CNBC Business News Update - Market Open: Stocks Lower, Big Banks Report Strong Results, Bank CEOs Might Be The New Economic Data 10/15/25

Episode Date: October 14, 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. 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. Lower out of the gate this morning, a pullback after yesterday's pop and last Friday's plunge. The seesaw and volatility surrounds the U.S. government shutdown, which is about to enter its third week. The Dow falling 377 points, 8 tenths of a percent. Goldman Sachs shares leading it lower, down 3%. The S&P 500 indexed down 66 points. that's 1% the NASDAQ falling 331 points. That's 1.5% shares of NVIDIA this morning down 2.5% out of the gate. Earning season is on.

Big banks are out with quarterly results. J.P. Morgan Chase, Goldman Sachs, each beat estimates along with BlackRock and Wells Fargo. City posted stronger revenue than Wall Street expected. High Towers, Stephanie Link on CNBC on JPMorgan Chase. On JP, I mean, my goodness, it was a great quarter. It's just that the stock is up 28% and it's not cheap. But, I mean, you know, investment banking fees of 17%, trading up 24%. And their deal-making fees were up 16%.

So, I mean, it was really good across the board. The government shutdown means big bank CEOs may be the new economic data. With nothing from the government coming in terms of data, investors are leaning on what CEOs say about the U.S. economy and the American consumer. I think we have no choice but to see what they're saying, see what they're seeing in terms of consumer trends, trends with their credit cards, you know, banks provide a nice little hedge because when things are more volatile, you know, banks will do fine.

And if things are actually fine and the consumer's doing well, then they'll make money that way. So, you know, that's kind of a great place to look at. They are the macro. MetLife's Drew Mattis on CNBC. General Motors third quarter results next week will include a more than one and a half billion dollar charge off because it's all electric vehicle plans haven't played out as they thought. The Trump administration ended the EV tax credit, which helps sell a lot of cars. Ford took a major EV charge off last year.

Tariffs begin today on imported kitchen cabinets, bathroom vanities, and upholstered wooden furniture. Small business owners in the home improvement industry say they expect some should. short-term pain with clients who may balk at paying more than what's in their budgets for these items. Crude oil at its lowest since last spring at $57 a barrel for U.S. crude. The oil companies need about $65 to turn a profit. Oil inventories are at a four-year high globally. Too much oil, not enough demand. And this is why ExxonMobil and Chevron are eyeing job cuts. And it's why you might enjoy lower prices at the pump for a longer period. We're seeing really a surge in global oil supply in September, the latest month for our oil data, global oil supply, now looks on track to increase by 3 million barrels a day this year and another 2 million barrels a day next year.

So we're seeing this oil now hit the water and boost inventories, setting for a bloated surplus in the market. That's the International Energy Agency's Torrell-Besoni on CNBC. Meta-owned Instagram rolling out PG-13 content guidelines for teenage users. After years of criticism, that teens' mental health has been impacted by social media like Insta. And years of viewing and sharing accounts pushing sexualized content and media related to drugs and alcohol. Jessica Ettinger, CNBC. CNBC, live ambitiously.