CNBC Business News Update - Market Close: Stocks Plunge, Major Indexes Each Down At Least 1.5%, Trump Says Tariffs Will Go Forward 3/3/25

Episode Date: March 3, 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 an ugly start to March trading on Wall Street after President Trump confirmed tariffs will begin. Even Bitcoin collapsed. It plunged 9%. The Dow was down 649 points, one and a half percent. Nvidia let it lower. It was down almost 9%. S&P 500 index down 104 points, one and three quarters percent. The Nasdaq plunged 497 points. That was two and a half percent. People have surrendered and they feel like there's no obvious place to hide. The market is still only down five percent from a record high. It's about flat year to date.

It's been a pretty good reset. That's CNBC's Mike Santoli. President Trump dashing investors' hopes for a last-minute Canada and Mexico deal as of market close Monday. This is ahead of 25% tariffs. The president said those 25% tariffs will go into effect. 25% on Canada and 25% on Mexico and that'll start. So they're gonna have to have a tariff. So what they have to do is build their car plants, frankly, and other things in the United States. He is saying he intends to go through with it. The question is now, will there be any exemptions? What kind of details will we get? What kind of timeline will we get for those tariffs?

CNBC's Eamon Javers. Now at the time the president spoke on Monday afternoon, he had not actually signed the executive the president spoke on Monday afternoon, he had not actually signed the executive order placing tariffs on Canada and Mexico, but he had signed one upping tariffs on everything coming in from China to 20 percent. Some investors say the intense policy noise from the White House and the tariff talk has been hurting confidence. I think he's doing things in a manner that is very destabilizing. And he's trying to change the whole ethos of the country. You know, I look at the Statue of Liberty,

I think the message at the base is give me a poor message, the earning to be free, you know, and, you know, we're rejecting that now, and we're taking a different approach. I understand what he's doing. He's focusing on the deficit, but, which has to be focused, but, you know's focusing on the deficit, which has to be focused. But focusing on the deficit is contractionary.

Billionaire investor Leon Cooperman on CNBC. Carmakers bracing for the Trump tariffs. Almost one out of every four comes from either north or south of the border. Mexico about double the production of Canada. What have the big three done in preparation? I know they all have war rooms. Game planning for a number of Canada. What have the big three done in preparation? I know they all have war rooms game planning for a number of scenarios. Most believe you're looking at 345 weeks before you really start to see prices rising and most believe the automakers spread it out across the lineup. CNBC's Phil LeBeau

Canada supplies the U. S. With lumber used by home builders and tariffs will likely mean new homes will cost even more. The majority of lumber imports to the U.S. come from Canada and there is already a 14.5% dumping tax on Canadian lumber. The 25% tariff would be on top of that. Appliances come from China and Mexico. You're seeing aluminum and gypsum. That's all your wallboard.

That comes from Mexico as well. So if you see tariffs on that, you're looking at increased costs for builders and they're going to trickle that down to buyers. Of course. CNBC's Diana Olek struggling Starbucks, pulling 13 of its least popular drinks off menus Tuesday, including nine types of Frappuccinos also going or iced matcha lemonade and white hot chocolate. A streamlined menu

is one of the goals of the new CEO. It may help speed up service. On Tuesday's watch list earnings are coming from retailers like Best Buy and Target plus AutoZone, CrowdStrike Nordstrom and Discounter Ross stores. President Trump delivers a joint address to Congress and it's Fat Tuesday, Marty Graf, Jessica Edinger, CNBC.