CNBC Business News Update - Market Open: Stocks Turn Higher, Investors Brace For Possible Retaliation Over US Airstrikes Against Iran, Oil Prices Higher 6/23/25

Episode Date: June 23, 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 now higher on this first trading day of summer for stocks. Investors shaking off the U.S. attack on Iran over the weekend and higher oil prices. The Dow up 166 points, four tenths of a percent. IBM shares leading it higher. They're up one and a half percent. The S&P 500 index now up 30 points. That's a half percent. The Nasdaq up 92 points a half percent. We have tariffs, trade wars, we have a tax fiscal situation in the United States. And I think what actually is hardest to understand is how these things interact. And so you know it's not terribly surprising that there's not strong conviction to sell. And I think that's really all we're seeing today.

It's wanting to get more information and I think not only hope for that the Iranian nuclear program is neutralized, but also perhaps some expectations that if things deteriorate, there will be some easing up of tariffs and tariff risk. That's the Carlyle Group's Jason Thomas on CNBC. Positive news in the housing business. More homes than expected were sold last month. May existing home sales at more than 4,000. Economists had forecast under 4,000.

Oil prices are higher on worries Iran's retaliation, if it chooses to do so, will disrupt oil supplies. The U.S. has called on China to pressure Iran not to close the Strait of Hormuz to shipping. What is the Iranian response? And I think a lot of people are saying, OK, the worst is over. The United States hit these facilities. What can Iran do? It has no interest in stopping ships from going through the Straits of Hormuz. That would hurt themselves economically.

But if you're Iran and you believe that this is potentially a regime change exercise and the statements from President Trump seemingly signal that he is thinking about regime change possibly, what cards do Iran have left to play? You target U.S. troops in the region, you go for energy supplies, you potentially drive up the price of oil and make people in the West rethink this action. That's RBC's Halima Croft on CNBC. Americans are already paying more at the pump. Gas prices up about ten cents a gallon in less than a week, according to AAA. Airlines and power providers are on alert today for extreme heat in the

eastern third of the country as temperatures soar and their businesses can be strained. The nation's major health insurers are promising to scale back a widely despised practice that leads to care delays and complications. UnitedHealthcare, CVS Health's Aetna and dozens of others say they'll require less prior authorizations. The group also says they'll honor the pre approvals of a previous insurer for a period of time after somebody switches plans. Disney's Pixar banked its lowest opening ever over the weekend for a movie. Elio took in just 21 million dollars in North America. That's the worst ever

opening for a Pixar film. Costs at least 250 million dollars to produce and market at the top of the box office was how to train your dragon from Universal Pictures taking in 37 million dollars. It has now grossed close to 360 million dollars worldwide. Comcast owns Universal Pictures and NBC Universal and of course. Today is the parent of CNBC CNBC's Joe Kernan capital one is open what's being called a top new airport lounge it's open 24 hours a day with rolling carts that serve late night midnight snacks to passengers inside it's at John

F. Kennedy airport in New York City. Jessica Ettinger, CNBC.