CNBC Business News Update - Market Close: Stocks Tumble On Tariff Worries, Nvidia Slides 8.5% Despite Earnings Beat, Apple iPhone 16e Goes On Sale 2/27/2025

Episode Date: February 27, 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. It's been a lost week and a lost month for the stock market, pressured by a wide variety of economic concerns. The Thursday session featured more losses for stocks, despite a better-than-expected earnings report from market bellwether Nvidia. The market was also pressured by the White House announcement that tariffs on Mexico and Canada

would proceed as scheduled on March 4th. The Dow lost 194 points to close at 43,239. The S&P 500 slid 1.6 percent or 94 points. The Nasdaq tumbled 531 points or 2.8 percent. The S&P and Nasdaq are on pace for their largest weekly losses in nearly six months. The Nasdaq is now at its lowest since early November. NVIDIA's 8.5% drop during the Thursday session could present a golden buying opportunity, according to Bryn Talkington, managing partner at Requisite Capital Management. This is going to end up being 12 months from now, probably the cheapest of the Mag 7.

You look at Microsoft, Apple, not even remotely growing at the rate that Nvidia is. And I just think you have this visionary leader that's looking out so much further than we as investors or as just individuals can see. This AI transition is going to be a secular trend, not just a cyclical trend. On the Friday watch list, a slew of notable economic data, including personal income and consumer spending, and the latest personal consumption expenditures, or PCE index, the Fed's favorite measure of inflation. Apple's new iPhone 16E, the less expensive version of the latest iPhone, will be available for sale starting Friday.

And a 24-hour so-called economic blackout has been called for the day by the nonpartisan grassroots group, the People's Union USA, which is encouraging consumers to refrain from nonessential purchases to call attention to high costs and corporate practices. Peter Schacht now, CNBC. your inbox tonight when you subscribe to Stocks at Night, a free investing newsletter from CNBC. Sign up now at CNBC.com slash Stocks at Night.