no weekly jobless claims data.

The travel industry is taking a big hit from the trade war and now from the government shut down. It would be a billion dollar impact every week that the government is shut down. That's according to tourism economics. The travel industry has already seen softer demand through summers end. International travel is noticeably off, especially from Canada. Hotel executives publicly have grappled with shrinking government business because jobs were slashed earlier this year.

There were fewer government people traveling. If you've got a 10% downturn already earlier in the year from Canada, what that does to your numbers, Canadian tourism, it's very problematic. Coastal Maine, northern Adirondacks, New York, Dorr County, Wisconsin, people that rely on Canadian tourists, they're really feeling the pain. CNBC's Contessa Brewer. Little change for would-be homebuyers. one small fee may be reduced.

FICO, which is the credit score that decides if you and I qualify for mortgages and at what interest rate is now licensing its scores directly to lenders instead of going through the credit bureaus like TransUnion, Equifax and Experian, and those bureaus are the middlemen. They charge more for the scores. FICO scores are used by 90% of lenders. It is a way to lower prices for consumers. It doesn't sound like a lot, but it's something.

CNBC's Diana Oleg. If you're in the market for a used car, the former CEO of Ford Motor Company says used car prices won't be coming down anytime soon. Used car prices are probably going to hold up pretty well over the next six to 12 months just for the fact that during COVID, there weren't a lot of vehicles manufactured and sold. And so that, you know, when you think two, three years later, particularly for leases, you have less supply coming to the market. Former Ford CEO Mark Fields on CNBC. Select Target stores in the U.S. Tonight open at midnight to sell Taylor Swift's new album, The Life of a Showgirl.

Jessica Eddinger, CNBC. The pop superstar announcing a brand new album. Literally everything she touches people won't know about. This Swift effect, a new era. CNBC premiere episode, Saturday 10 Eastern.