CNBC Business News Update - Market Close: Stocks Close Lower After Morning Rally, Some Republicans Getting Frustrated With Tariffs, The Musk v Navarro Feud 4/8/25

Episode Date: April 8, 2025

From Wall Street to Main Street, the latest on the markets and what it means for your money. Updated regularly on weekdays, featuring CNBC expert analysis and sound from top business newsmakers. Anchored by CNBC's Jessica Ettinger.

I'm Jessica Edinger, CNBC. Wall Street opens Wednesday morning after another whipsaw day for stocks. A morning rally? The Dow was up 1,400 points, turned into a loser for all the major averages by the close. The Dow fell 320 points, 0.8% led lower by shares of Apple, which were down 5%. The S&P 500 index down 79 points, 1.5%. It closed below 5,000 for the first time in a year. And it's the first time the S&P's wiped out a 4% gain

during the trading day in five years. The NASDAQ fell 335 points, more than 2%. Investors getting frustrated with President Trump's sweeping tariffs. None of this is over. It's continuing. It's going to be every single day. I had a beautiful call with this one. This one's not helping us.

And it's just going to be this constant. That's Ritholtz wealth, Josh Brown on CNBC. Since the Trump tariff announcement in the Rose Garden last Wednesday, the Dow down 11%, the S&P down 12, and the Nasdaq is down 13 percent. The U.S. trade ambassador defended the sweeping Trump tariffs in a hearing Tuesday on Capitol Hill as Republicans spoke out. It was really a chance for Republican senators to start to air some grievances, I would say, about this administration's trade policy. I believe that Congress delegated too much authority to the president in trade. Who pays these high tariffs? In the short, medium term, it will be the consumer. It will be the consumer.

We want fair trade, but I hope you recognize, you know, tariffs are a double-edged sword. I would argue a somewhat blunt instrument. There's going to be an awful lot of collateral damage. People are already feeling that pain, so I hope you're sensitive to that. Whose throat do I get to choke if this proves to be wrong? All Republican senators, there are signs of discontent on Capitol Hill. CNBC's Megan Kassella. The tariff mess now includes Tesla CEO Elon Musk feuding with Trump trade advisor Peter Navarro. It's getting spicy. You probably have heard about it to this point, but let's remind you

with some actual sound. We all understand in the White House and the American people understand that Elon's a car manufacturer, but he's not a car manufacturer. He's a car assembler. That was on this network. And, you know, response by Musk, he took to his social media platform called X and he responded, Navarro truly a moron. What he says here is demonstrably false. He went on to say that Navarro is dumber than a sack of bricks. Just quoting from the post from Musk about Navarro. CNBC's Scott Wapner. Apple losing a fifth of its value over the past four days shares down more than 20 percent, its worst four-day stretch since the fall of 2008 in the Great Recession.

Mortgage rates have been swinging like stocks, and the average rate on a 30-year fixed home loan is back up again after last week's dip. Mortgage rates moving to the highest level in over a month. The average rate on the 30-year fixed jump is 6.85%, according to Mortgage News Daily. This fully erased the decline from last week. Last week, the 30-year fixed dropped to the lowest level since last October.

That drop had housing watchers cheering a potential boost to the lackluster spring market. It's not just rates. Homebuyers are also contending with high and still rising home prices and a growing lack of confidence in the broader economy and their own employment. It's not just rates. Home buyers are also contending with high and still rising home prices and a growing lack of confidence in the broader economy and their own employment. CNBC's Diana Olek.

On Thursday's watch list, we get the latest on inflation with the consumer price index. We find out how many people applied for unemployment benefits last week. And it's Masters Golf Tournament round one at Augusta. Jessica Edinger, CNBC. The White House doesn't seem to understand what it's trying to do

and the not really reciprocal towers we've got who do tremendous damage to the U.S. economy. Mad Money, weeknight 6 Eastern, CNBC.