CNBC Business News Update - Market Close: Stocks Lower On Threat Of Tariff Refunds, Google Keeps Chrome With Restrictions, McDonalds Courts Budget Conscious Diners 9/2/25

Episode Date: September 2, 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 Ettinger. CNBC, Wall Street opens Wednesday morning after a pullback to start September trading on Wall Street on tariff worries and rising bond prices. The Dow was down 249 points, a half percent led lower by shares of Nike, which were down three and a half percent. The S&P 500 index down 44 points. That was a half percent. The NASDAQ fell 175 points, eight-tenths of a percent. NVIDIA shares tanked 2% on Tuesday. In September, we all know, it's historically a weak time a year for the markets overall.

We're in an overbought market, so it's not surprising to see some weakness as investors reassess things and come back to reality, so to speak. Bespoke's Paul Hickey on CNBC, gold, often a safe haven for investors worried about stocks. It hit a new intraday all-time high on Tuesday of 3,500. $578 an ounce. A court ruled before the long holiday weekend that the Trump tariffs are illegal, but left them in place. While that all plays out, the issue could go to the highest court, the Supreme Court. The tariff development is very interesting because I think it's going to go to the Supreme Court. I think the Supreme Court is going to throw it back to Congress and say,

public Congress say okay, and then it'll go through. And that's going to be very interesting politics, I think, in the, the second half of this year. Wharton Professor Jeremy Siegel on CNBC, bond yields are up on the prospect that the U.S. might have to refund tariff money that's been collected. You know, $90 billion potentially as a tariff refund. You know, you're talking about a lot of these dollars being able to pay down the deficit that we have. So there's definitely some concern.

Odyssey Capitals, Jason Snipe on CNBC. Google will be able to keep its Chrome browser. but a judge has ruled it's barred from exclusive search deals in the future. Craft Heinz will split into two publicly traded businesses reversing the merger from 10 years ago that created one of the world's biggest food companies. The first business will include shelf-stable meals and items like Kraft, Mac and Cheese, and Heinz ketchup. The second business will include brands like Oscar Meyer, Kraft Singles, and Lunchables. So far, the businesses don't have names.

Microsoft is offering a discount to the government on cloud. services. That could save U.S. taxpayers six billion dollars over three years. McDonald's bringing back extra value meals next Monday to bring in consumers that have been struggling with inflation. Customers will find a $5 sausage McMuffin deal and an $8 Big Mac meal. It all happens next Monday. Particularly with middle and lower income consumers, they're feeling under a lot of pressure right now. I think there's a lot of, you know, commentary about what's the state of the economy, how's it doing? And what we see is it's really kind of a two-tier economy. If you're upper income earning over $100,000, things are good. What we see with middle and lower

income consumers is actually a different story. It's that consumers under a lot of pressure. In our industry, traffic for lower income consumers is down double digits. McDonald's CEO Chris Kempski on CNBC. On Wednesday's watch, list earnings are coming from Macy's Campbell's Dollar Tree, Salesforce American Eagle Outfitters, and Figma. We found out the latest on job creation with the Joltz report on job

opportunity and labor turnover. Wednesday night's powerball jackpot $1.3 billion dollars, the fifth biggest in the history of that game. Jessica Eddinger, CNBC. Football season is back. Exclusive NFL team

valuations. September 4th, CNBC.