CNBC Business News Update - Market Open: Stocks Mixed, Microsoft Cuts Hundreds More Workers, Klarna Credit Card Coming 6/3/25

Episode Date: June 3, 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 is mixed out of the gate. The Dow is in the green by 16 points. Walmart shares up about a percent this morning leaning at higher. The S&P 500 index in the red down for the NASDAQ down 12. Nvidia shares up three quarters of 1% this morning. Microsoft just cut hundreds more employees. CNBC Med Money host Jim Kramer with Carl Quintanilla. Well, they have a take on AI replacing these people. I keep seeing these people laid off by Microsoft. Do you think that that's just because they don't have a lot of business? It's because they have so much business they need the machines, which are better. Why do we need all these expensive people when we have something that is smaller

than us? So the Microsoft layoffs, you mentioned another 300. They just laid off 6000. That was the biggest in years. You think it's a large part because of this? Yeah, well, I think that, you know, when you don't say why you're laying people off and you're doing incredibly well, I'm saying that those people are the equivalent, as we said at Goldman Sachs, dead wood. Pay in for company Klarna, taking on the big banks with a new debit card as it diversifies beyond buy now pay later loans.

While the card does debit a bank account for your purchase, consumers can also choose to pay in for and avoid interest. Klarna says five million Americans are on the waitlist for the Klarna card, which allows consumers to store money, make real-time transfers and deposits. Nearly a half million Americans will not yet see their Social Security checks reduced for not paying back student loans. The Department of Education pausing a plan to garnish people's Social Security benefits if they've defaulted on their student

to an agency spokesperson an abrupt change in polic and announced in april, w activity on the country's loan portfolio. Now, duri remember the government s people who had fallen beh Normally social security You may remember the government stopped going after people who had fallen behind on their payments. Normally, Social Security recipients can see their checks reduced by up to 15 percent to

pay back defaulted student loans. More than 450,000 federal student loan borrowers age 62 and older are in default on their federal loans, which is a remarkable stat. CNBC's Andrew Ross Sorkin. Akron, Ohio, celebrating the 100th birthday of the Goodyear blimp today with a flyover the airship called Pilgrim was the very first it flew just outside of Akron on this date in 1925 Honda has stepped up and signed as a founding partner for the 2028 Olympics in Los Angeles Toyota

declined to renew last year Delta Delta and Comcast, the parent of NBC Sports, are the other top-level sponsors for LA-28. Bulk airplane seat discount. The booking site Thrifty Traveler says United and Delta have stopped charging single travelers more for plane tickets. After the practice became public, Americans says the site was still requiring more than two flyers to qualify for the lowest fare on some routes. More Americans than ever are polyworking. That's the term for having a side hustle or two in addition to a regular full-time

job. Government job cuts, a tariff trade war, and volatile stock market have people nervous about income? And the New York Times says the number of people working multiple full or part-time jobs is now pushing nine million for the first time in more than 30 years. I'm Jessica Edinger, CNBC. Michael Jordan's the only guy who can compare in terms of confidence. When you're Steph Curry, there's brand value there, there's brand awareness. Curry Inc., the business of Stephen Curry. of confidence. When you're Steph Curry, there's brand value there, there's brand awareness.

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