CNBC Business News Update - Market Midday: Stocks Soar, S&P 500 Index And Nasdaq Hit Fresh Records, Nike Shares Soar 17% 6/27/25

Episode Date: June 27, 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 record-setting rally on Wall Street this afternoon. All-time highs today for the S&P 500 index and the NASDAQ. China confirms a trade deal with the U.S. offsetting for investors inflation data that wasn't good. Inflation went up in May. The Dow up 507 points, being led higher by shares of Nike, which are up 17% this afternoon. The S&P 500 index up 42 points, that's a half percent. The NASDAQ up 128 points, a little more than a half percent. Nvidia shares are now almost up 2% pushing toward a new high.

Inflation is going in the wrong direction. Going up in May was revised higher for April, too, as Americans face higher prices. The inflation data, 2.7, that's the core year over year. It's hotter than expected. And in the rear view mirror, there was an upgrade. So there is a stickiness here. CNBC's Rick Santelli. And it's just starting,

says Morgan Stanley's Seth Carpenter on CNBC. Most of what's going on with inflation for this print for the last CPI print is mostly a pre-tariff story. We still think there's plenty to come in terms of inflation from tariffs. With inflation going up, Carpenter adds the Fed may continue to hold off from cutting interest rates. We've just lived through a few years of higher than normal inflation and I'm not sure consumers, businesses are just going to go back to business as normal if we see another pick up. And that caution is what I think the Fed is trying to express, at least Jay Powell. Consumers pulled back their spending last month, slowing for the first time since January as Americans tighten their wallets. But some investors aren't too worried.

I try to right-size my expectations here as we still see how all this tariff business works out. But what we do see is that consumer that has been remarkably resilient, even though the consumer has slowed some, but when it comes to shopping, the American consumer justifies much of their existence by what they can buy for themselves or their loved ones. Oppenheimer's John Stoltzfuss on CNBC. Nike shares surging more than 15%, as I mentioned earlier, after saying the worst may be behind the company.

Nike's trying to make fewer products in China. It says it will have to raise prices. So I hope you load it up on shoes, because I mean, that was the message coming through, that there are price hikes coming. will have to raise prices. into the U.S. market, it is about to hit. So the only mitigating factor short term is any inventory that has been pulled forward stuffed into factories and warehouses ahead. That's CNBC Europe's Karen Cho. Disney confirming it is developing a Lilo and Stitch 2 movie. After the live-action remake broke box office records new in theaters this weekend, Universal's Megan 2.0 Universal is a CNBC and Apple Films high one movie F one. It stars