CNBC Business News Update - Market Close: Stocks Mixed, Investors Bracing For Tariff Announcement, Gas Prices Spike 4/1/25

Episode Date: April 1, 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. Ancho...red by CNBC's Jessica Ettinger.

Transcript
Discussion (0)
Starting point is 00:00:00 I'm Jessica Edinger, CNBC. Wall Street opens Wednesday morning after a volatile start to the first day of trading for April and of the second quarter and ahead of the Trump tariff rollout. Markets were mixed with the Dow down 11 points, led lower by shares of Johnson & Johnson, which tanked 7.5%. The S&P 500 index up 21. The NASDAQ was up 150 points, eight tenths of a percent. Nvidia shares were up more than one and a half percent.
Starting point is 00:00:32 President Donald Trump set to begin the biggest gamble of his second term, betting that the broad-based tariffs on imports will jumpstart a new era for the U.S. economy and will generate revenue to extend or increase the 2017 corporate tax cuts. The tariff announcement comes Wednesday afternoon from the Rose Garden at the White House. Investors are bracing for it. A lot of clients that I've talked to at Raymond James just don't want to be caught offside because the president has a history of big bold announcements, negative market reactions, and then changing his mind. Clients can't invest in that environment, and businesses cannot plan in that environment,
Starting point is 00:01:08 and other governments don't know what this president wants. There is going to be months upon months of uncertainty related to tariffs. We still have to brace for that. That's Raymond James, Ed Mills on CNBC. Here's CNBC Mad Money host Jim Cramer. I think it's inflation, inflation, inflation. And I think the tariffs are inflationary and that that's what people are really thinking
Starting point is 00:01:29 about. And I think that's extending to our market, which therefore means that there's not as much spending, which means that consumers pull back, which means you've got to be careful. Big Pharma waiting to see what the White House says about tariffs on prescription drugs. A third of all drugs prescribed in the U.S. are imported. Many generics come from India and China. And you may not realize where most of the big brand name drugs that are imported are made. Ireland is the main hub. That country represented 20 percent of pharma imports in 2023 per ING. Germany, Switzerland, those are other
Starting point is 00:02:02 hotspots. Last year, the U.S. imported at least $127 billion of pharmaceuticals from European countries. That's according to data from Import Genius. And that makes medicine our largest European import. So we talk about other things like wines and whiskeys, but it's really pharmaceuticals that is the biggest imports. CNBC's Angelica Peebles. The labor market remains solid in the US, although job openings slipped in February in the new Joltz report on job opportunity and labor turnover. They fell from 7.8 million open positions in January to 7.6 million. Meantime, job cuts at the US Department of Health and Human Services and the FDA's tobacco director
Starting point is 00:02:45 has been forced out. In all a reduction of workforce of about 20,000 people. Gas prices are higher up 10 cents a gallon in the past month. This is the time of year that summer blends start to roll out. They are more expensive. AAA says the national average for a gallon of regular is now $3.20. Mortgage rates ticked lower. Bond yields fell. The average rate on a gallon of regular is now $3.20. Mortgage rates ticked lower. Bond yields fell. The average rate on a 30-year fixed home loan is 6.7 percent, according to Mortgage News Daily.
Starting point is 00:03:13 On Wednesday's watch list, it's all about tariffs Wednesday afternoon, but Tesla will report first quarter deliveries. Earnings are coming from RH, Restoration Hardware and Blackberry. We get March private company hiring numbers in the ADP employment report and we get a forecast for retail sales for the full year from the National Retail Federation. Jessica Erringer CNBC. April 8th join the CNBC Changemakers Summit featuring powerful women transforming and redefining leadership in the world of business.
Starting point is 00:03:45 Request an invite at CNBC events.com slash changemakers

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.