CNBC Business News Update - Market Midday: Stocks Mixed, S&P 500 Index and Nasdaq Hit Intraday Highs, Tesla Plunges 9% 7/24/25

Episode Date: July 24, 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 a mixed day on Wall Street so far but the S&P 500 index and the NASDAQ have each hit fresh intraday highs today the Dow is down 158 points it's being led lower by shares of IBM which are tanking 8% this afternoon the S&P 500 index is up 17 points the NASDAQ up 60 points and Nvidia shares are up more than 1%. Companies whose shares have hit fresh all-time highs today include JP Morgan, Wells Fargo, BlackRock, O'Reilly Auto and Tractor Supply, plus Broadcom, eBay, Fastenal,

Parker, Hanif, and Emerson Electric, General Dynamics, Raytheon Technologies, and WellTower. Investors want to see a trade deal with the EU, as President Trump's tariff deadline is a week from tomorrow. You've got a huge trade deficit, I mean, $235 billion trade deficit, which means they sell us more stuff than we sell them. And so the president said it's 30% if you don't get a deal done, so you know how badly they want to make a deal. That's Commerce Secretary Howard Lutnick on CNBC.

Investors are watching tech names today after each reported quarterly results after the closing bell yesterday. Look at Tesla this afternoon. Shares are down 9%. Tesla shares are down after missing on both the top and the bottom lines a 16% decline in auto revenue. On the flip side, Alphabet shares rallying on their earnings beat company raising the CapEx forecast to $85 billion.

Yeah, the cloud was important. I think the big focus is frankly pay clicks were picked up 4%. I mean I was thinking pay clicks might be down. I was worried that I felt that this was the beginning of the erosion and the cannibalization versus Gemini. That was completely wrong. YouTube up 200 million, really, really fantastic. CNBC Mad Money host Jim Cramer

with CNBC's Carl Quintanilla. The number of people who applied for unemployment benefits last week fell for a sixth straight week as unemployment remains at an historically low level. 217,000 people applied last week. That's lower than the pre-pandemic weekly average of 225,000. Companies that have announced job cuts this year include Amazon, Procter & Gamble, Dow, CNN, Starbucks, Southwest Airlines, Microsoft, Google, and Facebook parent Metta. But it hasn't been overwhelming.

It's another big trading day for meme stocks. Actress Sydney Sweeney helping to bring clothing retailer American Eagles shares into the current meme stock mania. The high short interest and inherent brand recognition make that company a prime candidate for meme obsessed retail traders. It's like it's 2021 again. The Euphoria star is leading a campaign for the American Eagle Outfitters denim jeans. You're starting to see meme stock action. That's typically a sign of a frothy market. And also where do you go from here? If you haven't been part of this tide,

you know, do you invest now? I think it's really a tough time just putting new cash to work. That's BD8 Capital's Barbara Duran on CNBC. Watch United Health shares today. It says it's facing a Department of Justice investigation over Medicare billing practices. Apple turning its AppleCare into a subscription service with a

monthly fee to protect devices. For 20 bucks a month the new AppleCare One service will protect the consumers three devices. McDonald's sees more profit in the drink category, the Wall Street Journal saying it's testing dirty sodas and flavored cold brews. Dirty sodas have add-ins like flavored syrups and dried fruit. The tests will begin in September. Jessica Edinger CNBC. Breaking earnings news this week on CNBC and streaming on CNBC plus.