CNBC Business News Update - Market Close: Stocks Lower, Tech Shares Sell Off, Supreme Court Hears Tariff Case Wednesday 11/4/25

Episode Date: November 4, 2025

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I'm Jessica Edinger, CNBC, Wall Street with the pullback that many investors had been waiting for. The major averages all in the red. The Dow down Tuesday, 251 points, a half percent. Caterpillar shares let it lower, down 4%. The S&P 500 index dropping 80 points. That was a little more than 1%. The NASDAQ, down 486 points, little more than 2%. Shares of NVIDIA were down almost 4% on Tuesday.

I think a lot of times, especially when we get this extended, we create a self-fulfilling prophecy. The commentary heats up about, oh, it's time for a pullback, everything is so expensive. We had a number of financial companies, CEOs come out and talk about everything being too extended. We need some sort of breakdown in the valuations. So then we create this sort of prophecy of everybody got nervous. We're looking for a reason to get more nervous. And then we just do it and follow everybody else down. So far is Liz Thomas on CNBC.

And here's a take from RBC's Lori Calvesina on CNBC. We have a framework where when we think about pullbacks, we think about how far they can go. And we're not in the recession camp. So we're not looking for anything nasty like what we had back in April. We do think you need to have a bit of a pause that refreshes. I have been waiting for that for quite some time. We'll see if it's starting now. Bitcoin fell below 100,000 for the first time since last June.

B.M, the latest major corporation to announce job cuts, thousands to be cut in this current quarter. Meantime job openings in October slumped to the lowest level since February of 2021. Job site Indeed's data also show salaries that were offered are lower and job advertisements have declined. The Supreme Court considers whether President Trump has the power to impose tariffs without Congress on Wednesday. The president's suggesting that he might actually go in a 10. the Supreme Court arguments. He now says he's not going to do that. The Treasury Secretary Besson is saying he is going to attend.

And that gives you the sense of just how important it is to this White House that they get a favorable ruling here. They've said that about $90 billion in tariff revenue is at stake. They'd have to pay that back, presumably, to the American companies who paid those tariffs if the ruling goes against them at the Supreme Court. Treasury Secretary Scott Besson told CNBC that the White House does have a backup plan at the Supreme Court fines. Trump really doesn't have the power to impose tariffs. The White House had declared emergencies

and then declared tariffs under the International Emergency Economic Powers Act. McDonald's on Tuesday added 10-piece chicken McNuggets to its extra value menu. On Wednesday's watch list, we get a snapshot of business hiring from ADP with its private payroll report. We also get earnings from Qualcomm, Arm, Robin Hood, Novo Nordisk, McDonald's, and DoorDash. Jessica Eddinger, CNBC. This December, CNBC opens its doors for an exclusive in-person experience at the iconic NASDAQ market site in New York City. Fast Money Live, trading the holidays.

December 11th. Get your tickets now at CNBC Events.com slash fast money.