CNBC Business News Update - Market Open: Stocks Higher, Investors Wait for Fed Meeting Minutes And Nvidia Earnings, Abercrombie & Fitch Shares Soar 5/28/25

Episode Date: May 28, 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 at Ingers CNBC Wall Street with slight gains out of the gate this morning. The Dow looking to add to yesterday's rally, popping 700 points. The Dow is up 33 points being led higher by shares of Apple this morning, which are up more than 1%. The S and P 500 index up seven points. The NASDAQ up 36. It's the long term indicators that suggest we could go back to new lows. So yesterday definitely surprised me to the upside. It's just not a great risk-reward relationship right now for the S&P 500, for most individual stocks. That's Fairlead Strategies market technologist Katie Stockton on CNBC.

Investors are waiting for the minutes from the last Fed meeting to see if they talked about lowering interest rates. Those come this afternoon. And they're also waiting for Nvidia's quarterly results, which will be out after the closing bell this afternoon. CNBC's Arjun Karpal has some of the topics that investors hope CEO Jensen Huang will talk about on the Nvidia earnings call.

First and foremost, China, I think, is gonna be front and center for investors. And Jensen Huang will talk about on the Nvidia earnings call. First and foremost, China, I think, is going to be front and center for investors. And Jensen Huang has been very vocal about the fact that he feels a lot of the restrictions on China have been a failure, he called them, for American businesses. He says China is a $50 billion AI market and be a tremendous loss not to have access to that. The deals that have been struck in the Middle East over the past couple of weeks, Nvidia, a key part of that, how much is that going to pick up the slack from any lost business

in China? I think those are a few of the things he's going to have to address on the call. Nvidia CEO Jensen Wong will be on CNBC today on Mad Money with Jim Cramer, 6 p.m. Eastern and on CNBC plus the streaming service. Abercrombie and Fitch shares were higher even after the retailer slashed its profit outlook because of the Trump tariffs. Its revenue guidance still beat expectations. Dick's Sporting Goods is standing by its full year forecast even with tariffs looming.

Macy's CEO says yes, prices will have to go up. As tariffs cut into profits, Macy's cut its profit outlook for the full year with tariffs and some discounting hitting the bottom line. Macy's is moving to turn itself around. It's closing about 150 stores. Chinese retailer Tamu's profits have plunged in the trade war as the retailer can no longer ship ultra cheap goods from China into the U.S. Ford recalling more than a million vehicles because of an issue with a rear view camera, increasing the risk of a crash. Vail has a new CEO. It's its old CEO.

Executive Chairman Rob Katz is returning to the CEO position, replacing Kirsten Lynch, who is stepping down from that role and from the board. Katz previously served as CEO from 2006 to 2021. The shakeup comes after a pretty tough winter season for the company that included a ski patrol strike in Park City, Utah over the New Year's holiday. CNBC's Frank Holland. Bags no longer fly free on Southwest. Any flights booked today or in the future will have a $35 checked baggage fee for the first bag, $45 for the second unless you have the Southwest credit card or status with the airline. United Airlines is cutting the check-in window for its flights. Domestic passengers have to check in at least 45 minutes before flight time.

Otherwise, the airline could give away the seat. The new rule starts this Monday, June 3rd. That matches most airlines. You can check in on the app on your phone. But for flights within the U.S., TSA wants you in the airport two hours before the flight. Jessica Edinger, CNBC.