CNBC Business News Update - Market Midday: Stocks Mixed, Shell Reportedly In Talks to Buy BP, Louisiana Gives Facebook Parent Meta A Deal 6/25/25

Episode Date: June 25, 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 still mixed in afternoon trading. The Dow down 53 points being led lower by shares of McDonald's down one and a half percent this afternoon. The S&P 500 index up three points. The Nasdaq up 49 points. A quarter percent in video shares are up a little more than two and a half percent. Companies who shares hit fresh record highs today include Netflix, Broadcom, CrowdStrike, Palantir, Oracle, and Microsoft, a possible big merger in the oil industry.

The Wall Street Journal out with a story. Shell in early talks to buy BP, a former company, British Petroleum. It would be about an $80 billion deal if indeed this is done. But let's talk about why this deal might potentially occur. This would put Shell back into the Permian Basin. They got out of it. BP owns assets in Texas.

I don't think if a deal got done, it would be a surprise to anybody. CNBC's Brian Sullivan. Federal Reserve Chair Jerome Powell testified to the Senate Banking Committee. It was his second day on Capitol Hill. It was the House yesterday. He said much of the same thing today. He expects central bank officials to remain on hold with any interest rate cuts to see the impact of President Trump's tariffs on prices. All of this reminds me of, you know, when you have those little balloons you used to

hit as a kid and they would go down, then they'd come back up. They say inflation is low and Powell goes down and comes back up. Yeah, wait and see. And they say deregulation and he goes back down, comes back up. He goes, wait and see. Mostly Republicans trying to hit him with this idea that you can cut rates and Powell saying, but tariffs wait and see in probably, I don't know, at this point, 50 or 60 different ways of him saying the same thing. CNBC's Steve Leesman. Mortgage demand barely moved last week. The summer housing market is moving at a snail's

pace. Applications to buy a home fell from the week before, including an adjustment for the Juneteenth holiday. The average rate today on a 30-year fixed home loan, 6.8%, according to Mortgage News Daily. Facebook parent Meta got a sweet deal for a new $10 billion data center in Louisiana. They are, after all, the backbone of the artificial intelligence revolution.

And Louisiana has just reeled in a huge one. This site is massive, best viewed from the air, twenty two hundred fifty acres. But this project will create just five hundred permanent jobs, even at the height of construction, it's just five thousand. Yet Louisiana is giving M Metta a rebate on potentially billions of dollars in sales taxes. A CNBC investigation just last week found those sales tax breaks increasingly popular.

Susan Bourgeois is secretary of economic development. This wasn't about what the state would win or lose from just that one isolated sales tax. This was about, we want to compete with Mississippi, Alabama, Georgia, South Carolina. And bring new vitality to one of the poorest regions of the country. CNBC's scott cone. See the full report at CNBC dot com. Tesla's sales in Europe came in lower for a fifth straight month. FedEx shares were lower on a weaker than expected earnings forecast.

McDonald's will stop selling Krispy Kreme donuts next week after the collab wasn't very profitable. The NBA draft begins tonight in New York City. Jessica Ettinger, CNBC. CNBC is the network for ambitious people.