CNBC Business News Update - Market Close: Stocks Lower, Trump Administration Says Tariffs On Mexico & Canada Start Saturday, Both Countries Set To Retaliate 1/31/25

Episode Date: January 31, 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 finished January trading in the green, but Friday was a day in the red when the White House said, yes, tariffs are on. Everything coming into the U.S. from Canada and Mexico as of Saturday. Investors don't like the inflation risk that comes with tariffs.

And that's why markets were in the red by Friday afternoon's close. The Dow down 337 points, three quarters percent, led lower by shares of Chevron, down four and a half percent. The S&P 500 index lost 30 points. The Nasdaq was down 54. You know, we're up three percent for the month. It's really being down one percent for the week on the S&P 500. It's probably a net win when NVIDIA completely broke down and you had some kind of underwhelming results from Apple and Microsoft and yet you kind of powered through.

CNBC's Mike Santoli. There were companies on Friday that hit fresh all-time highs including Walmart, Goldman Sachs, JPMorgan Chase, Visa, 3M, Google Parent, Alphabet, Ticketmaster, Parent Live Nation, Royal Caribbean Cruise Line, and Spotify. Month to date, which is also year to date, the Dow is up 4%, the S&P 500 index up 2.7%, and the NASDAQ up 1.5%. Stocks were on pace for a winning Friday until the White House said yes. Trump tariffs on goods, including cars, coming into the U.S. from Mexico and Canada are in effect as of Saturday. I wouldn't be surprised if we saw a freakout if there were across-the-board tariffs applied. BMO's Carol Schleif on CNBC. Fed board members are closely watching what's happening with tariffs. If it affects prices, it affects us. I'm not weighing in on what fiscal policy Congress and the president are going to choose to make.

Our signal is getting a little muddied when things are happening that are driving up prices. Fed board member Austin Goolsbee on CNBC. Now, some investors are bracing for retaliation from Canada and Mexico. And they're very likely to respond. Both countries had been vowing that they were getting their product list ready. We saw them retaliate in 2018 when tariffs were first put in place on steel and aluminum from Canada and Mexico. The Canadian Energy Ministry has been out there saying that oil tariffs plus retaliation will lift gas prices by some 75 cents a gallon. But the White House says that the president has your back,

that they will ensure that consumer prices aren't hit too hard in this. CNBC's Megan Casella in Washington. Is Facebook parent Meta moving? The Wall Street Journal says, well, yes, maybe, but the company says not really. They're reporting that Meta is considering reincorporating in Texas or another state and exiting Delaware. Now, I reached out to Meta for comment, and they say that this is not true. Meta telling me there are no plans to move the company's corporate headquarters from California, but we have no additional comment. Now, corporate headquarters is different from reincorporating because right now Meta's headquarters are in California, but the company is incorporated like many companies in Delaware. CNBC's Julia Borsten.

On Monday's watch list, earnings are coming from Tyson Foods, Clorox and Palantir. We get new data on manufacturing and construction spending. Car sales numbers for some automakers will be out. Super Bowl week starts in New Orleans Monday with the opening night party at the Superdome. Oreos, Post Malone new cookie flavor is in stores. Jessica Ettinger, CNBC. Earnings season, the quarterly numbers as they break.

The scorecard for the American economy. Earnings season on CNBC.