CNBC Business News Update - Market Midday: Stocks Lower, Debate Over Whether US Or China Should Start Negotiating First, Democrats List Musk Benefits Of Government Work 4/28/25

Episode Date: April 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 has now slipped into the red for the major averages this afternoon. The Dow down 54 points. It's still above 40,000. It's being led lower now by shares of Nvidia, which are down almost three and a half percent. The S&P 500 index down 34 points. That's a half percent. The NASDAQ plunging 182 points. That's a

little more than 1%. Meantime, President Trump's first 100 days are the worst for the stock market since President Nixon. The Treasury Secretary told CNBC the ball is in China's court. I believe that it's up to China to deescalate because they sell five times more to us than we sell to them. And so these 125, 145 percent terrorists are unsustainable. That's Treasury Secretary Scott Besant on CNBC. But here's CNBC's Sarah Eisen talking with the former Commerce Undersecretary for international trade in the Obama White House.

Is it up to China to come to the table? You know, it can't be. We kind of started this war and they just are going to be able to absorb so much more pain than we will be in this process. Why? First of all, they really do have an authoritarian regime. President Xi isn't coming up for reelection. They culturally think in multi-generational timeframes,

not two-year election cycles. Even if the president is right, and this is a way to reshore domestic manufacturing, are we going to have the patience to get there and wait them out? And my fear is, frankly, China is going to be much more patient than we're going to be capable of being

when U.S. consumers find the shelves empty and prices going up. That's Bridge Park advisor Stefan Selleck on CNBC. going to be capable of being when U.S. consumers find the shelves empty and prices going up. That's Bridge Park adviser Stefan Selleck on CNBC. An eye-popping list of just how Tesla CEO Elon Musk can benefit from his government doge work from Senator Richard Blumenthal. It's to the tune of billions, according to the senator. Senator Richard Blumenthal's memo alleges that Elon Musk may avoid at least $2.37 billion in potential

financial liability as of January 20th. The memo says Musk and his companies were subject to at least 65 actual or potential actions by 11 different federal agencies, including $1.19 billion in potential liability from Tesla's allegedly false or misleading statements about self-driving features, $633,000 in fines from SpaceX's failures to follow rocket launch requirements, $713,000 in fines from 29 OSHA citations against SpaceX, Tesla and The Boring Company and $281 million in potential liability from Neuralynx alleged false or misleading statements about its product risks.

CNBC's Eamon Javers in Washington. Warner Brothers Sinners won the weekend box office and a re-release of Disney's Star Wars Revenge of the Sith came in second, beating the brand new Amazon MGM Accountant 2 movie. It's Derby week in Louisville ahead of this Saturday's Kentucky Derby week in Louisville ahead of this Saturday's Kentucky Derby. Jessica Eddinger CNBC CNBC plus the new

streaming platform from the number one source in business news start streaming. Go to CNBC dot com slash plus now.