CNBC Business News Update Market Open: Stocks Mixed, Trump Will Speak With China's President This Week, Trump Doubles Steel Tariffs 6/2/25
Jun 2, 2025
Explore the current mixed trading landscape on Wall Street as tensions with China rise. Discover how President Trump's new steel tariffs could shake up the market. Corporate developments are causing waves too, with HIMSS announcing job cuts and a legal dust-up involving Aldi and Mondelez. Plus, get the scoop on this week's notable box office updates!
AI Snips
Chapters
Transcript
Episode notes
Mixed Market Start to June
- Wall Street starts June trading mixed with Dow and S&P 500 down while Nasdaq edges up.
- Caterpillar shares fall 2 percent, showing sector-specific struggles despite broader market movements.
Impact of Steel Tariffs
- President Trump has doubled tariffs on imported steel to 50 percent, causing U.S. steel stocks to rise.
- However, higher steel costs may negatively impact manufacturers and users, potentially causing more job losses there.
Resumption of Student Loan Collections
- The Department of Education will resume student loan collections after a pandemic pause.
- This may lead to smaller Social Security checks and wage garnishments for past non-payers.