CNBC Business News Update - Market Close: Stocks Mixed, Dow Claws Back 800 Points To Finish Higher, Microsoft And Meta Report Solid Earnings 4/30/25

Episode Date: April 30, 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 Thursday morning for the first day of May trading. After a mixed Wednesday for stocks, the economy shrank in the first quarter for the first time in three years. On the Trump tariffs, the numbers sent stocks into a morning dive, but the Dow clawed back 800 points to finish in the green. Here are the closing numbers for Wednesday. The Dow up 141 points. The S&P 500 index was up 8 points. The NASDAQ in the red down

14 points. April is in the books. The Dow down 3% for the month. The S&P 500 index was down 3 quarters of a percent for the month. The NASDAQ was in the green for April up eight tenths of a percent. The major averages are all lower for the year. Facebook, parent meta and Microsoft each out with strong quarterly results after the closing bell beating estimates. First quarter economic growth came in negative in the new GDP gross domestic product report, a rapid downturn that President Trump blamed on President Biden. Biden's fourth quarter growth, though, was a solid 2.4 percent. Trump had also blamed Biden for the down stock market. I mean, look, it gets tricky in trying to reverse engineer the psychology of what's

driving these commentary, because if he's scapegoating Biden for what the stock market has done, then he's not really sensitive to the implications of his policies on the market. There's also people are circulating his post from January 29th where he said this is the Trump stock market. By the way, you know where that post came from? Scott Besson's shareholder letter of five days earlier than that. That's CNBC's Carl Quintanilla and Mike Santoli.

Economists tell CNBC the Trump tariffs caused businesses to stock up on goods in the past weeks to get ahead before they took effect. The GDP report also shows a big slowdown in consumer spending and a drop in government spending amid Elon Musk's Doge job cuts. President Trump's first 100 days were tough on business and Wall Street. It's the third worst. Had it down Q1. That's troublesome. We've got it down April. The worst was when Jerry Ford took over after Nixon resigned. And then number two was 73 for Nixon,

which was the beginning of the two year bear. So not great company. Stock Traders Almanac CEO, Jeffrey Hirsch on CNBC. And now a possible crack in the job market. ADP says far fewer people were hired in the private sector in April than expected. 62,000, the estimate was 120,000. Non-form payroll estimate for the full government and private was 133,000 for Friday.

CNBC senior economics reporter Steve Leesman, we get the government's big April employment report on Friday morning a mixed up spring home buying market pending home sales for March surged by the most in a year but mortgage applications continue to slip. Well March was great sales were up 6.1% month-over-month some of that is standard springtime home buying some of that is because there was a dip in rates. And then everything changed in April. 36% of all available homes in April across the United States had a price drop.

April saw more price reductions on homes nationally than any April in the past 12 years. The tariff scare came through and then rates spiked. I think in the past 30 days, 14% of all pending home purchases were actually cancelled, which is the highest level we've seen since the beginning of COVID. That's Sirhant brokerage CEO Ryan Sirhant on CNBC. On Thursday's watch list, first day of May trading, earnings are coming from Amazon and

Apple. We find out how many people applied for unemployment benefits last week. Jessica Edinger, CNBC. Introducing CNBC.