CNBC Business News Update - Market Midday: Stocks Lower, Consumer Sentiment Worsens, EU Works On Retaliatory Tariffs Against The US 3/28/25

Episode Date: March 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 Jessica Ettinger.

I'm Jessica Edinger, CNBC, Wall Street selling off this afternoon after a hot inflation report, investors worried about a trade war, tariffs, and also consumer sentiment, according to the University of Michigan, is tanking. The Dow down 521 points this afternoon, one and a quarter percent. Amazon shares leading it lower. They're down almost 4%. The S&P 500 index down 87 points. That's 1.5%.

The NASDAQ plunging 391 points, 2.25%. Nvidia shares helping lead everything lower too. They're down 1.5% this afternoon. Investors trying to game out just how much the Trump auto tariffs and a looming trade war will impact the U.S. economy and consumer spending. We're in this incredible period of uncertainty and I think the data, particularly corporate data over the next couple of months, is going to reflect the fact that people are sitting on their hands.

You're in this period of stasis and uncertainty. Black Rock's Rick Reader on CNBC. Inflation came in hot last month in the P. C. E. Report. That's personal consumption expenditures. It's the one the fed likes to watch. February P. C. E. Slightly hotter P. C. E. Numbers core now in a month over month expected up three tenths of four tenths. That would be the warmest going back to, wow, I'm going to have to go, that'll be the warmest basically in a year, January of 24. If we look at core, year over year, expected 2.7, it's a tenth warmer as

well. CNBC's Rick Santelli and here's CNBC senior economics reporter Steve Leesman. You're stuck hot on the core side at 2.8. Tell the tape here on core. December 2.8, January 2.6, and now 2.8 in February. So you went up, you went down, you're not making any progress. Lululemon shares falling today

after the CEO of the Canadian company said tariffs and a cautious consumer are weighing on the maker of yoga wear. Canadian Prime Minister Mark Carney saying the old Canada-U.S. relationship is over and vows to fight American tariffs with retaliatory trade actions that will have maximum impact on American business and consumers. Meantime, the EU reportedly working on new retaliatory tariffs as well to hurt Americans. Tariffs, levies or fines in retaliation for President Trump's new auto tariffs. Now, the expected move coming as the EU has already unveiled extra tariffs on 28 billion dollars worth of U.S.

goods in response to the steel and aluminum tariffs. CNBC's Sylvana Hanau. Novo Nordisk says copycat compounders are hurting Wigovia sales and it's threatening legal action to protect its FDA approved weight loss drug. The compounding pharmacies and third-party sellers like Roe and Eden were allowed to sell copies of the drugs when they were in short supply. They are not FDA approved, but they're no longer in short supply. And companies like Novo want those copies pulled off the market. MLB TV went down for thousands of baseball fans on opening day yesterday.

Variety says most of the complaints were from fans trying to watch games on the MLB app. The outage lasted about a half hour. New in theaters this weekend, Amazon MGM's thriller, A Working Man, A24's horror thriller, Death of a Unicorn, and Focus features the ballad of Wallace Island. Jessica Edinger, CNBC. June 5th, CNBC's Fast Money Live, an exclusive in-person experience

at the iconic NASDAQ Market site in New York City. Get your tickets now at cnbcevents.com slash fast money.