CNBC Business News Update - Market Midday: Stock Sell-Off Accelerates, Consumer Sentiment Lowest Since 1970s, Tesla Falls After Musk Trillion Dollar Pay Package Is Approved 11/7/25

Episode Date: November 7, 2025

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I'm Jessica Eddinger. CNBC, the stock sell-off continues this afternoon and accelerates. The Dow is now down 410 points, led lower by shares of Nvidia, which are down more than 4%. The Dow is down 8 tenths of a percent. The S&P 500 indexed down 88 points. That's more than 1%. And the NASDAQ falling 487 points this afternoon. That's more than 2%.

The major averages all on pace, four of them. losing week. Microsoft's down seven straight sessions. Meta's down five of the past six. The NASDAQ has had three one percent pullbacks in the last six sessions. It's the worst weekly performance since April 4th when it was down 10 percent. It feels like we've hit a bit of an inflection point this week, don't you think? CNBC's Scott Wapner, consumer sentiment is near the lowest ever in the new University of Michigan data. Consumers dealing with inflation. which has been steadily rising since April. Headline number 50.3, very light, would be the weakest since, well, the all-time low,

which was 50, and 50 came in at June of 22. That is the low. If you go back to the 70s, that's still the low. So very close. 52.3 on current conditions, another huge miss. You're now going back to, once again, I don't have a number this low, and I go back to the late 70s. CNBC's Rick Santelli. And here's J.P. Morgan's David Kelly on CNBC. The economy is not in a recession right now, but it is slowing down. What's going on in the backdrop here is we're seeing a decline in the number of available workers.

We've seen a huge turnaround immigration. And if you look at that National Federation of Independent Business Survey there, businesses cannot find, they're having a very hard time finding workers at all, but they really can't find the workers with their skills they need to do the job. So it's a low demand, low supply labor market and it's indicative of an economy that's just you know the battery is just running down here no Thursday jobless claims data today from the federal government because of the shutdown again but cnbc has done the work to gather some data from the states let me give you the jobless claims data we it's gathered individually from the states seasonally adjusted by behavior analytics our data provider rising by 10,000 on the week still a modest 229 it's the top of the range where they've been the past several months though continuing claims that keeps edging together with that surge in mass layoffs that we reported yesterday from Challenger.

Well, I suggest maybe some further weakening ahead that bears watching. We do have a slew of alternative jobs reports, giving an impression of a labor market. I would say cooling, but not crashing. None of the indicators are giving runaway signals either way. CNBC senior economics reporter Steve Leesman. The CEO of American Airlines, Robert Isam, telling CNBC, he's asked Congress to reopen the federal government on this day 38 of the shut. down the longest in history. Airlines have been forced to cancel flights by the FAA and they're poised to lose a lot of revenue. The FAA is trying to ease the burden on air traffic controllers

who are working unpaid. So far, airlines have canceled about 3% of their flights today. Shares of Tesla trading lower today after shareholders approved a trillion dollar pay package for Elon Musk if he hits the series of targets for the company. The mega millions jackpot for tonight is pushing a billion dollars at $843 million. Jessica Eddinger, CNBC. CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.