CNBC Business News Update - Market Open: Stocks Higher, Private Sector Hiring Slowed In May, McDonalds To Bring Back Snack Wraps Next Month 6/4/25

Episode Date: June 4, 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 with some gains this morning. The Dow up 74 points out of the gate. Merck shares leading it higher. Those are up one and a half percent. The S&P 500 index up 17. The Nasdaq gaining 76 points, almost a half percent. Nvidia shares are up by a half percent. President Trump posting it's extremely hard to make a deal with China's President Xi Jinping as trade talks stall. On Monday, a White House official told CNBC that they would likely speak this week. Here's CNBC's Carl Quintanilla and Jim Cramer with their take. We still, Jim, don't have confirmation from the Chinese side that they will talk on Friday.

Right. And without a call, we don't know if from the Chinese side that they will talk on Friday. Right. And without a call, we don't know if it's going to be Friday, it's hanging over us. Trump wants to embargo them. I think he wants to put in, look, it's embargo versus we need these certain products. I think it's going to be exciting. I think the market's going to hate it because I think it's going to be up and down. We're going to come every day and there's going to be a true social and we're going to be so destabilized.

Private sector hiring rose by just 37,000 in May, the lowest in more than two years. That's according to payroll firm ADP. We saw manufacturing, which actually had some surprise increases earlier this year, shed jobs in May. We saw losses in professional business services. We saw losses in health care jobs, trade transportation and warehousing, also shedding jobs. That's ADP economist Neela Richardson on CNBC. Mortgage demand dropped for a third straight week. Applications for a loan to buy a home fell last week, but they were 18% higher

than the same week a year ago would be home buyers are facing rates just a tick below 7% for a 30-year fixed home loan according to Mortgage News Daily. Warner Brothers Discovery shareholders voted to reject the pay package of several of the company's executives including more than 51 million dollars for CEO David Zasloff. That vote is non-binding, but the board says that it takes it seriously and will continue to engage with shareholders. CNBC's Becky Quick shares of Warner Brothers' Discovery are down 5% year to date.

McDonald's bringing back snack wraps nine years after they were discontinued for being too difficult and slow for the kitchen to prepare. They're going to be back in restaurants in less than a month on Thursday, July 10th, because the lower price point could bring back customers who are watching their wallets. There's no official pricing yet. Biener Schnitzel has a deal with Wal-Mart to open locations inside Walmart stores. USA Today says they'll be in Walmart locations including Bakersfield, California, Colorado Springs, Reno, and Tempe, Arizona. Jessica Ettinger, CNBC. Michael Jordan's the only guy who can compare in terms of confidence. When you're Steph Curry, there's brand value there, there's brand awareness.

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