CNBC Business News Update - Market Midday: Stocks Soar, Israel-Iran Cease Fire Holding, Powell Testifies On Inflation Chances 6/24/25

Episode Date: June 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 Ettinger, CNBC, Wall Street. Happy with the tentative Israel-Iran ceasefire deal, and stocks are soaring this afternoon. The Dow up 425 points, a full 1 percent, being led higher by shares of Salesforce, which are up 3.3 percent. The S&P 500 index up 58 points, that's 1%. And the NASDAQ is now up 260 points, 1.3%. Nvidia shares in the green this afternoon up 1.7%. Companies whose shares have hit fresh all-time highs today include Netflix, Take Two Interactive, Royal Caribbean Cruises, JP Morgan, GE Vernova, Broadcom, Cisco, IBM and Microsoft. Fed Chair Jay Powell being grilled by the House Financial Services Committee today in his annual testimony on Capitol Hill. He said that interest rates could be cut if inflation doesn't rise,

but the tariffs may mean an increase in inflation. And the Fed is just waiting for more data. You know, the things that are being sold at retail now they might have been put into into inventory before the tariffs in February or March. So we think we should start to see this over the summer you know in the June numbers and in the July numbers and if we don't I think we're learning here. So it may turn out that the pass-through is less or more. We'll get a you know an inflation number for June. We'll learn something then. We'll get it for July as we go through the summer.

We should start seeing this. And if we don't, I think we're perfectly open to the idea that the pass-through will be less than we think. And if so, that'll matter for our policy. Starbucks says a report by a Chinese media outlet saying the company is looking for a buyer for its business in China is incorrect. Starbucks says it's not currently considering a full sale of its China division. Tesla robo taxi incidents caught on camera in Austin

have regulators attention. The National Highway Traffic Safety Administration says it's contacted Tesla after reviewing online videos of robo taxis allegedly in the wrong lane and speeding on roads in Austin, Texas. Now, Tesla began a limited paid robo taxi service with a dozen or so cars in the city on Sunday. Now, Tesla hasn't responded to a request from Reuters for comment. CNBC's Silvana Hannau, Facebook and Instagram parent Metta absent from the San Francisco Pride celebrations this year, retreating from support of the LGBTQ community. The Thunder celebrating their 2025 NBA Championship today with a parade through Oklahoma City.

Billionaire Amazon founder Jeff Bezos and his fiance Lauren Sanchez have started a three-day wedding celebration in Italy. It's reportedly costing more than $20 million and it's full of celebrities. Jessica Edinger, CNBC.