CNBC Business News Update - Market Close: Stocks Higher, President Trump Hints At Tariff "Flexibility," Tesla Trade Ins Hit Record 3/21/25

Episode Date: March 21, 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 Monday morning for the final day of March trading and of the first quarter after a winning Friday and a winning week for stocks, although the major averages are solidly in the red for the month. On Friday, the Dow was up 32 points, led higher by shares of Boeing up 3 percent. The S&P 500 index up 4 points, the NASDAQ up 92 points. President Trump with another tariff tease on Friday hinting at possible flexibility, but some say the damage is done. I mean, it's been pretty shocking how quickly sentiment deteriorated. I can understand for consumers, but for CEOs, that's been a shock.

You know, CEO confidence has fallen and they've kind of been sitting on their hands. So we know there's a, an impulse of a growth shock underway. Fund strats, Tom Lee on CNBC with one trading day left in the first quarter, the magnificent seven stocks are hardly magnificent this year. So-called magnificent seven stocks have been anything but magnificent lately. In fact, they've been downright lousy. Nvidia, now with its fourth negative week in the last five, really hasn't made almost any money in about nine months. Microsoft says, yeah, hold my beer.

Microsoft is down eight sessions in a row. The longest losing streak since the financial crisis of 2008. Google, just as bad, down six out of the last seven weeks. Amazon, also not delivering. Seventh losing week in a row. Tesla down six out of the last seven weeks. Amazon also not delivering. Seventh losing week in a row. Tesla, the worst of the bunch, nine straight down weeks, back to the same price it was in late 2020.

Meta, the only one of the bunch that is higher this year and one lonely bright spot this week. Apple, it is the only name to end the week positive. CNBC's Brian Sullivan. Tesla trade ins hit a record high, according to Edmonds, as owners try to get rid of them. Some investors want Musk to step down from the car company. Not only is he not working at Tesla, he's personally damaging the brand on a daily basis. And he's put a lot of Tesla owners like me who want to continue to drive. I want to drive my cyber truck with pride and instead it's like I'm

worried that somebody's gonna like vandalize my car and this is a reality that all Tesla owners face because of Elon's actions and Elon alone. I own the stock and I want to see people feel great about the company and we've gone from a premium brand to now where like the brand value is worse than Toyota. Gerber Kawasaki CEO Ross Gerber on CNBC. Carnival shares been struggling a little. The cruise line reported better than expected results for its last quarter and raised its

profit outlook, but not as much as analysts were hoping for. Carnival CEO tells CNBC that there's no pullback in consumer spending on cruises. The slow housing market means more people staying put and doing remodels, right? Not so fast. Home remodeling firms are feeling a pullback. Upgrades, replacement, climate resilience and energy efficiency lead demand, but the wild card now of course is tariffs. Clients are waiting longer to pull the trigger on projects and then of course there's budgets. We're starting to see those budgets reduce. Instead of doing the kitchen and the family room in the first floor, maybe let's just do the kitchen for now. Bruce case is the CEO of case design

and remodeling. And he said uncertainty over jobs and the economy, especially here in the D. C. Area, are the main issues hitting his clients. CNBC's Diana Olek on Monday's watch list, we get earnings from home builder KB Home. We get the purchasing manager's indexes. Disney ABC's The Bachelor will have its season finale Monday night. Jessica Ettinger, CNBC.

Weeknight. I think bonds represent safety in a world where the president of noninflation has become the chief impediment to higher stock prices. Too many companies can be terrible, there's just way too much fear. Mad Money, weeknight 6 Eastern CNBC.