CNBC Business News Update - Market Midday: Stocks Higher, Nvidia Tries To Regain Ground, Latest Victim Of "Eggflation" 2/28/25

Episode Date: February 28, 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 Jill Schneider.

I'm Jill Schneider, CNBC. On Wall Street, the major indexes are trying to regain some footing after a losing week and a losing month. The Dow is up 240 points. The S&P 500 is up by 27. The Nasdaq is higher by 90. 3M and Disney are the best performers in the Dow right now. Nike and McDonald's are the biggest drags on the index.

The latest reading from the Commerce Department shows inflation eased slightly in January as worries accelerated over President Trump's tariff plans. That's according to a Commerce Department report out this morning. The Personal Consumption Expenditures Price Index, that's the Federal Reserve's preferred inflation measure, increased 0.3 percent for the month and showed a 2.5 percent annual rate. The numbers were all in line with estimates. Nvidia is trying to make up some lost ground.

The chip maker shares are up almost 2% today after sinking more than 8% Thursday. That loss knocked Nvidia out of the $3 trillion club, leaving Apple as the only company with a market cap above that level. Adam Benjamin is a portfolio manager at Fidelity Investments. He points out this is nothing we haven't seen before.

I think it will be a bumpy ride, but I think what people need to realize is this is really hard technology. You know, they struggle with Blackwell back in the fall. That's now in full production and they're moving forward, and this technology is going to have

different periods of life to it, and people need to, you know, get used to that. It's been a rocky week for Palantir, shares tanking about 18%. The company is on pace for its worst week in four years. Palantir has been down for seven of the last eight sessions. AMD stock is higher, but still down sharply for the week.

The company did not provide an annual projection for its AI chips, and that lack of guidance raised some concerns among analysts about AMD's AI strategy and competitiveness. not provide an annual proj and that lack of guidance among analysts about AMD' competitiveness. The hous rough start to 2025. Pric climbing, existing sales home sales fell sharply a

rise. Moody's analytics c Zandi says add it all up is in a deep freeze. It doesn't make any sense to sell your home. Extinguish your mortgage at 4% go by another home and get a mortgage of 6.8. It just doesn't work economically, so even though inventories are up,

they're very, very low by historical standards and so there's you know, until we see mortgage rates come in closer to six and even into the fives, I just don't think this market is going to come back to life to any significant degree. The latest victim of egg flation, those Easter egg die kits, the companies that make those are bracing for potential fallout if the egg shortage doesn't begin to clear up before the April 20th holiday. Jill Schneider CNBC. Get tomorrow's big stock

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