CNBC Business News Update - Market Close: Stocks Plunge, President Trump Theatens New Tariffs For China, Some Investors See Opportunity 10/10/25

Episode Date: October 10, 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. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Hi, Jessica Ettinger, CNBC. Wall Street opens Monday morning after an ugly Friday sell-off. President Trump posting that China is getting hostile over rare earth minerals. He even hinted at higher tariffs on Chinese goods. The Dow tanking 878 points, almost 2%. Amex leading it lower down 5%. The S&P 500 index lost 182 points. That was almost 3%. in the NASDAQ fell 820 points, 3.5%. Shares of Nvidia down just about 5% on Friday.

Not every investor is worried. This is just a needed correction and a needed pullback, something we've been waiting for, sentiment's been extreme, talks of bubbles, talks of doubling between now and March of next year, and analogs to 1999. This is healthy. We're in this window where you'd expected in October, and that's how we're approaching it as of now is a healthy pullback. 314 Research co-founder Warren Pies on CNBC. Here's New Edge Wells Rob Sechin on CNBC. I think the sharp reaction to this news shows how price for perfection markets have become and how subject to a little bad news they could be. And here's High Towers, Stephanie Link, on CNBC. We're looking for opportunities to be buying better economic growth, decent consumer,

AI renaissance, good earnings. Earnings are going to be very good. And the good news is on Tuesday, we start to get earnings. You're looking for opportunities that speaks to people wanting to buy the dip. And I think that they will, and I think they should. As the White House says it's starting to fire federal workers amid the shutdown, investors could get the latest on inflation next week, even with a shutdown. The Bureau of Labor Statistics says it's recalled some staff to get the September

Consumer Price Index report ready. It's scheduled to be on. Wednesday. Amazon's early holiday prime day sale may have been a little bit of a bust. Amazon kicking off the holiday shopping season with its prime big deal days, but some shoppers questioning how valuable the bargains really were. The Washington Post says some items actually increased in price compared to the week before, and others that were marketed as discounted hadn't actually changed in price at all. CNBC's Leslie Picker, consumer sentiment, still at its low. lowest since last May.

There's University of Michigan sentiment, 55.0 on headline. Very close, sequentially, to the 55.1 in the rearview mirror. You'd have to go back to May of this year to find a lower number. CNBC's Rick Santelli. Consumers pulled back their spending in some areas in September and the New Bank of America Checkpoint Data report, using info from almost 70 million account and credit card holders. As inflation rises and prices go up, Americans have to spend more just to buy the same stuff.

spending was actually down just two tents, but you did see a difference there between what we were seeing in services, which continued to grow. Gas obviously was up, and then retail came down. Bank of America Institutes Liz Everett, Chrisberg on CNBC. One thing consumers are saving on, prices at the pump, oil below $60 a barrel for the first time since May. On Friday, AAA says gas prices have fallen 10 cents a gallon over the past month to a national average of a about $3.10 a gallon for regular. On Monday's watch list, it is Columbus Day. The bond market will be closed, but Wall Street will be open.

Some banks are closed on Monday. And it's also Canadian Thanksgiving Day Monday. Canada's financial markets will be closed. Oracle AI World will be on in Las Vegas and we'll get a new oil market report from OPEC. Jessica Erringer, CNBC. You come to my show and you learn how to do stops. Mad Money, Weeknight, Six Eastern, CNBC. Thank you.