CNBC Business News Update - Market Open: Stocks Mixed, Trump Will Speak With China's President This Week, Trump Doubles Steel Tariffs 6/2/25

Episode Date: June 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 Ehringer CNBC Wall Street starts June trading mixed the Dow down 183 points a half percent being led lower by shares of Caterpillar which are down 2 percent today. The S&P 500 index is down 10 points the Nasdaq still in the green but barely it's up five points in late morning trading Nvidia Nvidia shares up almost 1%. Look, I think people are very beleaguered by the fact that there's the trade talks seems to have gotten worse, not better with China. CNBC Mad Money host Jim Cramer,

a White House official today saying that President Trump will speak with China's president this week. Companies whose shares have hit fresh all-time highs today include Philip Morris, CrowdStrike, and Palantir. President Trump doubling tariffs on imported steel, taking them to 50 percent. Europe and other nations hinting at retaliation. U.S. steel stocks were higher. Well, obviously certainly positive for steel, but there's a lot more users of steel than producers of steel.

The manufacturing side is not gonna be happy with another spike in steel prices. Take multifamily housing, for example, this is not gonna be a good cost input for the production of more housing. So there's a lot more collateral damage on the users of steel. Probably more jobs lost in the users of steel and on a dollar basis, those steel jobs that

are created end up costing a lot of money. Bleakley's Peter Bookfar on CNBC. HIMSS, cutting four percent of its workforce as copies of weight loss drugs have been banned. HIMSS has been selling compounded versions of Novo Nordisk's Wigovie. Social Security checks may be smaller starting this month for some people as early as tomorrow. As student loan garnishments begin, the Trump administration announced in April the Department of Education would resume collections. After a nearly five-year pause during the pandemic, non-payers could also see their

wages garnished down the road to repay those student loans. Newark Airport in New Jersey has opened a runway today, two weeks early, after construction crews sped up their work. The DOT hopes it eases flight issues in the New York City area. Aldi's cookie packaging looks blatantly like Oreo packaging, according to Oreo maker Mondelise. It's suing the German grocery chain retail dives says Mondalise claims packaging on seven products could deceive and confuse

consumers Disney's Lilo and Stitch won the weekend box office for the second week in a row bringing in $63 million becoming the second highest grossing movie of the year. Behind the Minecraft movie, it has now sold $280 million in tickets in the U.S. and Canada. CNBC's Andrew Ross Sorkin, Jessica Ettinger, CNBC.

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