CNBC Business News Update - Market Midday: Stocks Extending Yesterday's Losses, New Higher Trump Tariffs On Canada, Canada Warning Of A Trump Recession 3/11/25

Episode Date: March 11, 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 is in the red this afternoon. President Trump says he's raising tariffs on Canada. Canada warns of a Trump recession. Markets are tanking. The Dow extending yesterday's losses. It's plunging 530 points, one and a quarter percent led lower by shares of Verizon down almost seven percent this afternoon. The S&P 500 index down 47 points, that's eight tenths of 1%.

The Nasdaq down 63 points, three tenths of 1%. The market is trying to adjust to a new environment, one that it did not anticipate on election night. If you judge the president's commentary today about Canada at face value, the market's trying to figure out what price is right. Well put, and the market's also trying to figure out what the probabilities of a recession are. What we can say is directionally the probability of a recession this year has increased over the past few weeks. CNBC's Scott Wapner with CNBC contributor Jim Labanthal

on Halftime Report. Ontario's head is threatening an electrical shutoff over President Trump's new higher tariffs on aluminum and steel coming in from Canada. Canada supplies a number of US states with the bulk of their electric power. Job openings rose in January, another indicator that President Trump

inherited a strong labor market as the president returned to the White House for his second term. U.S. business has posted 7.7 million vacancies. The number of Americans who quit their jobs in January also rose in the new Joltz report on job opportunity and labor turnover. President Trump posting he plans to buy a Tesla to support Elon Musk as the EV maker faces repeated protests at Tesla stores around the country. The president blaming radical left lunatics

who are illegally and collusively boycotting Tesla. Tesla has lost 40% of its value since the start of the year, although shares were ticking higher this afternoon. It's been a dark time for Tesla shareholders, especially this year, right? I mean, because when it comes to Musk, it's not just brand issues, it's distractions. And I think it really starts now become almost the symbol in terms of the sell off. I think this is going to be one of those periods for Musk, for Tesla.

They really need to navigate because this is going to be a key three to six months ahead. There's so much innovation ahead. And we continue to be so bullish. But no doubt, this has really been a really a white-knuckle moment for Tesla shareholders. That's Wed Bush's Dan Ives on CNBC. Southwest Airlines doing something it's never done before. Southwest Airlines. Bags no longer fly free. Wow. What? Yes. Wow.

Let me clarify this. They are going to charge for checked bags with the exception of their top tier passengers. So if you are paying business select or you are on that A list in the rapid rewards program you will still get either one free bag or both bags fly free. CNBC's Phil LeBeau, angry passengers posting on Reddit today writing private equity strikes again

and it's not love anymore, LUV. Southwest also says some flight credits and Rapid Rewards miles will expire. I'm Jessica Edinger, CNBC. CNBC's Spotlight delivers the best videos of the day right to your inbox. Top stories, key highlights, and selected daily by CNBC experts. Sign up now for free. Go to CNBC.com slash Spotlight.