CNBC Business News Update - Market Open: Stocks Mixed, Nasdaq Hits Fresh Record High, NVDA Hits Fresh Record High, Oil Ticks Higher 6/25/25

Episode Date: June 25, 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 mixed out of the gate with the Dow in the red down 19 points Verizon shares leading it lower down more than 1% this morning the S&P 500 index up 13 points very near a record high this morning. It's up 122 points, that's a half percent. Nvidia shares helping there, Nvidia's up almost one and a half percent, hitting a record high. Oil prices have been on a wild ride, soaring after the US bombing of Iran's nuclear facilities, then plunging on the Israel-Iran ceasefire. President Trump's ceasefire appears to be holding. We've seen no reports of missiles flying today

or flare-ups on the ground. Many commercial flights have also resumed around the region now that airspace has been reopened. And the Strait of Hormuz, this is the world's most critical oil choke point, remains open as well. Around 20 percent of global supply moves through there. So traders see that as a signal that physical barrels are less likely to be disrupted. CNBC's Dan Murphy in Dubai. Federal Reserve Chair Jerome Powell back on Capitol Hill today for his testimony to Congress, this time in front of the Senate Banking Committee. He said yesterday to the House

Financial Services Committee that he expects central bank officials to remain on hold with any interest rate cuts because they want to see the impact of President Trump's tariffs on prices and inflation. Steel from Mexico could get cheaper, especially good for U.S. carmakers, as President Trump may do a U-turn on some of his tariffs. Well, the U.S. and Mexico are reportedly focusing

on possible exemption to reduce tariffs on steel imports. Now that's according to Bloomberg, which says negotiators are looking at a quota system for Mexican imports of the metal that US automakers and other industries have called essential. Now the report adds the move would exempt the steel from a 50% tariff, but that it would still be hit with a 10% charge. CNBC's Sylvana Hanau. Mortgage demand barely moved last week. The summer housing market is moving at a snail's pace. Applications to buy a home fell from the week before, including an adjustment for the Juneteenth holiday.

The average rate today on a 30 year fixed home loan 6.8% according to mortgage news Daily Facebook parent Metta got a sweet deal for a new 10 The average rate today on a 30 year fixed home loan, 6.8% according to Mortgage News Daily. Facebook parent Meta got a sweet deal for a new $10 billion data center in Louisiana. They are after all the backbone of the artificial intelligence revolution and Louisiana has just reeled in a huge one. This site is massive, best viewed from the air. 2,250 acres.

But this project will create just 500 permanent jobs, even at the height of construction. It's just 5,000. Yet, Louisiana is giving Metta a rebate on potentially billions of dollars in sales taxes. A CNBC investigation just last week found those sales tax breaks increasingly popular. Susan Bourgeois is secretary of economic development.

This wasn't about what the state would win or lose from just that one isolated sales tax. This was about we want to compete with Mississippi, Alabama, Georgia, South Carolina. And bring new vitality to one of the poorest regions of the country. CNBC's Scott Cohn see the full report at CNBC.com. Tesla's sales in Europe came in lower for a fifth straight month. FedEx shares were lower on a weaker than expected earnings forecast. McDonald's will stop selling Krispy Kreme donuts next week after the collab wasn't very profitable. The NBA draft begins tonight in

New York City. Jessica Ettinger, CNBC. CNBC is the network for ambitious people.