CNBC Business News Update - Market Open: Stocks Mixed, Paramount Cuts Jobs, Crude Oil Highest In 2 1/2 Months 6/10/25

Episode Date: June 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 Wall Street is mixed out of the gate. The Dow is down five points being led lower by shares of McDonald's. They're down more than one percent after an analyst downgrade. The S&P 500 index up 10 points. The Nasdaq is up 28 points. Nvidia shares are slipping fractionally this morning. Investors are waiting for news from day two of U.S.-China trade talks in London. In a nutshell, the Chinese want some of the best AI computer chips in the world from the U.S.

And the U.S. wants rare earths, which go into all kinds of things the U.S. wants to make, including cars. Here's a take from CNBC Med Money host Jim Cramer. There's a reserve in Mexico of these and Rare Earth. Never talked about them. It's there. Why don't we go down the shot? Why don't we have like a plan? Just think, if you're gonna take on the Chinese,

you better have something in your back pocket. Look, we're not strong. We're not strong. Other countries are. We should be working with our allies to come up with rare earth because otherwise what's going to happen is in a year they'll have stolen all what Nvidia has. They'll have copied it because that's what they do. And then what do we have? We're back hat in hand.

Paramount slashing another three percent of its workforce, according to a memo seen by CNBC, it's about 500 people after about 3,000 were announced to be cut last summer. Paramount owns the movie studio, CBS television and CBS News, plus the Paramount cable channels. The company is preparing to merge with Skydance Media, but that is pending regulatory approval from the Trump administration. Republicans are weighing Obamacare cuts, although a new KFF survey found that more Republicans than Democrats get their health insurance through the Affordable Care Act marketplace. Millions of people are expected to lose health insurance coverage if the budget bill does

become law. Silver near its highest since 2012. Platinum also now up more than gold year to date. Platinum hit its highest in four years. The market for precious metals is tight and prices are higher. The gold to silver ratio is near record highs and so there's plenty of room for silver to catch up here. You still have a tight market.

There are deficits in silver and I just think in metals risk appetite is broadening out and so that's a nice catch-up trade. That's UBS asset management's Evan Brown on CNBC. Crude oil at its highest in two and a half months, $65 a barrel. Watch prices at the pump they could take higher. JM Smucker shares lower on disappointing quarterly results. Casey's General Store shares popped after stronger than expected earnings and profits and a huge increase in the dividend for that company, 14%.

Cruise lines have had some big moves in their shares. You've got Royal Caribbean hitting a fresh all-time high. Norwegian saw its eighth straight positive session. Add Carnival and Viking into the mix and they all have between 10 and 20% gains over the last month. What's driving all this? Cruises are seen as high value,

which is important when consumer discretionary budgets are under pressure. Two private islands are a big draw and these cruises are global. So international travelers who don't wanna come to the United States for vacation can still pick up a cruise in an overseas port. So that leads to bookings, even if it's not here around the world. That's CNBC's Contessa Brewer. McDonald's today added Hershey S'mores McFlurries

to menus. Jessica Ettinger, CNBC. CNBC. Live ambitiously.