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.
Nvidia’s Historic Week, Bitcoin’s Wild Ride, Pres. Trump Pivots on Putin 07/11/25
With Nvidia’s $4 trillion market cap milestone in the rear-view mirror for investors, what’s the next catalyst that could propel the stock toward its next trillion-dollar gain? We ask the author of “The Nvidia Way” about that and more. Plus, bitcoin hitting another all-time high as the entire crypto ecosystem gets a boost. And President Trump is teasing a major statement on Russia this Monday that could mark a turning point in U.S.-Russia relations.
The Exchange 7/10/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Nvidia’s $4T Milestone, Fed Chair Fight & Retail’s Big Week 7/9/25
Nvidia stock jumping today, lifting the company’s market cap past $4 trillion for the first time ever. We ask one tech watcher how much higher it can go. Plus, the Wall Street Journal says it’s Kevin Hassett vs. Kevin Warsh in the fight to replace Jerome Powell as Fed Chair. We discuss who’s leading the race. And Amazon’s Prime Day sale pulling in $7.9 billion in the first 24 hours according to Adobe Analytics. One industry expert tells us how tariffs are impacting the big sales.
Bears Out of Hibernation, “Shut Up, Dan” and Uber’s One Big Beautiful Bill Boost 7/8/25
Why we could see a 12% correction in stocks by year-end. Elon Musk telling Wedbush’s Dan Ives to “shut up.” Ives joins to dig into what’s got Musk so fired up. Plus, Bank of America bullish on Uber thanks in part to President Trump’s megabill.
Trump’s Trade Pivot, Tesla’s Political Risks, and America’s Deficit Reckoning 7/7/25
Stocks under pressure after President Trump pushed this week’s tariff deadline to August 1, saying he’ll be sending letters to trading partners over the next few days. What the recently signed megabill and Musk’s new political party means for Tesla. Plus, CNBC’s deep deficit dive.
CNBC Special Report: America's Deficit Reckoning 7/7/25

AMERICA’S DEFICIT RECKONING: What happens if the U.S. doesn’t rein in the budget deficit? CNBC Senior Finance & Banking Reporter Leslie Picker interviewed a dozen experts, investors and former government officials over the course of five months to explore the consequences of America’s fiscal path – not how to solve it, but what’s at stake if we don’t. This special report unpacks how rising debt threatens markets, hinders economic growth, and fractures international relations. From trillion-dollar annual interest payments to bond-market tremors to geopolitical vulnerability, CNBC explores the tipping point that the U.S. may be approaching...
The Exchange 7/2/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 7/1/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
New Market Highs & Robinhood’s Crypto Push 6/30/25
Both the Nasdaq and the S&P 500 hitting new record highs on the final trading day of the first half. We discuss the rally with one strategist who called it months ago. Plus, Robinhood hitting a new all-time high after announcing a slew of new crypto products. CEO Vlad Tenev tell us all about the company’s push into the space, and what’s ahead.
Record Highs & Trump’s Mega Bill 6/27/25
Both the S&P 500 and Nasdaq hitting record highs to close out a bullish week on Wall Street. Those gains thanks in part to the AI trade. Our trader tells us how he’s playing the tech resurgence. Plus, President Trump putting pressure on lawmakers to push through his “Big, Beautiful Bill” before the July 4th holiday. We break down the latest developments.
The Future of the Fed, Tax Bill Headwinds, and Regional Bank Ripples 6/26/25
Mohamed El-Erian says it’s getting harder to believe the Fed is apolitical. President Trump’s mega bill hits a snag in the Senate. Plus, what Zohran Mamdani’s NYC primary win means for regional banks.
Beware the Rally, Nvidia Hits a Record High, and the Mamdani Movers 6/25/25
Have stocks run too far too fast since the April tariff sell-off? How much further could Nvidia run after hitting a fresh intraday high? And what does Zohran Mamdani’s Democratic primary upset mean for NYC real estate?
The Case Against Cuts, Middle East Policy Repercussions, and the Weight-Loss Break-Up 6/24/25
Fed Chair Jay Powell standing pat on interest rates during his House testimony today. What the Israel-Iran conflict means for Trump’s mega bill. Plus, Hims’ compounding conflicts.
The Exchange 6/23/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Hot on Housing, (Mr.) Beast Mode, and Rick Perry Talks Iran 6/20/25
The housing names one value investor says present big opportunities. Netflix is in (Mr.) Beast mode, according to Wells Fargo. Plus, Former Energy Secretary Rick Perry weighs in on the Israel-Iran conflict.
Countdown to Fed Decision, Sen. Warren on Fed, Iran & More, and AI’s Talent Battle 6/18/25
Ahead of the Federal Reserve’s decision on interest rates, we look at what’s at stake and what to expect from today’s projections. Plus, Senator Warren joins us live from Capitol Hill to address President Trump’s criticism of Fed Chair Powell and the conflict in the Middle East. And OpenAI’s Sam Altman is accusing Meta of poaching its staff with 9-figure signing bonuses.
DC Drama, The Fed Decision, the Deflationary Effects of Tariffs 6/17/25
The Senate’s version of the budget bill sparking swift criticism from some GOP House members putting President Trump’s July 4th deadline in jeopardy. Why the Fed will stay behind the curve when it comes to rates. Plus, are tariffs actually deflationary?
Israel-Iran Latest, Oil Pares Gains, G7 Summit Kicks Off 6/16/25
Stocks are bouncing back from Friday’s drop amid reports of de-escalation. Oil prices paring their gains as well, but the threat of a price spike could have major implications for this week’s Fed meeting. And President Trump is in Canada for the G7 Summit. We’ll speak with PIMCO’s Head of Public Policy, Libby Cantrill, about what to expect and what it means for the GOP spending bill on Capitol Hill.
The Exchange 6/13/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 6/12/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Trade Talks, Semis Surge and Tesla’s Turnaround 6/11/25
The US and China reaching an agreement on trade after two days of talks, but will they stick? Semis have their best 44-day period in more than 20 years. Plus, Tesla shares climb after a robotaxi announcement—and an apology.
The Exchange 6/10/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 6/9/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
TITLE: Philly Fed President Exclusive, Trump-Musk Feud Latest, Apple WWDC Countdown 6/6/25
President Trump is calling on Fed Chair Powell to slash rates by a full point. We have Philadelphia Fed President Harker’s reaction and exit interview before he retires. The feud between Elon Musk and President Trump is making investors wonder what’s next for Tesla shares, on pace for their worst week in nearly two years. And Apple’s worldwide developers conference is set to kick off on Monday. We look ahead to what to expect in CEO Tim Cook’s keynote address.
The Exchange 6/5/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 6/4/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Alphabet’s Hidden Gem, Stifel CEO on State of the Economy, Musk vs. Trump White House 6/3/25
Truist sees one exciting area of Alphabet’s business that’s getting zero attention or credit. He’ll tell us what it is, and why he sees the stock climbing 20% from here. Plus, Stifel’s CEO is cautious heading into the second half of the year but expects a lighter regulatory touch to boost the market. And Elon Musk is not pulling punches in his latest post about President Trump’s spending bill. We have the headlines from the White House.
China Trade Tensions, Unhealthy Returns?, Alaska Pipe(line) Dream 6/2/25
Renewed trade tensions are pressuring stocks, with China accusing the U.S. of violating their agreements in Geneva. We have the latest from the White House and the potential impact on President Trump’s tax and spending bill. Plus, health care sat out the May rally, posting its worst month since December. We look at where investors can find opportunities in the space. And Brian Sullivan is in Alaska for a closer look at the Trump Administration’s LNG pipeline there.
US-China Trade Latest, Dimon’s Dire Warning, Musk’s Last Day 5/30/25
The White House and Beijing are trading salvos in the trade war over broken agreements and threats over semiconductor exports. Plus, JPMorgan Chase CEO Jamie Dimon has a dire warning for the bond market that all investors need to hear. And with Elon Musk wrapping up his time as a special government employee, we ask Wedbush’s Dan Ives about what it means for Tesla’s future.
Tariffs Blocked, Underscoring Nvidia’s Bull Case, and Come Fly the Blue Sky 5/29/25
A federal court has blocked some of Trump’s tariffs, including the ‘reciprocal’ levies, we tell you what’s next and what it means for the markets. The key word mentioned 27 times on Nvidia’s earnings call that experts say underscore the bull case of the chip giant. Plus, United and Jetblue team up.
Nvidia’s Second-Half Hopes, International Opportunities, and the “Nasty” TACO Trade 5/28/25
Nvidia’s Q2 results after the bell could be messy, but Raymond James sees hope in the second half. Why it’s not too late to get into the international trade. Plus, CNBC’s Megan Cassella gets President Trump’s response to Wall Street’s newest trade acronym: TACO (Trump Always Chickens Out).
Stocks Rally on Tariff Delay, but Budget Battle Looms 5/27/25
Stocks surge after President Trump delays EU tariffs until July, but Citi warns the GOP’s reconciliation bill could have big implications for stock valuations. Plus, could Trump’s trade war actually be deflationary?
The Exchange 5/23/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
The Exchange 5/22/25
Listen to the day's top stories, the must reads & a whole lot more for today's modern investor.
Spending Bill Hurdle & Retailers Under Pressure 05/21/25
President Trump’s “Big, Beautiful Bill” just hit a major hurdle. The Chair of the Freedom Caucus now saying he doesn’t see the bill happening this week. We discuss. Plus, Target just cut their full-year sales outlook on weak consumer sentiment. We dive into what’s got that name, and others, under pressure.
Wall Street vs. Main Street, Google's Search Problem & Live at Tesla HQ 5/20/25
Retail investors have been far more optimistic about tariffs than professional investors...did they get it right?
Google I/O kicks off as questions over the future of search remain. Plus, CNBC is live at Tesla HQ as Elon Musk takes Transportation Secretary Sean Duffy for a ride.
Stocks Start Slow, Budget Bill Battle, White House vs. Walmart 5/19/25
Investors squarely focused on the bond market after Moody’s downgraded the U.S. credit rating. We’ll look at what it means for your money and the outlook for stocks. Plus, the House Budget Committee advanced President Trump’s tax bill late Sunday, but infighting among the GOP continues to be an obstacle for legislation. And the White House is blasting Walmart over tariffs, but one analyst says she expects all retailers will have no choice but to raise prices, and that’ll benefit one group the most.
Cable Bundle Deal, IPO Pipeline Check, UnitedHealth Check-Up 5/16/25
One of the biggest media mergers in years just dropped, but will it make it past federal regulators? Plus, eToro is wrapping up its first week as a public company as several other companies lay out their IPO plans. Is it a positive sign for the IPO pipeline? And UnitedHealth has been hammered since Monday, for its worst week since 2009, but could now be the buying opportunity of a lifetime? We’ll debate.
Red Flags for Bonds, Not-So-Secret Agents, and Sole-Mates 5/15/25
The ongoing budget battle could be a bond bummer. Box’s big bet on AI agents. Plus, why Dick’s Sporting Goods’ deal for Foot Locker could be a good fit.
eToro’s Public Debut& Trump’s “Big, Beautiful Bill” 5/14/25
eToro is soaring in its public debut. The trading site opening at $69.69 after pricing at $52/share. We speak with one company who changed their IPO plans in the wake of President Trump’s tariffs. Plus, the House and Ways committee advances the Republican’s sweeping tax package. We get the latest on where President Trump’s “Big, Beautiful Bill” goes next.