CNBC Markets Now: June 23, 2025
CNBC Markets Now provides a look at the day's market moves with commentary and analysis from Michael Santoli, CNBC Senior Markets Commentator.
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The global week ahead: A hectic half first heralds a volatile second
"Politics isn't wagging the tail – it's shaking the entire dog." These strong words from one wealth manager to CNBC last week capture a hectic first half of trading. They also set the stage for an uncertain second half, where "geoeconomics" looks set to remain a dominant market force. This week, expect attention to return to monetary policy, as central bankers from across the globe — who have kept their heads down amid political tensions — prepare to speak at the ECB Forum in Sintra, Portugal. A lot has happened in the last six months, with trade tensions and truces sending equity markets across the globe haywire. The VIX volatility index — also known as the Wall Street fear gauge — spiked in April as tariff threats, followed by tariff pauses, caused huge intraday swings across major indices. Meanwhile, "black swan" moments in the Middle East also kept investors on edge. Amid all the uncertainty, some stock markets showed remarkable resilience: Germany's Dax remains the outperformer in Europe, up over 18% so far this year, followed by London's FTSE 100 up around 9%, while the French CAC 40 lags with around 5% gains. But what does this all mean for trading in the second half of the year? Goldman Sachs warns that, "elevated policy uncertainty paired with a worsening macro backdrop are likely to support higher equity volatility in the next months."As Goldman's warning rings loudly in investors' ears, the stage is set for central banks to return to the limelight. This week, the town of Sintra in Portugal plays host to the annual ECB Forum, where European central bankers are joined by their international counterparts to exchange views on current policy issues. The sun may well be shining in Portugal — but President Donald Trump's recent comments will no doubt cast a shadow over the meeting, as he continues to put unprecedented pressure on Federal Reserve Chair Jerome Powell. Just last week, Trump's name-calling of Powell ramped up, sparking talk of a so-called "shadow Fed chair," who could keep an eye on things until taking over as chair next year. Powell also put the pressure on his monetary policy peers, calling on central bankers to hold steady until they see the impact of trade tariffs: "We are well positioned to wait and learn more about the likely course of the economy before considering any adjustments to our policy stance." Europe will need to decide how much it lets the U.S. approach dictate its policy, with ECB President Christine Lagarde opening proceedings in Sintra with a speech on Monday evening. Expect a punchy tone; her recent op-ed in the Financial Times saw her call for the euro to take advantage of the current environment and "gain global prominence." Next Friday marks the first anniversary of the Labour Party taking power in the U.K., following 14 years of Conservative rule. A landslide victory saw a jubilant Labour return to Downing Street with the promise of change and growth. But the honeymoon period was short-lived. Fast-forward 12 months and Prime Minister Keir Starmer looks set to reach his first year in office with plummeting approval ratings which put him below his rival party leaders, including Reform's Nigel Farage, Liberal Democrat Sir Ed Davey and Conservative leader Kemi Badenoch. Starmer has faced a lot of external pressure, ranging from a public spat with Elon Musk to a slew of foreign policy challenges in Ukraine and the Middle East. Even three trade deals — with Europe, India and the very first U.S. agreement — did little to improve his popularity. But the economic challenges at home are causing the most discontent, with pressure even from within his own party to review certain reforms.
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18 hours ago
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Here's how China just proved it can shut down auto production around the world
China dominates the world's production and processing of rare earth elements, which are used in all kinds of things: sports equipment, national defense, and each of the roughly 16 million cars sold in the US every year. The Asian country suddenly restricted exports in early April 2025. The move sent shockwaves through the auto industry which can't build cars without these minerals. CNBC Dove in to see how we got here, and how the auto industry might find its way out.
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Jim Cramer is not giving up on Apple. Here's why
CNBC's Jim Cramer on Friday told investors that he's still pulling for Apple, even as its stock lags behind the averages. "If Apple can shake off its current shroud of negativity — maybe they make nice with President Trump somehow — I could justify paying 35 times earnings for the stock," he said. "Which is why I'm simply not ready to give up on this one." Cramer said he understands the current lack of enthusiasm for the iPhone maker. President Donald Trump is slapping steep tariffs on China, where Apple does the majority of its manufacturing. Trump has also said the company would have to pay a tariff of 25% or more if it were to make smartphones anywhere outside the U.S. — thwarting Apple's plans to dodge the new regulations by moving manufacturing to India. Some analysts have said domestic manufacturing would raise the cost of an iPhone by at least 25%, with one estimating a U.S. iPhone could sell at $3,500. Apple's recent Worldwide Developers Conference didn't "yield anything groundbreaking," Cramer continued, especially related to artificial intelligence. The tech titan also gave "tepid" guidance when it reported earnings last month, he added, and some on Wall Street are concerned as litigation regarding the App Store continues. However, Cramer said he's willing to stick with the company despite this uncertainty. He said he has faith in CEO Tim Cook, adding that tough times for Apple in the past have always proven to be great buying opportunities in hindsight. He reviewed the stock's performance over the past several years, noting that it has rallied hard after hitting bottoms. Cramer also said it's important to avoid looking at Apple's price-to-earnings multiple in a vacuum, saying investors should factor in its earnings growth rate. Money managers will pay up for growth, he continued, and he said Apple is expected to put up 14% earnings growth in the current calendar year. Meanwhile, he added, the S&P 500 as a whole is set to grow at a 9.4% clip. "There's clearly a point where Apple's stock becomes too cheap to ignore, and recent history says that's around 25 times earnings…that means down about 20 points from here," Cramer said. "I certainly don't want to see it revisit that level….but if for some reason the stock gets clobbered, you know what, let's back up the truck at $180." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest The CNBC Investing Club Charitable Trust holds shares of Apple.
