CNBC Business News Update - Market Midday: Stocks Higher, President Trump Posts "This Is A Great Time to Buy," EU Approves Retaliatory Tariffs 4/9/25

Episode Date: April 9, 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, Wall Street up and down again today as the Trump tariff turmoil continues. Major averages in the green as of 1230 Eastern. The Dow up 170 points, being led higher by shares of Walmart up four and a half percent. The S&P 500 index up 26 points, back above 5,000. The Nasdaq up 197 points, one and a quarter percent. Nvidia shares up three percent. Some investors are shopping for stocks on sale today. It's of course already been another volatile session. Piper Sandler today says now is the time to scale into equities. Wolf for search. We like the chances of a strong counter trend rally. The president himself posts twice this morning, be cool.

Everything's going to work out well. This is a great time to buy. CNBC's Scott Wapner. The European Union has just approved the first set of retaliatory tariffs on U.S. imports. Former Secretary of State Anthony Blinken spoke with CNBC. This was global tariffs, including against the very countries that we need to be with us to deal with a problem like the problem posed by China. This seemed to be America against the world.

The message that this has sent to countries around the world, including some of our closest allies and partners, is we need to move away from the United States. Republicans on Capitol Hill are preparing a bill which President Trump said he'd veto to require the president to obey the Constitution. First and foremost, the Constitution gives Congress the power of tariffs and taxing in Article 1. I think it's a very high risk move by the president when you have a trade war with 60 countries.

We don't have a good experience with this. I mean, the last time we've done something like this was 1930. That did not turn out well. Republican Congressman Don Bacon of Nebraska on CNBC. The CEO of America this administration wants to do is the right goal. The way they're going about it has three negatives. First that we're seeing is uncertainty. We'll keep people from making decisions, keep people from making investments, keep people from making hires.

That's not a great thing. We can survive that. The one I worry about more is damage to the US brand. What does our brand mean when it comes to long term agreements, long term security packs? And three is we've increased the chance that we will have some form of accident, which will lead to actual market volatility beyond I'll call a normal correction. Apollo global management CEO and billionaire Mark Rowan on CNBC. Walmart pulling its quarterly operating income forecast because of the tariffs. Delta Airlines CEO telling CNBC the Trump trade war is hurting bookings. The airlines canceled its flight growth plans for this year.

He spoke with CNBC's Phil LeBeau about other CEOs he's been talking to. You talk to a lot of CEOs. Can you summarize for us? Because they're afraid of saying something publicly because it might infuriate the Trump administration. What are you hearing back from other CEOs? Well, we're in uncharted, unprecedented uncertainty. When you look at what's happened and the pivot so quickly to this self-inflicted situation. And at Delta, we understand, you know, trade is a normal thing, and you need to go through. In fact, the first Trump administration, we worked very closely with the administration because we're having big issues

with the Middle Eastern carriers and they were quite helpful, but we did it over time. It was more strategic. Trying to do it all at the same time has created chaos. That's Delta Airlines CEO Ed Bastion on CNBC. Jessica Erringer, CNBC. The White House doesn't seem to understand what it's trying to do and the not really

reciprocal towers we've got, who do tremendous damage to the U.S. economy.