CNBC Business News Update - Market Open: Stocks Lower, Bond Yields Pop, Target Out With Disappointing Quarterly Results 5/21/25

Episode Date: May 21, 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's in the red again today. Bond yields are up, pushing stocks down. The S&P 500 index snapped a six-day winning streak yesterday with that loss. We'll see where it ends today. The Dow plunging 350 points. 8 tenths of 1% led lower by shares of United Health,

down 5%. The S&P 500 index down 33. the Nasdaq down 106 points. Nvidia shares are down a half percent. Lawmakers in Washington working this morning on the budget bill after President Trump went to Capitol Hill yesterday to tell Republicans who control the House to just get it done. There are new provisions designed to get votes. Here's CNBC's Jim Kramer. They need everybody. They're talking about the targeted tax breaks for gym membership.

They're talking about bringing back the tanning business, which had a tax order. And then here's need to bring back the house. You'd be tax bill reconciliation process, inclusive revision to eliminate the $200 tax stamp on firearm silencers, also known as suppressors target out with quarterly results today. It had a tough quarter. The retailer blaming backlash to its DEI rollback which sent shoppers to other stores. Looks like a pretty disappointing performance from Target for the first quarter. Now on a media call Target CEO Brian Cornell wouldn't say definitively if the retailer had raised prices due to tariffs or would in the future. He did say target as many levers and mitigation strategies it would employ first raising prices as

a quote last resort. Cornell called out quote ongoing pressure from five consecutive months of declining consumer confidence, tariff uncertainty and the reaction to its upgraded DEI program. CNBC's Courtney Reagan. Mortgages popped to their highest rate since February last week. Back above 7% mortgage applications tanked. Lows sticking by its full year forecast. The chain is counting on sales to home professionals to boost its

business past what the tariffs are going to cost it. Tesla Robo taxis should be on roads in Austin, Texas next month. This is what CEO Elon Musk said on CNBC. Toyota has redesigned America's top selling SUV, the RAV4, to become exclusively a hybrid. Beginning in 2026, it will eliminate the gas only engine option.

Last year, the company sold more than 475,000 RAV4s. About half of them were hybrids. Toyota didn't disclose pricing, but the current RAV4 hybrid starts at about $37,000. CNBC's Joe Kernan. Fortnite, back on the Apple App Store after the game maker won a five-year court battle over in-app purchase fees. Jessica Edinger, CNBC.