Closing Bell Overtime: Macro Catalysts Ahead; Chicken Feet Caught In Middle Of The Road From Trade War With China; Live From The Arctic Circle 6/2/25

Closing Bell

CNBC

Business, News

4.8 • 118 Ratings

🗓️ 2 June 2025

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Market start the week and month paring morning losses and grinding higher throughout the sessios, with plenty of macro catalysts ahead. Our Megan Cassella reports on escalating trade tensions as China strikes back. We take a look at the trajectory with Dan Skelly, Managing Director at Morgan Stanley Wealth Management, who expects rangebound action for the rest of 2025. Oil spikes more after an OPEC outlook hike was less-than-feared and energy investor Arjun Murti weighs in. Our Eunice Yoon reports from Beijing on how Chinese restaurants are dropping American menu items—like U.S. chicken feet—as tensions rise. Our Brian Sullivan reports on progress with the Alaska LNG pipeline from the Arctic Circle. Michael Lasser, Retail Analyst at UBS, joins Jon to break down dollar-store earnings later this week.

Transcript

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0:00.0	Well, that's the end of regulation. Grindr ringing the closing bell at the New York Stock Exchange.
0:04.6	EW. Scripps doing the honors at the NASDAQ, specifically the winner of the National Spelling Bee.
0:09.4	Well, stocks seeing a comeback from earlier losses, the Dow had been down more than 400 points, closing fractionally higher now.
0:15.1	The NASDAQ was the leader today. Steel stocks, soaring. As the president says, he will double tariffs to 50% beginning Wednesday.
0:21.8	Auto stocks going in the opposite direction on concerns about those increasing costs.
0:26.4	Oil closing higher as OPEC plus hikes output less than expected and on rising geopolitical tensions.
0:32.2	We got more on that ahead.
0:33.6	And speaking of commodities, gold hitting a three week high as the dollar weekend and trade tensions mount.
0:39.4	The mining ETFs moving higher by more than 4%.
0:42.0	Housing-related stocks falling following a drop in U.S. construction spending,
0:47.7	with single-family construction falling for the first time in seven months.
0:51.6	And bio-endech shares soaring on a multi-billion dollar deal with Bristol-Myers
0:56.6	Squibb to partner and co-develop an experimental cancer drug. Chit names higher across the board with many
1:01.8	of the names up more than 2%. Mike Ron, the big winner in the space. And that is the scorecard on
1:07.0	Wall Street, but winters stay late. Welcome to closing bell overtime. I'm John Ford, along with Morgan Brennan.
1:11.6	And we begin today with the latest he said, she said, between the U.S. and China on trade.
1:16.3	After accusations from both sides that the other violated the temporary agreement,
1:20.8	today the White House saying President Trump and President Xi might speak this week,
1:25.0	Megan Kassela joining us now with more.
1:27.1	Megan.
1:27.8	Hey, John, that's absolutely right.
1:29.2	We don't know exactly when the call will happen,
	...

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