CNBC Business News Update - Market Close: Stocks Higher, Investors Cheer Pause On Auto Tariffs, Campbell's Snack Sales Struggle 3/5/25

Episode Date: March 5, 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 Thursday morning. After a whipsaw Wednesday for stocks, markets seemed to move on every little headline about tariffs coming out of the White House. In the end, a rally on some tariff exemptions for the auto industry. The Dow was up 485 points, more than 1 percent. It's back in the green for the year. The S&P 500 index up 64 points, a little more than 1%. The Nasdaq up 267 points. That was almost one and a half percent. The S&P and the Nasdaq still negative for 2025. Some investors say the market talked by selling off and the president listened. Trump has come in untethered and I do believe that he has assessed that his time right is not long. Let's say they lose Congress in the midterms right and

his ability to get a lot more done kind of goes away in that scenario so get it all done now. But we had proof today of what markets do. I think Trump only listens to the markets. He certainly doesn't listen to anything else. So what happens, right? The markets sell off. We lose the whole Trump bump and, oh, okay, we're not going to do the tariffs on cars with these guys, right? We're going to moderate our policy and we see this bump today. Sycamore trees, Mark Okada on CNBC. U.S. crude oil hit its lowest in almost three years. But Americans are still worried it's going to go up again because of the Trump tariffs. Is gas going to go through the roof?

It may. And quickly. The next week or so, gas prices will start going up by mid-March. Gas prices in New England could be 20 to 30 cents a gallon higher. That's gas buddies. Patrick DeHoney spoke with NBC News. Campbell's out with disappointing quarterly results. It makes soup of course, but it also makes snacks like Cape Cod and Kettle brand potato chips, those Lance peanut butter crackers, Milano cookies, snack factory pretzel crisps, and goldfish.

Snacks are doing quite badly, okay? Much worse than people thought. The conference call's a little grim. What's going on here? No one's willing to quite badly, okay? Much worse than people thought. The conference call's a little grim. What's going on here, too? No one's willing to say it, okay? It's just like, well, right now, it's just they're kind of like not buying as much. It's the shot, baby. David, this is what they-

It's the shot. This is what they won't talk about. It's all right. Maybe they should have GLP-1 in the food. GLP-1s are, as as you say potential existential prices. I know plenty of people who are using them. You go to dinner with them they eat half their portion. That's CNBC's David Faber with Mad Money host Jim Cramer. ADP said far fewer jobs were created in the private sector last month than expected.

Big miss on ADP coming in at just 77,000 for the month of February. That's the smallest monthly gain since July. CNBC senior economics reporter Steve Leesman. Here's ADP economist, Nela Richardson on CNBC. This is the first time that goods have outperformed services since 2018. So that could be the bright spot in a rather downbeat report.

Goods hiring means jobs with businesses that make something like a product. Services hiring includes things like consulting or design firms, hair salons, restaurants. On Thursday's watch list, earnings are coming from Macy's, Kroger, Broadcom, Costco and Gap. We find out how many people applied for unemployment benefits last week. I'm Jessica Edinger, CNBC.