CNBC Business News Update - Market Open: Stocks Higher, S&P 500 Index And Nasdaq Hit New Record Highs, More Jobs Created In June Than Expected 7/3/24

Episode Date: July 3, 2025

I'm Jessica Edinger, CNBC. Wall Street soaring on this half day of trading. A better than expected jobs report for June. The Dow up 372 points, eight-tenths of a percent, led higher by Travelers shares up two and a half percent. The S&P 500 index up 47 points, three quarters of a percent. The NASDAQ is up 178 points, that's eight tenths of a percent. Both the S&P 500 index and the NASDAQ hit fresh record highs today. More jobs than expected were created last month. It's the big June job job jobs report. 147,000 jobs, definitely better than expected. It's a pretty good number. And guess what? Now let's look at the unemployment rate, 4.1% CNBC's Rick

Santelli. But guess where much of the hiring was done last month? I have to point out. I don't even know President Trump is gonna like this report. Why? 73,000 of the job gains of the CNBC senior economics rep The weakest private secto of 2024. What I think hap hiring in the state and l makes this so much higher was estimating. Now the j

evidence of a low higher, low fire job market. You've got a federal hiring freeze, you've got an immigration crackdown, and you have a situation where the private sector is sitting on eggshells, walking on eggshells here, waiting for these trade deals to either happen or not. And in the meantime, you've got these tariffs which are driving up costs.

So CEOs, they're not hiring, everything's on hold. But the good news is they learned their lesson in COVID. They're not doing big layoffs. Now you hear of a few here and there, but in total they're not doing layoffs because they're hoarding their talent. They've learned that once you get rid of your talent, it's very hard to get it back. That's the Conference Board President, Steve Odland, on CNBC. No reason for the Fed to cut interest rates in That's the Conference Board President Steve Odland on CNBC. No reason

for the Fed to cut interest rates in today's jobs report. In fact, bond yields were ticking higher. Mortgage rates follow that 10-year Treasury. They could go up by this afternoon too. Airlines are facing investors during this strong but cheaper Fourth of July holiday period. After pulling back in May and June, there are a record number of travelers taking to the skies this weekend, but airlines cut their airfares to make that happen. Airlines also cut capacity and swapped bigger planes with empty

seats in there for smaller ones. Here's CNBC's Melissa Lee with cities airline analyst Stephen Trent on CNBC airlines have been running much more efficiently and with much more efficiently and with much more discipline. They've already cut capacity quite a bit

going into the slowdown. That's definitely gonna help. And if you look at what happened last year, it was a bit tough. We had a little bit of a mismatch in terms of capacity here in the domestic market. The group acted aggressively. They cut, you saw a nice unit revenue bounce

into the end of the year. They are still well positioned to have a bounce into the back half of this year. Fourth of July barbecue prices are higher this year. A new congressional report says President Trump's tariffs have hurt the great American picnic. The prices of beer, outdoor folding chairs and grilling tools are all higher and the total cost of a typical grocery trip for a cookout has increased by more than 12% over last year. The report shows six packs of Miller Lite and Coors Lite, they've increased by more than 13% since April.

Wall Street closes early today, 1 p.m. Eastern for the July 4th holiday. Jessica Edinger, CNBC. CNBC is the network for ambitious people.