CNBC Business News Update - Market Close: Stocks Lower, S&P 500 Index Touches Correction Territory, Nvidia & Tesla Shares Higher 3/11/25

Episode Date: March 11, 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 a plunge for stocks on Tuesday. Then a little bit of a recovery when word came trade talks could happen between the U.S. and Canada and a ceasefire could happen in Ukraine. I'll tell you if those two good developments stand down on the Canadian tariffs and hopefully a ceasefire in Ukraine. If they hadn't come up I think we would have had another thousand point drop. Wharton professor Jeremy Siegel on CNBC. Here's how the markets shook out Tuesday. The Dow

plunging 478 points. That was more than 1% led lower by shares of Verizon down 6.5%. The S&P 500 index down 42 points, 3 quarters percent. The NASDAQ down 32 points. Checking Nvidia shares, they were higher, up 1.5%. Tesla was up 3%. During the trading day, the S&P 500 index, the fund for which is in a lot of retirement accounts, it touched correction territory before retreating, but as you heard, still closed lower. Here's CNBC's Scott Wapner with CNBC contributor Jim Labanthal on halftime report. The market is trying to adjust to a new environment, one that it did not anticipate on election night.

If you judge the president's commentary about Canada at face value. The market's trying to figure out what price is right. Well put. And the market's also trying to figure out what the probabilities of a recession are. What we can say is directionally the probability of a recession this year has increased over the past few weeks. And 314 research's Warren Peis had this to say on CNBC. There's an old saying on Wall Street,

the market will stop panicking when policymakers start panicking. And I think that's exactly where we're at right now. We're just waiting on some kind of policy response, either from the Fed or from the administration. I think that's gonna be a little bit slow coming. And so, yeah, I don't think it's time to buy the dip just yet. Job openings rose in January, another indicator that President Trump inherited a strong labor

market. As the president returned to the White House for his second term, U.S. businesses posted 7.7 million vacancies. The number of Americans who quit their jobs in January also rose in the new Joltz report on job opportunity and labor turnover. Southwest Airlines doing something it's never done before. Southwest Airlines bags no longer fly free. Wow. Yes. Wow. Let me clarify this. They are going to charge for checked bags with the exception of their top tier passengers.

That's CNBC's Phil LeBeau. Angry passengers posted on Reddit writing private equity strikes again and it's not love anymore, LUV. Southwest also says some flight credits and rapid rewards miles will expire. Consumers are still spending, but in a more measured way in a sign of a slowdown, not a pullback.

In the new Bank of America consumer checkpoint report using about 60 million credit card customers' data, spending per household in February dropped 2.3 percent year over year compared to a nearly 2 percent rise the month before. One of the things we see in our data is a shift from spending at premium grocery stores, which was down 1.4 percent. And instead, we're seeing an uptick in spending at premium grocery stores, which was down 1.4%. And instead, we're seeing an uptick in shopping at value grocery stores.

So consumers are changing how they're spending. Bank of America's Liz Everett-Crisberg on CNBC. On Wednesday's watch list, it's all about inflation. The CPI Consumer Price Index for February will be out. Jessica Edinger, CNBC. Weeknights. I think bonds represent safety in a world where the president of non-inflation index for February will be out. Jessica Edinger, CNBC.