CNBC Business News Update - Market Midday: Stocks Higher, Investors Hope Trump Softens Stance On Tariffs, New Tariff Pressure On Companies Buying Oil From Venezuela 3/24/25

Episode Date: March 24, 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 Edinger CNBC. A rally this afternoon on Wall Street. President Trump indicating that some threatened tariffs could be held back, helping industries like carmakers and chipmakers. The Dow soaring 566 points, 1.3 percent being led higher by chipmaker NVIDIA, which it shares up almost 4%. The S&P 500 index up 96 points, that's 1.7%. The Nasdaq now up 376 points, that's more than 2%. The Wall Street Journal reporting that tariffs on industrial sectors like cars and chips are not likely to be announced on April 2nd. Therefore, you look at names like NVID Nvidia and Micron and AMD and Broadcom and

Ford and GM and they are all bouncing as you would expect. CNBC's Scott Wapner. President Trump with a threat of secondary tariffs on Venezuela today. The president posting on social media, any country that purchases oil and gas from Venezuela will be forced to pay a tariff of 25% to the United States on any trade they do with our country. All documentation will be signed and registered, and the tariff will take place on April 2nd. Because of immigration and legal concerns he has with Venezuela and the way they're negotiating with the United States, any country that does business with Venezuela will see

that 25 percent tariff kick in. That's an innovative use of the tariff power to say the least. CNBC's Eamon Javers. 23andMe shares were plunging on a Chapter 11 bankruptcy filing, the CEO stepping down. 23andMe has struggled since a massive customer data breach. The Ancestry DNA company has partnered with drug makers to use customer data for drug development. United Airlines raising annual fees for lounges and for its rewards credit cards coming on the heels of Southwest's plans to raise money by charging for checked

bags. United upping the yearly lounge membership fee to $750. Credit card fee increases include $150 a year now for the United Explorer card instead of $95. United Quest cards go to $350 a year, and the United Club Infinite card goes to $695 a year. The acting Federal Aviation Administrator spoke on CNBC today about the air traffic controller shortage. It's about 3,000 workers and fewer than 200 people right now are in the hiring process.

We just went through a hiring surge at the air traffic controller academy out in Oklahoma City under Secretary Duffy's leadership. We put out a surge call and we've had over 10,000 applications for the positions themselves. About 7,500 of those have been referred for testing. So obviously our focus is to get controllers the best and the brightest into the academy and get them out to the facilities as soon as possible. Acting FAA Administrator Chris Rosciolo on CNBC, Canada's oldest company, Hudson's Bay, will liquidate all but six stores. Starting today, Hudson's Bay has been called the Macy's of Canada and it was founded in 1670, CNN says.

It also owns the Saks Fifth Avenue chain in Canada. Jessica Edinger, CNBC. CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it, how you Jessica Edinger, CNBC.