CNBC Business News Update - Market Open: Stocks Lower, Investors Watching Shifting Tariff Deadline, Dinosaurs Win The Weekend Box Office 7/7/25

Episode Date: July 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's in the red to start this new week of trading the Dow down 98 points out of the gate. Sherwin Williams shares leading it lower down more than 1 percent. The S&P 500 index down 24 points, almost a half percent, and the Nasdaq down 128 points, about a half a percent. The S&P 500 index and the Nasdaq down 128 points, about a half a percent. The S&P 500 index and the Nasdaq, each falling from record highs. Overall, the markets are entering a so-called prove it phase of the current stock market rally. Valuations are high, feathers on the hold,

earnings are cooling. And if you think about all the overhangs, obviously there's tariff uncertainty. Satara's Jean Goldman on CNBC. President Trump confirmed tariffs are set to go into effect August 1st and not the day after tomorrow, which was the original deadline. There's going to be some uncertainty this week regarding this tariff deadline. The president threatening some additional tariffs on BRICS, aligned nations of 10 percent. The Treasury

secretary got into some of that talking trade with the gang on squawk. Take a listen. We are going to have several announcements in the next 48 hours and I think what President Trump is concerned about is the quality of the deals, not the quantity. As you could imagine, as he started herding the cats and trying to get everyone across the finish finish line when he said that there's a chance that countries could boomerang back to their April 2nd reciprocal tariff levels, we've had a lot of people change their tune in terms of negotiations. Treasury Secretary Scott Besant on CNBC with CNBC's Carl Quintanilla. The insurance industry watching Texas as flash flooding has killed more than 80 people. The insurance journal reporting that the deadly floods are reinforcing Texas as a crisis epicenter.

A flood watch has been extended into tonight. In 2024, Texas endured Hurricane Barrel, which knocked power out to millions, a windstorm that blew out Houston's skyscraper windows, and numerous wildfires. the water coming at you in less than an hour. It's very hard to keep everybody protected. So it's a terrible thing that's happened. The lesson from this is we can work on building resiliency. It's not a huge surprise that there are floods in America. It's true. The floods can happen anywhere, straight line winds, hurricanes, tornadoes. We need to just make sure people are protected, which means improving resiliency. That's all-state CEO Tom Wilson on CNBC. Tesla shares dropping in early trading after Elon

Musk said over the weekend he's launching a new political party. Investors are worried that Musk will spend more time on politics and not running his companies. Yeah, and he's leaving the door open to the possibility that maybe he would run for president himself in a post on X. He would not rule that out, though. He said for right now, his focus is on the House and the Senate ahead of the midterm elections and that he really plans to focus on just a handful of House and Senate races where there are very thin margins that could be enough to serve as a deciding vote in these upcoming midterms. That's CNBC's Alice Barr in Washington.

Dr. Phil's TV network Merit Street quietly filed for bankruptcy ahead of the long holiday weekend. Universal's dinosaurs won the Fourth of July weekend box office. Jurassic World Rebirth bringing in $147 million in ticket sales over the five day period. Universal is a sister company to CNBC. Jessica Edinger, CNBC. CNBC is the network for ambitious people.