CNBC Business News Update - Market Open: Stocks Higher, Reported US-UK Trade Deal, Jobless Claims Down 5/8/25

Episode Date: May 8, 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 Wall Street higher after the Fed held interest rates steady yesterday and reports say President Trump will announce a trade deal today with the UK. The Dow up 223 points out of the gate being led higher again today by Disney shares which are up 2 percent. The S&P 500 index up 34 points that's a half half percent. The Nasdaq up 163 points, almost 1 percent. Nvidia in the green by about a half percent this morning. A trade deal with the UK coming today reportedly from President Trump. Here's CNBC's Mike Santoli and Carl Quintanilla. We are getting some reports that the 10 percent will remain in place and we should remind

viewers that the UK was not subject in place and we should remind viewers that the UK was not subject to reciprocal, which is really the locus of a lot of investor attention. Yeah, not the linchpin potential deal that the market's fixated on. Incremental gestures in the direction of de-escalation, the administration looking for a win, looking for a way out of maximum tariff aggression. China saying the US asked for the trade meeting this weekend in Switzerland, trying to control the narrative that the U.S. is desperate for a deal before store shelves

are empty without Chinese goods. Fewer people applied for unemployment benefits last week. The 228,000 number was in line with forecasts suggesting a labor market that's holding steady. Economists call it a low-hire low-fire job market. Ford says it's increasing prices on several models because of the Trump tariffs including the Mustang Mach-E, the Bronco Sport, and the small pickup truck the Maverick, all of which are made in Mexico. Toyota meantime says it's not yet considering price increases. The company

is warning that profits could drop as much as 20%. Some of its cars are assembled in the U.S., some in Mexico. Anheuser-Busch InBev out with quarterly results. A.B. InBev beat on the top and the bottom line. The U.S., however, that was a weak spot in the report. Revenues in the U.S. falling 4.7% compared to an estimate of a 2.6% decline. However, Central and South America, they both exceeded sales estimates. The maker of Budweiser and Stella Artois says it's going to focus on those mega brands going

forward. CNBC's Frank Holland. Same store sales fell at Burger King. Popeyes and Tim Hortons and parent company restaurant brands missed estimates for the first quarter. The government's I bonds, savings bonds that pay interest based on the rate of inflation, are getting interesting again for investors as tariffs threaten to push inflation higher. This is according to financial advisors speaking with CNBC.

Consumer spending was up in April as people may be buying before tariff price increases hit. Consumers registering a second straight month of strong sales according to the CNBC, NRF retail monitor. The good numbers come amid separate data showing extremely downbeat views on the economy. So people spending anyway, they could reflect though these numbers, some tariff front running and could show a slight benefit from the calendar being the switch of Easter into April. But anyway, you slice it.

Consumers are still spending indeed the N.R.F. But anyway you slice it, consumers are still spending. Indeed, the NRF saying in its commentary on the numbers with tariff uncertainties still in place and have strong reasons to spend as they get ahead of price increases in any supply chain dislocations. CNBC Senior Economics reporter Steve Leesman, Jessica Edinger, CNBC.