CNBC Business News Update - Market Midday: Stocks Lower, Fed Chair Pick Kevin Warsh Refuses Investment Question, Warsh Says He Will Be Independent From President Trump 4/21/26

Episode Date: April 21, 2026

The CNBC Business News Update with Jessica Ettinger features market numbers & news with CNBC expert analysis and sound from top business names. Updated throughout the business day. Visit https://www.cnbc.com/ for more. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Ettinger. CNBC, a turn lower for the major averages on Wall Street this afternoon. Oil, a little bit higher, ahead of the Iran ceasefire deadline. The Dow down 42 points. Merck shares leading it lower. They're down 3%. The S&P 500 index down 15 points. The NASDAX now down 35 points. And Vitya shares are down 1%. President Trump's Fed share pick, Kevin Warsh, appeared at a 7.5. Senate Banking Committee confirmation hearing, where Senator Tom Tillis said the Trump administration investigation into current Fed Chairman Jay Powell is bogus. The boss said on the same night that I said, I can't go forward until this bogus investigation is done with said he didn't know anything about it. Let's get rid of this investigation so I can support your confirmation. Mr. Warsh, the only thing I've found the least bit odd about you is you've never watched an episode of Seinfeld.

You've spent so much time at being a rock-solid economist that you're not even taking time away for a little laugh like that. Tillis is blocking Warsh from the Fed Chair confirmation. Current Fed Chair J. Powell's term is up May 15th, and if Warsh isn't confirmed, Powell says he's going to stay in the job. Warsh meantime took criticism for keeping the location of tens of millions of dollars of his secret. While telling the committee he'll be independent from President Trump, Trump. Here's Senator Elizabeth Warren questioning Warsh.

Could you answer my question, please? I ask, you have $100 million in undisclosed assets. Are any of those with companies affiliated with President Trump or his family, companies that have facilitated money laundering, Chinese control companies, or financing vehicles established by Jeffrey Epstein? It's a yes or no question. Senator, I have worked tirelessly with the ethics officials at the Office of Government Ethics. And you have not revealed a $100 million in assets. And have agreed Senator to sell all of my financial assets, including the Duquesne assets.

Are you refusing to tell us if you have investments, for example, in vehicle set up to advance Jeffrey Epstein? Is that what you're telling us? You just won't tell us? Day two today that companies can file for Trump tariff refunds after the Supreme Court ruled that they were illegally collected. President Trump telling CNBC he'll remember companies that decide not to ask for refunds. Here's the president with CNBC's Andrew Ross Sorkin. Mr. President, there's a whole number of very large companies, including Apple and Amazon, that have not sought reimbursements yet for the tariffs. And from what I understand, part of the reason that they have waited is because there is a worry about, frankly, offending you.

Would you find it offensive for them to try to collect a refund? brilliant if they don't do that. I actually think if they don't do that, they got to know me very well. I'm very honored by what you just said. If they don't do that, I'll remember them. Retail sales for March rose 1.7% from February a price-driven increase. Consumers didn't buy more things. They paid higher prices, especially for gas.

Jessica Eddinger, CNBC. You come to my show and you learn how to do stocks. Mad Money, Weeknight, Six Eastern, CNBC.