CNBC Business News Update Market Midday: Stocks Mixed, White House Appeals Tariff Block, Consumer Spending Slows In GDP Data 5/29/25
May 29, 2025
Markets are feeling the heat with Wall Street showing mixed results, especially as the Dow and S&P 500 stumble. A recent court ruling challenges new tariffs, adding to economic uncertainty. Meanwhile, consumer spending is on the decline, impacting growth and pushing unemployment claims higher. The podcast also shines a light on NVIDIA’s stellar quarterly performance fueled by AI demand, while highlighting Chevron’s job cuts and McDonald's latest product launch. It's a whirlwind of corporate news and market shifts!
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Court Blocks Broad Tariff Powers
- A federal court blocked President Trump from imposing broad reciprocal tariffs without Congressional input.
- This ruling challenges the use of unbounded tariffs as leverage in trade negotiations.
Q1 Economic Growth Slows
- U.S. economic growth contracted in Q1 for the first time in three years, but the slowdown was less severe than expected.
- Consumer spending was revised down, highlighting growing uncertainty and consumer confidence issues.
Rising Unemployment Claims
- Unemployment claims are rising above pre-pandemic levels, with the highest continuing claims in three years.
- This suggests it is taking longer for people to find new jobs in the current labor market.