CNBC Business News Update - Market Close: Stocks Mixed, Nvidia Down 3%, Facebook Parent Meta On Longest Losing Streak Since Last Summer, Beef Prices At Record High 2/24/25

Episode Date: February 24, 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 Tuesday morning after a mixed day for the markets. The Dow was up 33 points, led higher by shares of Nike, which were up 5%. But the S&P 500 index fell 29 points, a half percent in the NASDAQ plunged 237 points, down one and a quarter percent in a tech sell-off. Nvidia shares were down three percent on Monday. President Trump losing the stock market war to the rest of the world so far. Since Election Day, European, Chinese and emerging markets have all dramatically outperformed the U.S. S&P 500 index. The Dow and the NASDAQ now in negative territory since inauguration day. Jim, in fact, since

inauguration day, the U.S. is the worst performing G7 ETF. The money is being made in Europe overnight. You come in, it's like, holy cow, they're doing pretty good. Japan's good. Thank you, Warren Buffett, for verifying that. China, obviously, on fire, plus 20 percent. And us, well, people are very confused, particularly in the Russell 3000, which is a small business. They're just certainly less happy about things. And they're taking out that lack of happiness on the market. CNBC Mad Money host Jim Cramer with CNBC's Carl Quintanilla. Stiefel's Brian Gardner weighed in on how investors are feeling about

the Department of Government efficiency. I think some of it has been chaotic, shoot first, ask questions later. It certainly is confusing some investors about the ability for the U.S. government to react in an efficient way. I mean, it can be counterproductive if you fire too many people too quickly

and government doesn't operate and provide the services that it's supposed to. Investors aren't just jittery over rapid job cuts in Washington. Some are worried about tariffs and average Americans are too in the newest University of Michigan Consumer Sentiment Survey. And you can brace yourself for more volatility. Michigan said, hey, people are mentioning the tariffs. So it's really interesting to me that the tariffs are

so pervasive out there among the general public. We see them having an effect on businesses right now. Two weeks ago on a Sunday, tariffs were threatened and then they didn't come. So now we're facing additional deadlines in March and April. So the process looks to be having an effect on the economy here. CNBC Senior Economics reporter reporter Steve Leesman. Do you feel

like you're not working very hard or very long hours? The main worry right now, actually, in my opinion, is the number of hours people are working. Right. So if you look at the hours work number from payrolls, that's my main area of concern right now. Netlives drew Mattis on CNBC. It's so low. The last time we saw this outside of covid, The unemployment rate was 7% in January of 2021 when President Trump left office after his first term, the unemployment rate was 6.3% and after four years of job creation, it's now hovering around 4%. But if you're not putting in your 40 hours a week, watch out. Firms have

been hoarding workers in a very aggressive way and they don't have a lot for them to do so they're working them less and that means they're more vulnerable to layoffs. Facebook parent Meta which had a record 20 day winning streak going just dropped for the fifth day in a row on Monday. This is its longest losing streak since last summer. Cattle prices hit a record high this year, even as America focuses on eggs. The U.S. now has its smallest herd since the 1960s, just as demand is rising. Beef prices have been going up faster than overall inflation.

On Tuesday's watch list, earnings are coming from Home Depot and Keurig Dr. Pepper. We get the latest on home prices and consumer confidence. Jessica Edinger, CNBC. The investing club. We're not about trading. We're about investing. Get invested. Join the club today. Go to cnbc.com slash chims club.