CNBC Business News Update - Market Close: Stocks End Higher, Steel Stocks Climb On Tariff Talk, Meta Reaches New Milestone 2/10/25

Episode Date: February 10, 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 and reported by CNBC's Jill Schneider.

I'm Jill Schneider, CNBC. Wall Street kicked off the week with gains. The Dow added 167 points, the S&P 500 rose 40, and the Nasdaq jumped 190. Big tech had a strong day, all of the Mag 7 stocks finishing in the green except for Tesla, which lost 3%. Meta posted gains for the 16th day in a row. That's the longest winning streak ever for any mega cap name. McDonald's led the Dow higher, adding about 5 percent, despite a mixed bag of quarterly results. The fast food giant met estimates for earnings, but disappointed on revenue and sales at its U.S. restaurants saw their biggest drop since the pandemic. The White House is expected to announce a blanket 25 percent tariff on all U.S. imports of steel and aluminum. Shares of U.S.

aluminum and steel producers popped on the news, led by Cleveland Cliffs, which added nearly 18%. Barry Zeckelman is chair and CEO of Zeckelman Industries, which makes steel pipes and tubes. He says the tariffs can't come soon enough, noting he's had to close two plants in recent years. We can't invest long term when every four years we get the rug pulled out from under us. How do you make hundreds of millions and billions of dollars of investment when you don't have a landscape that is stable enough? I am not afraid of competing with anybody in the world. No problem.

But I can't compete against governments. And my single biggest problem in my business is competing against dyslexic trade policy. Supermicro added more than 17 percent today, marking its fifth positive session in a row. The company will release its latest earnings after tomorrow's closing bell. Also tomorrow, Coca-Cola, which will report before the opening bell. Fed Chair Jerome Powell will be on Capitol Hill tomorrow. He'll testify before the Senate Banking Committee, the first part of his semi-annual economic report to Congress. A warning today from five former Treasury secretaries who say

in a New York Times op-ed, the recent actions at the Treasury Department by Trump administration officials and Elon Musk's Doge team raise, quote, substantial cause for concern that the U.S. financial commitments are being unlawfully undermined and that they put the U.S. at risk for a form of default. Speaking to CNBC, White House National Economic Council Director Kevin Hassett dismissed those concerns. This idea that there's a puppet master telling the Treasury Secretary what to do and therefore all the Treasury Secretaries need to be, like, alarmed. That's just left-wing media, you know, poppycock. Will the penny soon be a thing of the past?

President Trump says he's ordering the Treasury Department to stop minting new pennies because they cost more to make than they're worth. Jill Schneider, CNBC. Earnings season, the quarterly numbers as they break. The scorecard for the American economy. Earnings season on CNBC.