CNBC Business News Update - Market Close: Stocks Lower, Trump Extends Iran Cease Fire With No Planned Peace Talks, Warsh Grilled About Secret Millions 4/21/26

Episode Date: April 21, 2026

CNBC Business News Update with Jessica Ettinger - market numbers and news featuring CNBC expert analysis and sound from top business names. Visit https://www.cnbc.com/ for more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. Wall Street opens Wednesday morning after a down day for the markets on Tuesday. As investors fear a breakdown in peace talks with Iran and late Tuesday, President Trump extended the ceasefire without any negotiations happening. The Dow fell 293 points. Merck shares let it lower. They were down 3%. The S&P 500 index dropped 45 points. The NASDAQ was down 144 points. Shares of NVIDIA were down about 1% on Tuesday. We clearly don't have a definitive resolution, breakdowns and talks. I think the market is finally coming to the realization that, okay, maybe this isn't over yet. Sofey's Liz Thomas on CNBC. United Airlines out with better than expected quarterly results, but a lower outlook because of the U.S. war with Iran.

Jet fuel, the cost alone, up 12.6 percent year over year. There's very little visibility when it comes to jet fuel. how high it will be and for how long. CNBC's Phil LeBow. President Trump's Fed Chair pick, Kevin Warsh, appeared at a Senate Banking Committee confirmation hearing where Senator Tom Tillis said the DOJ investigation into current Fed Chairman Jay Powell is bogus.

The boss said on the same night that I said, I can't go forward until this bogus investigation is done with, said he didn't know anything about it. Let's get rid of this investigation so I can support your confirmation. Tillis is blocking Warsh from Fed Chair confirmation. Current Fed Chair J. Powell's term is up May 15th. If Warsh is not confirmed, Powell says he's going to stay in the job. Warsh meantime got criticized Tuesday for keeping the location of tens of millions of dollars of his wealth. Secret. Warsh was questioned by Senator Elizabeth Warren. You have a hundred million dollars in undisclosed assets. Are any of those with companies affiliated with President Trump?

property's family, companies that have facilitated money laundering, Chinese control companies, or financing vehicles established by Jeffrey Epstein. It's a yes or no question. Senator, I have worked tirelessly with the ethics officials at the Office of Government Ethics. Yes, and you have not revealed an ethics agreement with them and have agreed, Senator, to sell my financial assets, including the Duquesneinsusings. to tell us if you have investments, for example, in vehicles set up to advance Jeffrey Epstein? Is that what you're telling us? You just won't tell us? On day two that companies could file for Trump tariff refunds after the Supreme Court ruled the

tariffs were illegally collected, President Trump told CNBC he'll remember companies that decide not to ask for their money back. Here's the president with CNBC's Andrew Ross Sorkin. Mr. President, very large companies, including Apple and Amazon. that have not sought reimbursements yet for the tariffs. And from what I understand, part of the reason that they have waited is because there is a worry about, frankly, offending you. Would you find it offensive for them to try to collect a refund? I think it's brilliant if they don't do that. I actually, if they don't do that, they got to know me very well.

I'm very honored by what you just said. If they don't do that, I'll remember them. On Wednesday's watch list, earnings are coming from AT&T, Boeing, IBM, and Southwest Air. Jessica Ettinger, CNBC. President's latest, I swear, is watching. Squackbox, 6 a.m. Eastern and streaming on CNBC Plus.