CNBC Business News Update - Market Close: Stocks Rally, Investors Hope Some Tariffs Don't Happen, Hyundai To Build A Steel Plant In Louisiana 3/24/25

Episode Date: March 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 rally for stocks to start the week. Some threatened Trump tariffs could be held back. Investors love that. They sent the Dow up 597 points, almost one and a half percent led higher by shares of Home Depot, which were up three and a half percent. The S&P 500 index up 100 points, one and three quarters percent.

The NASDAQ soared 404 points, two and a quarter percent. The Wall Street Journal reporting that tariffs on industrial sectors like cars and chips are not likely to be announced on April 2nd. Therefore, you look at names like Nvidia and Micron and AMD and Broadcom and Ford and GM, and they are all bouncing as you would expect. CNBC's Scott Wapner.

Here's Wharton professor Jeremy Siegel on CNBC. The narrowing of tariffs talk is the major reason why we got this rally. And the market does not like uncertain, wildly fluctuating, and potentially very high tariffs. It is willing to look towards the targeted tariffs. So it has his fingers crossed for April 2nd. President Trump with a threat of secondary tariffs on Venezuela. The president posting on social media,

any country that purchases oil and gas from Venezuela will be forced to pay a tariff of 25% to the United States on any trade they do with our country. All documentation will be signed and registered and the tariff will take place on April 2nd. Because of immigration and legal concerns he has with Venezuela and the way they're negotiating with the United States, any country that does business with Venezuela will see that 25% tariff kick in. That's an innovative use of the tariff power to say the least. CNBC's aim in javers. South Korea's Hyundai announced a 21 billion dollar investment in the US. It includes

a new steel plant in Louisiana to supply its car plants with product. Hyundai has two of those in Georgia. Eli Lilly will soon release key data on its weight loss pill. Many obese Americans would prefer a pill to a shot. Results from several late-stage clinical trials on its experimental once-daily pill should come later this year. Tesla shares rebounded Monday up 12% for their biggest gain since its post-election day drop. Tesla's coming off nine straight weeks of losses. On Tuesday's watch list earnings are coming from spice maker McCormick and GameStop. We get the latest on home prices and newly built home sales

numbers for last month. We also get a fresh read on consumer confidence. Jessica Edinger, CNBC. Experience the power of CNBC Pro. Track your portfolio from every angle on one optimized platform. All new investing tools securely linked to your brokerage accounts. Go to CNBC.com slash get pro now.