CNBC Business News Update - Market Midday: Stocks Higher, Investors Scoop Up Tech Shares On Sale, Existing Home Sales Fall In March To Slowest Pace Since 2009 4/24/25

Episode Date: April 24, 2025

I'm Jessica Edinger, CNBC. Stocks are higher this afternoon on Wall Street. Investors are eagerly awaiting progress on some trade deals from the White House. However, many investors are scooping up tech shares on sale. The Dow is in the green, up 233 points, a half percent being led higher by shares of Salesforce. The S&P 500 index up 65 points, that's one and a quarter percent. And the NASDAQ is up 287 points now, that's 1.7 percent. The major average is all in the green for the week, still on pace for a losing month.

However, the spring real estate market, still very slow. March numbers for existing homes, sales are out. They fell last month to their lowest since the great financial crisis. 2009 prices hit a record high for the month of March. Existing homes, the median sale price, $403,700. The pause is real. As businesses are worried about the tariffs,

the new Cleveland Fed president joined CNBC today. One of my favorite parts of the job of being Cleveland Fed president is going out in the district and talking to companies, talking to businesses and understanding how they're thinking about things. What we're hearing right now is that the uncertainty is really weighing on businesses and it's creating issues for them in terms of planning. Some of them have put pauses on whether they're going to going to invest i and then they're thinking plans. How many people are to keep on for what length

fed President beth hammock Airlines has now withdraw forecast on a murky econo and Southwest have alread uncertainty is the word o off a strong fourth qu, saw, you know, decent business in January and really domestic leisure travel fell, fell off considerably as we went into February. And that's persisted as we moved into April. And look, the uncertainty is the reason

behind pulling our guide. American Airlines CEO Robert Isom on CNBC, disappointing outlooks from two other airlines. Southwest Airlines says that it will reduce its capacity in the second half of the year as more signs point to weaker domestic bookings in 2025 and reporting better than expected first quarter results. The airline said that it expects second quarter unit revenue to be flat down by as much as 4% compared to last year. Southwest said that it is not affirming its earnings guidance for this year or for next year. In the meantime, Alaska Airlines posted mixed results and said that it would not update

its full year guidance either. It's citing the economic uncertainty and volatility. These are leading economic indicators. Airlines tend to pick up on these things rather quickly with bookings and what they can see. CNBC's Becky Quick. Procter and Gamble says price increases are likely and consumer spending pullbacks. P&G makes Tide detergent, Gillette razors,

Bounty paper towels and Crest toothpaste to name a few of its brands. Consumers have been subjected to an incredible amount of uncertainty. Immigration status, employment status, tariff prices, inflation, interest rates, social and political divisiveness, significant economic strains, which are creating a crisis in consumer confidence. Against that backdrop, though, we grew organic sales, albeit modestly. China's our second largest market in both sales and profits, so it's very important to reflect the impact of tariffs as we currently

understand it. We've reduced our fiscal year guidance. That's Procter & Gamble CEO John Mueller on CNBC. Pepsi with a rare miss for the quarter. It owns Frito-Lay. It's cutting its full year forecast because of the tariffs. Jessica Edinger, CNBC. Introducing CNBC Plus. Start streaming. Go to CNBC.com slash plus now.