The Exchange
"The Exchange" on CNBC is a one-stop shop for the day's top business stories, along with breaking news and the must-see market movers heading into the back half of the trading day. This newsroom-based program also features lots of original reporting, in-depth conversations and showcases CNBC's award-winning investigative work.
The Fed Decision: Markets, Politics, and Housing 9/17/25
The Federal Reserve expected to cut rates by a quarter-point... we break down the market impact, Trump's feud with Lisa Cook, and whether lower interest rates can re-energize the housing market.
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“Most Fraught” FOMC Meeting, Weight Loss Wars, and Sweet on Hershey’s 9/16/25
Paul McCulley makes the case for a quarter-point cut at what he calls the "most fraught" FOMC meeting in the past 40 years. Eli Lilly and Novo Nordisk race for the next weight-loss blockbuster drug. Plus, Goldman upgrades a consumer staple.
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The SPAC is back, The Fed & Financials & no more quarterly reports? 9/15/25
It's the busiest year for SPACs since 2021. The unusual case of rate cuts with bank stocks at record highs, and the President says quarterly reports aren't necessary.
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The Exchange 9/12/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Inflation vs. Jobs, Pharma’s National Security Issue, and $160 Lipstick 9/11/26
Steve Liesman and Rick Santelli read the jobs and inflation data tea leaves ahead of next week’s Fed decision. The executive order that could have a huge impact on US drugmakers. Plus, is $160 lipstick the key to jumpstarting the luxury trade?
Oracles Wild Numbers, Klarna Starts Trading, and Novo’s Next Move 9/10/25
Analysts left ‘kind of in shock’ after Oracle reports eye-popping cloud demand numbers, sending the stock soaring and making Larry Ellison the world’s richest man. Buy now, pay later service Klarna starts trading after delaying its IPO. Plus, Novo Nordisk announces big job cuts.
The Exchange 9/9/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 9/8/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Stocks Sink After Weak Jobs Report, the Trillion Dollar Man, and the Return of Rapid Fire 9/5/25
Stocks hit fresh highs before turning lower after August’s jobs numbers disappoint. Tesla proposes a new pay package for Elon Musk. Plus, three stocks in less than three minutes…Rapid Fire is back.
The Exchange 9/3/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 9/2/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Fate of Fed Gov. Lisa Cook, Retail Earnings Roundup, AI Climbing the Corporate Ladder 8/29/25
A court hearing ended without a judge ruling on Lisa Cook’s request to temporarily bar Pres. Trump from firing her. We’ll look at the next steps in her legal battle. Plus, retail earnings season rolls on, but a lot of companies are warning about the tariff impact ahead of the holiday season. And AI is climbing the corporate ladder, no longer just coming for entry-level jobs.
The Long-Term Bull Case for Nvidia, President Trump’s Firing Spree, and a Shipping Shake-Up 8/28/25
Nvidia’s data center demand disappointed for the second quarter in a row, but Truist is looking at the long-term. Robert Primus, a member of the regulator examining the mega- merger between Union Pacific and Norfolk Southern, and one of the latest officials the White House has tried to fire, joins with his plans to fight back. Plus, will the Trump administration’s closure of a key shipping loophole mean the end of super-cheap goods from China?
The Other Chip Names to Own, The Lisa Cook Latest, and Boosting Small Business 8/27/25
Nvidia reports after the bell, but GMO’s Tom Hancock says AI profitability seems more certain longer-term in other chip names. Fed Governor Lisa Cook, who President Trump moved to fire yesterday, could file a lawsuit as soon as today. Plus, the companies making retirement benefits more accessible for small businesses.
Trump moves to fire Fed Governor Lisa Cook 8/26/25
President Trump moving to fire Federal Reserve Governor Lisa Cook, citing allegations of mortgage fraud. We spoke with another federal official locked in a legal battle with the president over her own firing, and our panel of experts discusses the fallout for rates and the market.
The Trade Ahead of Nvidia, Intel’s Government Stake, AI Adoption & the Future of Work 8/25/25
What the options market is saying about Nvidia’s post-earnings move. President Trump saying the government could take stakes in more companies. Plus, just how much AI could create in market value over the long-term, according to Morgan Stanley.
When Doves Fly, Big Tech’s Big Bounce, and Cracks in the Consumer? 8/22/25
Fed Chair Powell paving the way for a September rate cut, sparking a rally on Wall Street and helping to boost tech after some rough sledding. We dig into what to expect from the Fed after the next meeting and how to position. Plus, BofA’s Savita Subramanian changing course on one segment of consumer stocks after being bullish for two years
Fed Chair Candidate on the Record, Options Tea Leaves, and Flying Burritos 8/21/25
Former Fed Governor Larry Lindsey weighs in on the chance of a September cut. We look at where traders are buying the recent weakness in momentum stocks. Plus, it’s a bird, it’s a plane…no, it’s a burrito!
Playbook for a Hawkish Surprise, Target’s Path Forward, and AI Spending Strength 8/20/25
Barclays not expecting a September rate cut. Their strategist tells us how to play a potential Powell hawkish surprise at Jackson Hole. Target has a new CEO, but the same issues. Plus today’s AI spending may look like the Internet boom of the ‘90’s, but there’s a key difference this time around.
A September Skip, The Bullish Case for Viking Therapeutics, and Lassoing the Laggards 8/19/25
Why the Fed could skip a September cut altogether, despite higher inflation data. BTIG makes the case for sticking with Viking Therapeutics despite disappointing weight loss drug trial data. Plus, the laggards our traders says to buy now.
Chips Under Pressure & Berkshire’s UNH Stake 8/15/25
Chip stocks under pressure following weak guidance from equipment maker Applied Materials. Intel the notable exception on a report that the U.S. government is looking to take a stake in the chipmakers. Our trader tells us which semi stocks he’s buying. Plus, United Health sharply higher after Berkshire Hathaway revealed a stake of five million shares, worth about $1.6 billion. We dive into that move and more.
The Exchange 8/14/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 8/13/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 8/12/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 8/11/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 8/8/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Trump Targets Chips, The Growing Gig Economy, and OpenAI’s New Model 8/7/25
President Trump plans a 100% tariff on semiconductors, just as his global “Liberation Day” tariffs go into effect. OpenAI launches GPT-5. Plus, can anything stop Doordash?
Apple Rallies, but Trouble Ahead? Plus, Bitcoin’s Bullish Sign 8/6/25
Apple shares climb after announcing it will invest another $100B in the US, bringing the total amount the tech giant will invest over the next four years to $600B. But, one technician sees resistance ahead for Apple’s share price. Plus, Fundstrat’s Tom Lee says bitcoin is a leading indicator—and right now, that’s good for stocks.
President Trump Speaks to CNBC and the FOMO Driving Markets 8/5/25
President Trump joins Squawk Box to discuss the next Fed chair, future tariffs, and the jobs numbers. Becky Quick and Steve Liesman dig into his wide-ranging interview. Plus, is ‘buying the dip’ morphing into ‘catching a falling knife?’
The Exchange 8/4/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Stocks Sink on Tariffs and Summer Jobs Shock 8/1/25
Stocks under pressure after President Trump rejiggers ‘reciprocal’ tariffs on a slew of countries, including a near-immediate 35% tariff on Canada, and July’s jobs report comes in light. We dig into the data and how to position as uncertainty ramps back up.
Figma Goes Public as Tech Earnings Power the Market to New Highs 7/31/25
Design software maker Figma is making its public debut on the NYSE, valued at about $50 billion. We speak with the market maker behind the opening and bring you the first trade. And as tech earnings power the S&P and Nasdaq to new record highs, we look ahead to the next big tech reports, including Apple and Amazon out after the bell on Thursday.
A Fed Divided, A Cybersecurity Deal, and Zuck’s “Superintelligence” 7/30/25
The Federal Reserve the most divided its been in more than 30 years, with two governors expected to dissent in today’s decision amid President Trump’s repeated calls for Chair Powell to lower rates. Palo Alto poised to buy Cyberark. Plus, Meta’s push to create a new category of AI-powered personal assistants.
Big Tech’s Big Week, Tesla’s New Chip Deal, and Health Care Hammered 7/28/25
Four of the Mag 7 names report this week and we’ve got a pair trade ahead of earnings. Tesla signs a $16.5B chip deal with Samsung. Plus, why health care stocks could stay under pressure for longer.
Countdown to the Fed Decision, Trading Trainwrecks, Market Breakout or Breakdown 7/25/25
On the heels of President Trump’s tour of the Federal Reserve yesterday, the FOMC prepares to gather for their rate decision next week. Our market guest says the conditions are right for a cut, but the committee runs the risk of looking like they’re succumbing to pressure from the President. Plus, a number of companies plunging after weak results this week. Our trader looks at the names to hold and the ones to sell. And the recent big moves in tech have investors questioning what comes next: a breakout or a breakdown?
The View From the C-Suite and Trump’s Historic Fed Visit 4/24/25
Tractor Supply stores see 10 times more visitors per year than Disney World, Alaska Air’s recent IT outage will shave 10 cents off third quarter earnings, and bad weather, combined with a slowdown in international visitors, has the owner of the Empire State Building lowering guidance.
Plus, what President Trump’s tour of the Federal Reserve could mean for Chair Powell’s future.
Berkshire’s Buffett Premium, Bullish on Builders, and the Earnings Trade 7/23/25
Should the Buffett premium in Berkshire be there anymore? One long-time shareholder says no, while UBS’ senior insurance analyst says it was never there to begin with. High prices and elevated rats weighing on housing, but the builders are a buy. Plus, the trade on Chipotle, Alphabet, and IBM ahead of their after the bell reports.
Bessent Doubles Down, Trimming Tech, and Risky Munis 7/22/25
NEC Director Larry Lindsey weighs in on Treasury Secretary Bessent’s renewed call for a full review of the Federal Reserve. The old tech stock that’s looking expensive. Plus, with yields under pressure, are muni bonds starting to look risky?
Delivering Gains, “Just Own Tech,” and the Microstrategy of Ether 7/21/25
Bernstein’s bullish on rideshare and delivery ahead of earnings. One health care strategist says we’re in the middle of the worst health care sector trade ever, and he says it’s time to “just own tech.” Plus, the Microstrategy of ether debuts.
Robinhood CEO, Netflix’s Ad Future, FICO vs. VantageScore 7/18/25
Ahead of President Trump signing the country’s first-ever piece of crypto legislation, Robinhood CEO Vlad Tenev joins us in a “First on CNBC” interview from the White House. Plus, Netflix shares having their worst month in nearly 2 years despite blockbuster earnings. MNTN CEO Mark Douglas breaks down their ad future. And we dig into the divide between FICO and VantageScore for consumers.
