CNBC Business News Update - Market Open: Stocks Mixed, Tesla Higher On Q2 Delivery Numbers, Crack In The Job Market? 7/2/25

Episode Date: July 2, 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 Eddinger, CNBC Mixed Markets on Wall Street this morning. The Dow is down 95 points, led lower by shares of Travelers, which are down 2.5%. The S&P 500 index in the red by 3 points. The Nasdaq in the green this morning up 34 points. Nvidia shares are up 0.8% of 1%. A job scare for investors today. The private sector lost jobs in June, badly missing expectations for an increase of 100000 in the new ADP payroll report. Some have been waiting for the job market to crack amid the Trump tariffs, trade wars

and other uncertainty that can impact whether businesses hire people. CNBC's Steve Leesman looks at where the jobs are and aren't. It's the second week month in a row for ADP. It is the only decline since March of 2023. Small business down 47,000. There's been a lot of speculation as to whether or not the tariffs would be hurting or hitting small business. Medium-sized business down 15,000, but large businesses doing okay up 30,000. The losses were in this professional business services sector, minus 56,000, but also one of the stalwarts of the job market.

Education health services down 52,000, financial activities down 14,000, but manufacturing up 15,000, and leisure and hospitality still doing well up 32,000. The government's big jobs report for June will be out tomorrow morning a day early because of the holiday. House Republicans don't have the votes to pass President Trump's mega spending bill. Yet many representatives are preparing to stay in Washington

over the holiday to keep working on it. Here's CNBC's Melissa Lee with Republican Maryland Congressman Andy Harris on CNBC. He's the chair of the House Freedom Caucus. I believe that you said to Fox News that basically you agree with Elon Musk and his criticism of this bill, the concern about debts and deficits, etcetera. At the same time, we have the hill this morning. The headline is that you guys are threatening to stage a revolt. It sounds very contentious and I'm wondering if there's any concern that you're basically picking a fight with the president especially when you're

siding with Elon Musk the guy the president is now fighting with. Look we're siding with the House. The House took a position a month ago and it took a position that was deficit neutral. You know, adding $750 billion to an already large federal deficit in debt is probably not a good idea. Microsoft slashing thousands of people, according to the Seattle Times. CNBC's Steve Kovach with the latest.

So Microsoft telling me all 10 years, all levels across the board. And they tell me that would be approximately 9,000 employees based on their most recent employee headcount. This is on top of the 6,000 employees that they laid off in May, so bringing the total to approximately 15,000

for this year so far. Tesla shares turned higher after the company reported decent new vehicle delivery numbers for the second quarter. Tesla delivering 384,122 vehicles just shy of the consensus estimate. I wouldn't call this a miss. I'd say roughly in the neighborhood of what people were expecting CNBC's Phil LeBeau. Applications for a mortgage to buy a home ticked ever so slightly higher last week compared to the same week a year

ago. Basically flat interest rates just below seven percent for a 30 year fixed rate loan, according to Mortgage News Daily. Netflix says Squid Game season three set a new viewership record of more than 60 million people across all six episodes. Jessica Edinger, CNBC. CNBC is the network for ambitious people.