CNBC Business News Update - Market Open: Stocks Lower, Jobless Claims Lower Than Expected For The Holiday Week, Delta Airlines Reduces Seat Capacity 7/10/25

Episode Date: July 10, 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. Markets are in the red this morning. Investors are trying to look past the latest trade developments. Brazil saying it will place reciprocal tariffs on American goods sent to that country retaliating against President Trump. Brazil is now China's top supplier of soybeans as American farmers fall behind because of tariffs. The Dow is down 75 points this morning. It's being led lower by shares of United Health which are down almost 2%. The S&P 500 index down 4 points. The NASDAQ down 8 points. Nvidia shares are higher up almost a half percent this morning. Nvidia became the world's first $4 trillion company yesterday. Bitcoin on pace for another record high today after hitting one yesterday of more than $112,000. The number of people who applied for unemployment benefits last week was lower than expected. It was a holiday week. $227,000 is our number for the week of July 5th on initial jobless claims. 227,000 will be the smallest number since mid-May. It really has been kind of very, very steady on continuing claims. Another

month above 1.9 million. These are the highest numbers going back to 2021. CNBC's Rick Santelli, but that continuing claims number is the number of people who are already collecting unemployment checks. It did pop to its highest in three and a half years, suggesting it is taking people longer to find their next job. Delta's CEO told CNBC that as of the middle of next month, the company is replacing larger planes with unsold seats with smaller planes, adjusting capacity as it adjusts to demand. Americans are watching their budgets and pulling back on some of those plane tickets. You have the impact that we've seen from the tariff battles and all the global trade wars that are being waged.

There's been a big pullback over the start of the year. Main cabin is down five percent. Main cabin is down. That's where you have your most price sensitive customers. What you'll see post-mid-August is you'll see industry capacity, particularly in the main cabin, domestically coming down significantly. Delta CEO Ed Bastion on CNBC with CNBC's Phil LeBeau. Consumers spent slightly more in June in the new Bank of America data, but spending is cautious.

We did see the consumer rebound in June, but on a seasonally adjusted basis that rebound didn't offset the declines that we'd seen earlier in the quarter. What I would say, if you were taking the temperature of the consumer right now, they're cooling, but they are not collapsing, right? You're seeing households kind of make some decisions, manage their budgets, some softness in certain areas. BIAVASLA's Everett Krisberg on CNBC. CNBC is out with America's top state for business in a new analysis. North Carolina, the Tar Heel State, with top five finishes in economy, solid growth,

and entrepreneurs dream, solid growth and entrepreneurs dream, workforce and business friendliness. Like Jet Zero just last month promising more than 14,000 jobs building fuel-efficient airliners in Greensboro, a big win in a state still recovering from tragic loss. Hurricane Helene, a $60 billion disaster, worsening a statewide housing shortage. But through it all, the state keeps growing. North Carolina, America's top state for business, 2025. CNBC's Scott Cohn. As Americans struggle with their budgets, McDonald's has added a more affordable option to menus today. Customers have been begging for snack wraps and they're back nationwide.

Jessica Edinger, CNBC. President's latest, uh, I swear he's watching. Squawk Box, 6 a.m. Eastern and streaming on CNBC+.