CNBC Business News Update - Market Midday: Stocks Lower, Boeing Shares Pop On Trump Fighter Jet Order, Tesla Owners Trade In Their EVs In Record Numbers 3/21/25

Episode Date: March 21, 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 is sell-off for stocks this afternoon on Wall Street a quadruple witching day is on that means certain options and more are expiring that can create potential volatility but it's been a down day the whole day the Dow is down 231 points a half percent Nike shares leading that lower down 5% the S&P 500 index down 39 points. That's more than a half percent. The Nasdaq down 101 points, more than a half percent. The only index slightly in the green for the week is the Dow. Companies who shares have hit fresh all-time highs today include Lowe's, Cardinal Health, and Consolidated Edison. Con Ed is a power company. Boeing shares are popping 5%

after the Trump administration reportedly awarded the company a much needed win with a fighter jet contract. That's according to Reuters. Tesla owners are trading in their electric vehicles at record levels. This is according to Edmonds. Investors are still hoping for interest rate cuts from the Fed. They held rates study this week. They want to see money cheaper to borrow for companies, which is going to boost profits. President Trump called for the Fed to cut at its next meeting to help head off the pain of tariffs. If we get past this bumpy period of some uncertainty,

I still think when the unemployment rate and the job market are settled in at what looks like full employment, if we can continue to make progress on inflation over the long run, I believe that rates 12 to 18 months from now will be lower than where they are today. Fed President Austin Gulsby on CNBC. Travel chaos today from London to New York and beyond as London's Heathrow Airport is closed. Because of a severe fire, airlines have been scrambling today, so are passengers. Nike, the iconic American company,

expects sales to plunge in this current quarter as it faces tariffs and consumer confidence, which is tanking. It reported quarterly results after the closing bell last night for the holiday quarter. Nike, actually shares were higher after Nike reported because it was less worse than feared. And there were actually some signs of progress under new CEO Elliot Hill. Sales only down 9%. They were expected to be down 11%. Yes, China was worse than expected, but North America was only down four and that was better. They saw good launches like the Pegg premium, the new running

shoe. They saw some progress with the wholesale relationships. But then on the call, I guess the talk of the macro was a reminder to folks that Nike does have a long way to go. CNBC's Sarah Eisen. FedEx shares were lower after it slashed its full year guidance citing weakness in the U.S. industrial economy. Cleveland Cliff's shares are down. The Minnesota Star Tribune reported that the steel producer will idle two of its factories and cut hundreds of jobs. This comes as carmakers have reduced orders amid uncertainty tied to President Donald Trump's tariffs. New in theaters?

Shudder's new horror film Ash, Avenue's horror film Locked, Warner Brothers crime drama The Alto Nights, and Disney's live-action version of Snow White. Universal's Wicked and Neon's Anora, which is the Oscar winner for Best Picture, well they're both on streaming platforms this weekend. Universal's a sister company to CNBC. Jessica Edinger, CNBC.