CNBC Business News Update - Market Close: Stocks Tank, Nasdaq In Correction Territory, Investors Rattled By Tariffs On And Off 3/6/25

Episode Date: March 6, 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 Evinger CNBC Wall Street opens Friday morning after another plunge for stocks. The Dow tumbling 400 points. The NASDAQ is officially in correction territory as trade policy fatigue ignites another sell off. The Dow finished Thursday down 427 points, 1 percent. Nvidia shares led the Dow lower. They were down almost 6%. The S&P 500 index down 104.

That was almost 2%. And the NASDAQ falling 483 points, more than 2.5%. Tariffs on, tariffs off, means investors don't feel great about putting money in the market. Uncertainty is really key for investors right now. Not exactly knowing what the policy is gonna be tomorrow,

how long the tariffs gonna be kept on for, which additional countries are gonna be subject to tariffs. That is creating a very tough and volatile environment for investors. Principal assets, Seema Shah on CNBC. After so much tough talk on tariffs by President Trump, the markets were tanking and by Thursday afternoon the White House backed off a little but that didn't help stocks at the close. He has now officially signed an executive action

that amends those tariffs on Canada and Mexico until April 2nd just until those reciprocal tariffs start to take effect all goods that are compliant with the US MCA can now trade without facing those new 25% tariffs. Only about 50% of Mexican imports and about 38% of Canadian imports are compliant with USMCA. Some official relief now, but I don't think it's quite to the extent that a lot of people had been hoping for. CNBC's Megan Casella, one expert, explains why tariffs are a no-go for investors. The reason tariffs is such a problem, why I think the market is reacting the way it

is, if you're going to have a tariff dispute with China or Europe, that's one thing. But if you're going to domicile manufacturing in the United States, integrated supply chain and logistic relationships with Mexico and Canada is central to being globally competitive. We operate as a North American continent and I think that's why the market was so surprised by these actions. Goldman Sachs vice chairman and former Dallas Fed president Robert Kaplan on CNBC. Investors are waiting for the February jobs report coming Friday morning. They've been rattled. They need to see that the economy is still solid. We have to actually see what's really happening in the underlying hard data. That's why Friday's

jobs report will be so important. And I think it can be a relief. JP Morgan's Gabriella Santos on CNBC. Job cut announcements soared to their highest in five years last month as Elon Musk and Doge slash federal workers announced job cuts in February, searching to the highest level since the pandemic with the Trump administration's efforts to reduce the federal workforce playing not the only but the biggest part in that the outplacement firm Challenger Grey Christmas. They're saying that announced February layoffs rose to 172,000. It's the highest monthly number since July 2020. The bulk of government job cuts are likely too recent to show up in tomorrow's jobs report. Workers won't

be counted as unemployed until their severance runs out. CNBC senior economics reporter Steve Leesman on Friday's watch list. It is jobs Friday. We get that Labor Department February employment report. We get the latest on consumer credit. It's national economic blackout day. A social media movement urging consumers to avoid shopping with major retailers. It's employee appreciation day and new in theaters. Warner Brothers, Mickey 17. Jessica Edinger CNBC.