CNBC Business News Update - Market Midday: Stocks Mixed, Trade Talks With China This Weekend, Fed Announcement On Rates 2pm ET, Disney Abu Dhabi Announced 5/7/25

Episode Date: May 7, 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 Wall Street is excited that a trade meeting is happening in Switzerland this weekend between the U.S. and China. But the markets have turned mixed this afternoon. The Dow is soaring up 261 points. Disney shares leading the way. They're up 10 percent. The S&P 500 index up eight points. The Nasdaq has slipped into the red this

afternoon. It's down 50 points. Companies whose shares have hit fresh all-time highs today include Netflix, Zin nicotine pouch maker Philip Morris, and Cardinal Health. The Fed expected to hold interest rates steady when it wraps up two- meeting this afternoon. Fed chair Jay Powell speaks at 2 p.m. Eastern. Disney announcing a theme park in the United Arab Emirates in Abu Dhabi, along with quarterly results that beat estimates. Here's Disney CEO Bob Iger on CNBC today. About 500 million people that are income qualified, meaning they can afford to visit one of our parks, live within a four-hour plane trip. When you consider Abu Dhabi, they love Disney.

This is the right place. By the time it opens will be the right time, and this is a really a momentous occasion for the Walt Disney Company. Iger tells CNBC it takes about two years to design a theme park and five years to build it. Chipmaker AMD beat on earnings, but it'll take a big hit to revenue because of chip restrictions to China. Electric vehicle maker Rivian out with strong quarterly results, but it cut the number of vehicles it expects to deliver this year because of the Trump tariffs. Watch drug company stocks today. The FDA named a new head of vaccines who's been accused of spreading misinformation about COVID vaccines. Google agreed to fund the development of three new nuclear sites in

the United States. AI will need data centers which are going to need power. The sites, their locations remain private. Banks are keeping credit card rates high even after the CFPB rule they blamed for high rates was killed. Banks quickly raised those interest rates to record levels and added new monthly fees on credit cards last year when a Consumer Financial Protection Bureau rule threatened a key revenue source for that industry. But they're not giving the consumer any breaks here now that that's gone. Synchrony and Bread Financial, two of the biggest players who issue cards for Amazon Lowe's, Wayfair and more. They're keeping the higher interest rates in place for consumers.

Executives said this in recent conference calls that CNBC monitored. Outcry over President Trump's crypto business, which is running while he's in the White House. Democrats are outraged at how Trump and his family are profiting from their crypto ventures. Trump announced that those who have bought the most of his meme coin would be invited to a dinner with him. CNBC got an exclusive first look at a new bill from Congressman Richie Torres, who's introducing legislation to prevent Trump, as well as other government officials, including lawmakers from benefiting from mean coins

and other digital assets. Senators Jeff Merkley and Chuck Schumer also introduced legislation to prevent Trump from profiting off of crypto. In a statement, Merkley said that Trump has made it easy for those who want to influence him to enrich him personally. CNBC's Emily Wilkins in Washington. Jessica Edinger, CNBC. CNBC Plus Emily Wilkins in Washington. Jessica Edinger, CNBC.

CNBC Plus, the new streaming platform from the number one source in business news. Start streaming. Go to CNBC dot com slash plus now.