CNBC Business News Update - Market Midday: Stocks Mixed, June Trading Begins, China Trade War Fears, Steel Users Hurt By New Tariffs 6/2/25

Episode Date: June 2, 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 Ettinger CNBC mixed markets on this first afternoon of June trading on China tensions. Treasury yields were ticking slightly higher. China blaming the US for breaching a trade deal. The Dow down 180 points this afternoon. Caterpillar shares leading at lower. They're down more than 2 percent. The S&P 500 index down three. The Nasdaq still in the green up 45 points as Nvidia is up 1.5 percent this afternoon. Look, I think people are very beleaguered by the fact that

there's the trade talks seems to have gotten worse, not better with China. CNBC mad money host Jim Cramer, a White House official today saying President Trump will likely speak with China's president this week about trade. Companies whose shares have hit fresh all-time highs today include Philip Morris, CrowdStrike and Palantir. President Trump doubling tariffs on imported steel, taking them to 50 percent. Europe and other nations hinting at retaliation. U.S. steel stocks were higher. Well, obviously certainly positive for steel. But there's a lot more users of steel than

producers of steel. The manufacturing side is not going to be happy with another spike in steel prices. Take multifamily housing, for example. This is not going to be a good cost input for the production of more housing. So there's a lot more collateral damage on the users of steel. Probably more jobs lost in the users of steel and on a dollar basis, those steel jobs that are created end up costing a lot of money. Bleakley's Peter Bookfar on CNBC. Social Security checks may be smaller starting this month for some people as early as tomorrow.

As student loan garnishments begin, the Trump administration announced in April the Department of Education would resume collections. After a nearly five-year pause during the pandemic, non-payers could also see their wages garnished down the road to repay those student loans. Aldi's cookie packaging looks blatantly like Oreo packaging, according to Oreo maker Mondelise. It's suing the German grocery chain. Retail Dive says Mondelise claims the packaging on seven products could deceive and confuse consumers. Disney's Lilo and Stitch won the weekend box office for the second week in a row. Bringing in 63 million dollars becoming the second highest grossing movie of the year

behind the Minecraft movie. It has now sold 280 million dollars in tickets in the U.S. and Canada. CNBC's Andrew Ross Sorkin, Jessica Ettinger, CNBC. Michael Jordan's the only guy who can compare in terms of confidence. When you're Steph Curry, there's brand value there, there's brand awareness. Curry Inc., the business of Steph and Curry. Premieres Wednesday, 9 Eastern and Pacific. Only on CNBC.