CNBC Business News Update - Market Open: Stocks Higher, US And China Meeting This Weekend, Disney Abu Dhabi Coming 5/7/25

Episode Date: May 7, 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 bouncing today after yesterday's losses. The path on trade deals a little more clear today as Trump officials, including Treasury Secretary Scott Besant, are set to meet with their Chinese counterparts on trade this weekend in Switzerland. The Dow up 193 points. That's about a half a percent. The S&P 500 index up 15. The NASDAQ up 30 points. You know, we would not get overly obsessed with the daily news flow because it's been exceptionally erratic.

Some days the negotiations are on, some days the negotiations are off. The market's focused on the negotiations this morning, but by this afternoon, they're gonna be thinking about the Fed and the Fed's comments. We would not try to trade this market on a hour by hour basis because we think it's virtually impossible.

Matrix assets David Katz on CNBC. The Fed is expected to hold interest rates steady when it wraps up a two day meeting this afternoon. Fed Chair Jay Powell speaks at 2 p.m. Eastern. Disney announcing a theme park in the United Arab Emirates in Abu Dhabi, along with quarterly results that beat estimates. Here's Disney CEO Bob Iger on CNBC today. About 500 million people that are income qualified, meaning they can afford to visit one of our parks, live within a four-hour plane trip. When you consider

Abu Dhabi, they love Disney. This is the right place. By the time it opens will be the right time. And this is a really a momentous occasion for the Walt Disney Company. Iger tells CNBC it takes about two years to design a theme park and five years to build it. Chipmaker AMD beat on earnings, but it'll take a big hit to revenue

because of chip restrictions to China. Electric vehicle maker Rivian out with strong quarterly results, but it cut the number of vehicles it expects to deliver this year because of the Trump tariffs. Watch drug company stocks today. The FDA named a new head of vaccines who's been accused of spreading misinformation

about COVID vaccines. Google agreed to fund the development of three new nuclear sites in the United States. AI will need data centers, which are going to need power. The sites, their locations, remain private. Banks are keeping credit card rates high even after the CFPB rule. They blamed for high rates was killed. Banks quickly raised those interest rates to record levels and added new monthly fees on credit cards last year when a Consumer Financial Protection Bureau rule threatened a key revenue source for that industry.

But they're not giving the consumer any breaks here now that that's gone. Synchrony and Bread Financial, two of the biggest players who issue cards for Amazon, Lowe's, Wayfair and more. They're keeping the higher interest rates in place for consumers. Executives said this in recent conference calls that CNBC monitored. Outcry over President Trump's crypto business, which is running while he's in the White House. Democrats are outraged at how Trump and his family are profiting from their crypto ventures. Trump announced that those who have bought the most of his meme coin would be invited to a dinner with him. CNBC got an exclusive first look at a new bill from Congressman Richie Torres who's introducing legislation to prevent Trump as well as other government officials including lawmakers from benefiting from meme coins and other digital assets. Senators Jeff Merkley

and Chuck Schumer also introduced legislation to prevent Trump from profiting off of crypto. In a statement, Merkley said that Trump has made it easy for those who want to influence him to enrich him personally. CNBC's Emily Wilkins in Washington. Jessica Edinger, CNBC. CNBC Plus, the new streaming platform from the number one source in business news. Start streaming.

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