CNBC Business News Update - Market Open: Stocks Higher, President Trump Eases China Trade War Worries, Consumers Plan To Cut Holiday Spending 10/13/25

Episode Date: October 13, 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 and reported by CNBC's Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. Wall Street in the green this morning after President Trump posted everything will be fine with China. We've got the Dow up 434 points. That's almost 1% in video shares leading it higher. They're up almost 3% out of the gate this morning. The S&P 500 index up 73 points. That's more than 1%. The NASDAQ up 311 points, almost 1.5%.

This after a plunge for stocks on Friday. Now, over the weekend, Chinese officials stated they're not afraid of a trade war. President Trump threatened new 100% tariffs on Chinese goods as he accused China of cornering the global market on rare earth minerals. The stock plunge Friday wasn't as big as feared. The S&P 500, you know, I was standing up here for a couple of weeks saying we've had this unusually long stretch of strength in the S&P 500 without a 3% pullback from high. high to low since April and an unusually long period of time spent above the S&P's 50-day moving average. Well, we kind of took care of those things, but just barely. We came down to almost hit that 50-day moving average.

We're bouncing, getting back about half of Friday's losses, and high to low, you barely got a 3% pullback. So is that going to be enough, the minimally acceptable pullback that everybody's been waiting for? It's unclear. CNBC's Mike Santoli. While the stock market is open on this Columbus Day and Indigenous People's Day, many banks are not. The bond markets closed today. It's also Canadian Thanksgiving. The Canadian stock markets are closed. Airlines trying to navigate their schedules and passengers today, a Nor'easter has been disrupting flying. Starting last night, states of emergency declared along the East Coast, including New York and New Jersey, today.

Earning season begins tomorrow. Quarterly results coming from big banks. This is the period that defines most stocks, the earnings season. Tuesday's a big day for earnings. We have Black Rock, Wells, Fargo, and Goldman Sachs. All three have had a good run for the year, and they aren't exactly in the crosshairs of the trade war. I think Goldman Sachs is liable to have the biggest upside surprise. Not to be outdone. J.P. Morgan reports, too.

We get results in the Citigroup as well, and I got to tell you, closest to ever since that bank run by the Athable, cerebral, Jane Frazier, will put up the best numbers of all. CNBC Mad Money host, Jim Kramer. Discovery reportedly pushing back on a purchase offer from Paramount Skydance as too low, according to Bloomberg News. If Paramount is able to eventually buy Warner Brothers, it would own both CBS News and CNN. Orvis, the outdoor retailer, plans to close about 30 stores in the U.S. USA Today says it'll close five outlet locations as well. Americans will cut their holiday shopping spend by 10% this year on average. That's according to a new report by Jim. JLL, which surveyed 1,000 consumers. Retail Dive says average holiday budgets will drop more for lower-income consumers.

Disney's reboot of Tron won the weekend box office, but with disappointing numbers, at about $35 million in ticket sales. The mega-millions jackpot for tomorrow night, well, more than a half billion dollars at $600 million after nobody won over the weekend. Jessica Eddinger, CNBC. CNBC is the network for ambitious people.