CNBC Business News Update - Market Midday: Stocks Soar, Consumer Confidence Pops Higher, Trump Delays EU Tariffs, Movie Box Office Holiday Optimism 5/27/25
Episode Date: May 27, 2025From 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. Ancho...red by CNBC's Jessica Ettinger.
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I'm Jessica Ettinger, CNBC, Wall Street back at it today.
After the Memorial Day holiday, bond yields were ticking lower.
President Trump over the holiday weekend announced a delay on tariffs for European goods coming
into the U.S. and markets are soaring this afternoon.
The Dow up 602 points, one and a half percent, being led higher by shares of Nike, which are up almost 4%.
The S&P 500 index up 99 points, that's 1.75% in the Nasdaq.
Up 396 points, a little more than 2%.
Nvidia shares are up almost 3% this afternoon.
Companies whose shares have hit fresh all time highs today include
Booking Holdings, Monster Beverage, Philip Morris, Halmet, Aerospace, Johnson Controls, CrowdStrike,
and Intuit. It was a whipsaw weekend for investors watching trade talks between the EU and the U.S.
President Trump started bad-mouthing Russian President Putin over the weekend over its unprovoked assault on Ukraine.
You get Putin as bad guy, then suddenly Europe has a reason to make a deal.
Think about where we were Friday. The president got very angry. Other than the deal with Nippon
Steel, there really was nothing positive. He started hearing that the Senate's going to
disagree with the House bill. Then suddenly wake up to a possible deal?
CNBC's Jim Cramer.
And after a phone call with an EU official, President Trump backed off Friday's announcement
of new 50 percent tariffs on goods coming in from Europe starting this Sunday.
They're delayed till July now.
You're right to point out it's just a phone call because the threat still looms large
that the tariffs could be enacted if there's no deal but the
reality is we have escalated to a fresh high on the DAX today, record territory
for the German stock market, rallying on the Italian stock market and on France
too. So it feels as though the markets are really very much as pricing in the
positive scenario that you've got Trump here that blinked when it came to China
and hopes that he will too roll over when it comes to Europe.
A ton of different issues to solve here around food standards.
That is a big one for the Europeans.
They don't want to take those standards down too much.
CNBC's Karen So in London.
One of the big problems with American food exports is meat.
Europe doesn't want hormone-raised beef and acid-washed chicken, according to the New
York Times. Consumer confidence popped in May, according to the New York Times.
Consumer confidence popped in May, according to the conference board, to the highest since
February.
On the headline number, we're expecting a number somewhere north of 87.
Comes in strong, 98.0.
That is the best number since February of this year.
That's CNBC's Rick Santelli.
Durable goods orders dropped the most in almost a year and a half in April. These are things made to last a long time like airplanes and washing machines. It indicates a pullback in spending on big ticket items. India's iPhone exports to the U.S. soared by 76 percent in April. Apple is trying to move some more production away from China. Southwest Airlines will start charging for checked bags
on booked flights starting tomorrow.
So if you plan to fly Southwest anytime soon,
buy your ticket by tonight to avoid bag fees.
The first bag will cost you 35 bucks, the second $45.
Southwest is ending more than a half century
of two bags fly free for all.
Paramount's Mission Impossible and
Disney's Lilo and Stitch helped create a record Memorial Day weekend at the box
office. Comscore says there were six films at theaters and it was a total
quarter billion dollar take. Lilo and Stitch edged out Tom Cruise for the top
spot, but Mission Impossible is an hour longer and had fewer showings.
Jessica Ettinger, CNBC.