CNBC Business News Update - Market Midday: Stocks Higher But Rally Fades, Confusion Over Electronics Tariff Carve Out, 60% Of CEOs Expect A Recession 4/14/25

Episode Date: April 14, 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.

Jessica Edinger, CNBC. Wall Street's in the green, but the rally today has mostly faded. The Dow opened this morning up 500 points. It's up 150 now. That's up four tenths of a percent being led higher by shares of Apple, which are up almost two and a half percent this afternoon.

The S&P 500 index up 29, the NASDAQ up 52 points. President Trump says he may do a flip flop on some auto tariffs. Speaking at the White House today. I'm looking at something to help some of the car companies where they're switching to parts that were made in Canada, Mexico and other places. And they need a little bit of time because they're going to make them here, but they need a little bit of time. So I'm talking about things like that. Automaker shares popped on this news. Apple shares are higher, and that's on what investors believe are a carve out for tariffs. CEO Tim Cook working to make that happen. Remember, going into the Trump administration, Cook had made that $1 million donation to

the inauguration. He also showed up at the inauguration with all those other big tech CEOs. Also gone, guys, no more chatter about building iPhones in the USA. For now, at least. So right now, this is great news. Just 20% instead of 145% in China. Again, at least 80 to 90% of iPhones are still made in China. That is still going to be a problem. CNBC's Steve Kovach. Fundstrat's Tom Lee says the tariff exemptions announced and then made temporary over the weekend are still very good for stocks. In the near term, it's a roller coaster.

I mean, it does feel like we're having a lot of zigs and zags and even over the weekend, but to me, I think everything that happened over the weekend, including this Sunday, further explanations, all of this is still unequivocally positive for stocks. More than 60% of CEOs asked to expect a recession in the next six months as the Trump trade war continues, according to chief executive and industry group

that commissioned the survey. Former Fed chair Janet Yellen tells CNBC the Trump tariff agenda is just confusing and uncertain for business leaders. It's just completely chaotic. I know a lot of relief was felt on Friday night or Saturday that electronics would be exempt from the highest Chinese tariffs. But then we were told yesterday that that's just a temporary reprieve. So, really, things have been just chaotic, the reciprocal tariffs put on, then paused, don't know what's going to happen next.

Households and businesses feel paralyzed by the uncertainty about what's going to happen. It makes planning almost impossible. Goldman Sachs today out with strong quarterly results. Pfizer scrapping its experimental daily weight loss pill after a patient suffered liver injury. The company says the patient recovered after stopping the pill. Facebook parent metas blockbuster antitrust trial on today against the Federal Trade Commission. The tax scramble is on for procrastinating Americans. Tomorrow's tax day, many people finalizing returns.

Warner Brothers, a Minecraft movie won the weekend box office again with a massive $80 million in ticket sales. Jessica Edinger, CNBC.