CNBC Business News Update - Market Midday: Stocks Mixed, S&P 500 Index Notches Fresh Record High, Trade Deal Reached With Vietnam 7/2/25

Episode Date: July 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 Edinger CNBC Wall Street setting a record today an all time high for the S and P 500 index. Although the major averages are still mixed this afternoon with the Dow in the red down eight points off its earlier lows. Traveler shares leading it lower. They're down more than 3% the S and P 500 index up 16 points. The NASdaq up 153.75 percent. Nvidia shares are up 2.25 percent this afternoon. Companies whose shares have hit fresh record highs today include some of the big banks, Morgan Stanley, Goldman Sachs, Capital One, Wells Fargo, plus Robinhood and Royal Caribbean

Cruises. President Trump posted on social media a trade deal is done with Vietnam. What he says there is that the tariff rate on Vietnam is now going to go to 20%. They're gonna have a 40% tariff on what they call trans shipments. That's things that are coming through Vietnam and on to the United States. Also he says there's going to be a 0% tariff on U.S. exports to Vietnam. And also I'm told that we might expect another deal here coming relatively soon. The White House expects more deals before that July 9th deadline.

That's CNBC's Eamon Javers. A job scare for investors. The private sector lost jobs in June, badly missing expectations for an increase of 100,000 new jobs created in the ADP payroll report. Some investors have been waiting for the job market to crack amid the Trump tariffs, trade wars and other uncertainty that can impact whether businesses hire people. It's the second week, month in a row for ADP. It is the only decline since March of 2023. Small business down 47,000.

There's been a lot of speculation as to whether or not the tariffs would be hurting or hitting small business. Medium-sized business down 15,000, but large businesses doing okay up 30,000. The losses were in this professional business services sector minus 56,000, but also one of the stalwarts of the job market, education and health services down 52,000, financial activities down 14,000, but also one of the stalwarts of the job market. Education and health services down 52,000, financial activities down 14, but manufacturing

up 15, and leisure and hospitality still doing well up 32,000. CNBC's Steve Leesman, the government's jobs report, will be out tomorrow morning, a day early because of the holiday. Microsoft slashing thousands of people according to the Seattle Times. CNBC's Steve Kov because of the holiday. Microsoft slashing thousands of people, according to the Seattle Times, CNBC's Steve Kovach with the latest. So Microsoft telling me all 10 years, all levels across the board, and they tell me that would be

approximately 9000 employees based on their most recent employee headcounts. This is on top of the 6000 employees that they laid off in May, so bringing the total to approximately 15,000 for this year. So far, Tesla shares turned higher after the company reported decent new vehicle delivery numbers for the second quarter. Tesla delivering 384,122 vehicles, just shy of the consensus estimate. I wouldn't call this a miss. I'd say roughly in the neighborhood of what people were expecting.

CNBC's Phil LeBeau. A reminder that the markets will close early tomorrow at 1 p.m. Eastern for the long Fourth of July holiday weekend. Jessica Ettinger, CNBC. CNBC is the network for ambitious people.