CNBC Business News Update - Market Close: Stocks Slump After Wednesday Rally, Gold Miners Glitter, Nike Shares Slide 4-10-2025

Episode Date: April 10, 2025

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schack, now CNBC. The bad news, another sell-off for the stock market. The good news, today's losses were less than half the gains we saw during yesterday's historic rally. But tariff-related tensions continue to weigh on investor sentiment. The Dow fell 1,015 points to close at 39,594. The S&P 500 slid 3.5% or 189 points. The Nasdaq tumbled 738 points or 4.3%. But the Dow had been down 2200 points earlier and the S&P 500 had been lower by more than

6% at session low. Fundstrat managing partner Tom Lee says there is opportunity if you know where to look. I think that investors are understandably cautious but I think some things really got washed out. The Teslas and the mag 7, you know, they basically bottomed on Monday and so even though the markets were plumbing new lows into Wednesday they were holding up and and they've made a big move so I think there's there's an argument to me that high beta and the mag 7 are what you want to watch. I'm kind of in the camp that this is going to extend further the rally. Gold miner Newmont was the leading gainer in the S&P 500 rising four and a half percent. Gold has done

well in recent months as an inflation hedge and is near record highs. One of the biggest losers in the benchmark index was used car retailer CarMax falling about 17% after issuing a disappointing fiscal 2026 forecast. And Nike was down more than 8% on ongoing tariff worries due to substantial international product sourcing for the footwear and apparel maker. Peter Schacht now, CNBC. Essential investing tools for wealth management. Plus, CNBC global market news and analysis tailored to your holdings.

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