CNBC Business News Update - Market Close: Stocks Lower, United To Cut Domestic Flights, Open AI Considering Its Own Social Network 4/15/25

Episode Date: April 15, 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 seesaw Tuesday and a losing one for stocks. Investors got reports that a deal between the UK and the US on tariffs is not close. That kind of sank the major averages and they struggled the rest of the day. The Dow was down 155 points, led lower by shares of Boeing down 2%. The S&P 500 index down nine, the NASDAQ was down eight. Nvidia shares were in the green on Tuesday up 1.3%. OpenAI considering building a social network to compete with Elon Musk's X and Meta's Instagram.

This is from a source familiar with the plans, confirming to CNBC the Verge was the first to report on the project. United Airlines out with better than expected earnings in the last quarter, but it's cutting flights. Demand in the U.S. is slipping. It says international and premium cabin revenue rose last quarter while domestic coach sales dropped as Americans pulled back their travel spending. Boeing shares fell on a Bloomberg report saying the Chinese government has ordered

China's airlines to take no more deliveries of Boeing jets as the trade war hits one of America's biggest manufacturers. We're still waiting to see if the state government in China issues some kind of a formal statement. Remainder of this year, Boeing is expected to deliver 29 aircraft to China. And remember, it is the state government that makes the final decision in terms of whether a Chinese airline can take delivery of those aircraft. CNBC's Phil LeBeau. Bank of America reported strong quarterly results.

The CEO telling CNBC their customers have jobs and they're still spending. Our consumers in the first quarter of 25 moved 4% plus more money out of their accounts than they did in the first quarter of 24. So the consumers are still spending money despite these polls that say they're going to stop. They have not stopped yet. Their credit quality is strong. They still have money in accounts. They're employed and the wage growth has been stronger, strong. So unless we have more layoffs and more job loss, when that happens, the consumer will slow down their spending. B of A CEO Brian Moynihan on CNBC. But Moody's economist Mark Zandi says that shift in the

job market may be on its way. The storm is in front of us and it's heading in our direction. And if things don't dissipate pretty soon, I think the economy is gonna be in trouble. The consumers are telling us that they're really very nervous about what's going on. And, you know, they haven't seen the tariff hikes flow through to prices yet, but once they do,

which is an effective tax increase, I think that'll be enough to get them to pull back and we'll start to see much softer spending numbers. I think we should be on high alert. Apple reportedly brought billions worth of iPhones into the U.S. in an effort to beat the Trump tariff turmoil. Reuters has some customs data that shows that Apple imported iPhones worth about $2 billion from India to the U.S. ahead of the Trump tariffs.

CNBC's Carl Quintanilla. Amazon has been emailing its third-party sellers to get a read on the Trump tariffs and what volume of goods might be coming into Amazon's warehouses. On Wednesday's watch list, earnings are coming from Travelers, Abbott Labs, U.S. Bancorp, ASML, Prologis, CSX, and Alcoa. We get retail sales numbers for March. The latest industrial production numbers will be out. We get the latest on how home builders are feeling about their business. And the NBA Play-In Tournament is on with two more games.

Jessica Ettinger, CNBC. Welcome to CNBC Plus. Market destination. CNBC.