CNBC Business News Update - Market Midday: Stocks Mixed, JP Morgan CEO Warns Of Excess In Corporate Lending, Gold At New Record High 10/14/25

Episode Date: October 14, 2025

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I'm Jessica Eddinger. CNBC Wall Street Mix this afternoon after stocks tanked at the open this morning. The Dow is in the green this afternoon, up 134 points, a third of a percent, Caterpillar Shears, leading it higher. They're up four percent. The S&P 500 index way off its earlier low. It's down just 15 points. The NASDAQ is down 164 points, about three quarters of a percent, also off its earlier low. low. NVIDIA shares are down 3.3% this afternoon. Earning season is on. Big Banks with quarterly results today.

J.P. Morgan Chase Goldman Sachs, Wells Fargo, and Black Rock all beat estimates. City posting stronger revenue than Wall Street expected. J.P. Morgan Chase CEO, Jamie Diamond, says auto company bankruptcies may be revealing some early signs of excess in corporate lending. It's not as much about the consumer. and it's really about non-depository financial institution or NDFI lending. That's banks essentially lending to shadow banking, and shadow banking is in turn lending to the companies.

And the J.P. Morgan call, I think the quote from Mr. Diamond, if you see a cockroach, there could be others. Yeah, he added, and so everyone should be forewarned. Let me put it to you this way. Revenues could be awesome from investment banking. Loans could be growing, but credit quality. deteriorating is the single most important and overwhelming catalyst for banks and bank stocks. That's UBS's Erica Nigerian on CNBC with CNBC's Carl Keentania.

Amid the government shutdown, big bank CEOs may be the new economic data with no economic data coming from the government. Investors are leaning on what these CEOs say about the U.S. economy and the American consumer. I think we have no choice but to see what they're saying, see what they're seeing in terms of consumer trends. with their credit cards, banks provide a nice little hedge because when things are more volatile, you know, banks will do fine. And if things are actually fine and the consumer's doing well, then they'll make money that way. So, you know, that's kind of a great place to look at.

They are the macro. MetLife's Drew Mattis on CNBC. Crude oil at its lowest since last spring, $57 a barrel for U.S. crude. The oil companies need about 65 to turn a profit. Oil inventories are at a four-year high globally. Too much oil, not enough demand. This is why Exxon Mobil and Chevron are eyeing job cuts, and it's why you might be enjoying lower prices at the pump for a longer period. We're seeing really a surge in global oil supply in September, the latest month for our oil data, global oil supply now looks on track to increase by 3 million barrels a day this year and another 2 million barrels a day next year. So we're seeing this oil now hit the water and boost inventories, setting for a bloated surplus in the market. The International Energy Agency's Toral-Bissoni on C&BC. Investors are watching the safe havens of gold and silver again today. People buy precious metals when they feel uneasy about other possible investments.

Gold is up once again. Silver is slightly lower. But silver finally eclips. The Hunt Brothers level. It's old high. Yeah, the Hunt Brothers levels where they try to. Or the markets, which is what trading places. Like 1980.

Yeah. And I remember because I was in that crazy commodities business in this crazy firm in Boston. Silver went to $50. And the guys that owned it. And I think it went back to seven or something after that. So it's taking a long time. 1980. So it's 45 years to get back to a record of $50.

CNBC's Joe Kernan and Becky Quick. Jessica Eddinger, CNBC. CNBC live ambitiously