CNBC Business News Update - Market Midday: Stocks Higher, Reports Say Amazon May Be Involved In A TikTok Takeover, Tariff Announcement At 4P ET 4/2/25

Episode Date: April 2, 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, investors waiting for the Trump tariff announcement. And Wall Street is soaring. The Dow up 326 points, three quarters of a percent being led higher by shares of Goldman Sachs, which are up 3%. The S&P 500 index up 53 points. That's 1%. The NASDAQ up 231 points.

That's 1.3%. Shares of Nvidia are up more than 1% this afternoon. Shares of Amazon are up almost 3% on reports that say Amazon may be involved in a takeover of TikTok. Another report says Metta CEO Mark Zuckerberg was seen going to the White House today. Investors, though, are waiting for President Trump's tariff announcement after the markets close. The president has now made his decision on how he wants to proceed with the reciprocal tariffs.

A second White House official telling me the president's focus at this point is on perfecting his speech. They have about 150 seats set up in the Rose Garden. They're all set for that 4 p.m. announcement. We don't know any details about what the announcement will be itself, but a few things that we can say for sure. One is that tariffs are expected to take effect immediately, and the second is that the Treasury Secretary told lawmakers yesterday that these tariffs are expected to be the maximum level that we will see against these countries and that they will only be negotiated down from where they are announced today. That's CNBC's Megan Casella.

CNBC Mad Money host Jim Cramer's been talking to business leaders about the president's tariff agenda. I hear people say that it's really morphed into we're going to raise a lot of money and you're going to get a tax cut. The tariff announcement comes from the White House Rose Garden after the markets close at four Eastern today. Full live coverage on the CNBC app CNBC TV and CNBC dot com. The White House says the tariffs will take effect immediately and Americans are bracing for higher prices and possibly higher inflation. It's going to be nearly impossible for us not to see

prices increase at the grocery store. What's interesting though is if you have a retailer say like a Target or a Walmart, maybe they want to hold the price on an avocado, but maybe they raise it somewhere else, right? That's sort of how they work with their portfolio of items. It may not be exactly clear where those higher costs come out for us product by product. Groceries operate on a very, very thin margin somewhere between 1 and 3%. I think we could be in for a sticker shock CNBC's Courtney Reagan. The auto tariffs already announced take effect today. 25% on cars not made in the U. S. And 25% on parts not made in the U. S. To people are still wondering how

much of that increase will be absorbed by the car makers or maybe by the dealerships. We're going to find out pretty quickly once we work through the inventory in dealer lots right now, probably by the middle of May I would imagine. For the automakers the question is how much can they produce here in this country to mitigate the impact of the new trade war. And that means who has the most or the least amount of production in the United States for the vehicles that they sell here. Look, Jaguar Land Rover makes nothing here. Mercedes-Benz and Hyundai, both under 40%. On the flip side, Ford, almost 80% of the vehicles

it sells in this country are built in this country. And then you have Honda as well. CNBC's Phil LeBeau. Jessica Ettinger CNBC. Amid tariff uncertainty and downgrades to growth the March jobs report numbers and analysis. Squawk Box Friday 830 a.m. Eastern CNBC.