CNBC Business News Update Market Midday: Stocks Rally On US-China Trade Talks, Trump Signs Drug Price Reduction order, Thunderbolts Wins Box Office 5/12/25
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May 12, 2025 The stock market is buzzing with excitement as trade negotiations between the U.S. and China spark a significant rally. President Trump's new executive order on drug pricing raises eyebrows, promising to shake up the pharmaceutical landscape. Meanwhile, the economic atmosphere remains cautious, with tariffs still a hot topic. In the world of entertainment, Disney's latest film triumphs at the box office, showcasing the continued power of captivating cinema. It's a whirlwind of finance and culture!
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Stocks Rally After Trade Talks
- Stocks rallied strongly on Wall Street after the U.S.-China trade talks over the weekend.
- Amazon led the gains, soaring 7% and boosting the Dow and Nasdaq significantly.
Drug Price Cut Order Impact
- President Trump signed an order to reduce some drug prices to overseas levels.
- Some drugmakers' shares declined following this news.
Tariffs Reduced But Some Remain
- The U.S. and China agreed to slash reciprocal tariffs for 90 days from 25% to 10%.
- Some tariffs like those on fentanyl-related goods remain, keeping total Chinese goods tariffs at 30%.