CNBC Business News Update - Market Midday: Stocks Lower, WTO Global Trade Warning, Nvidia Falls, Gold Hits Fresh Record High 4/16/25

Episode Date: April 16, 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 is in the red. The global trade outlook has deteriorated sharply amid the Trump tariff uncertainty. That is a warning today from the World Trade Organization. The Dow down 84 points off its earlier lows. It's being led lower by shares of Nvidia, which are down 6.5% this afternoon. The S&P 500 index down 47 points. That's eight-tenths of 1%. The Nasdaq now down almost 300 points, one and three-quarters percent. Gold with a fresh intraday high today of $3,334 an ounce.

The 22nd intraday record so far this year as investors flee to what they feel is a safe investment. Something is happening with gold. It is taking off, whether you want to say it's because of a declining dollar or uncertainty, but that's a new high today and the gains on a daily basis are getting even more significant, up $82 a day. It just when gold breaks out like this, it looks like it's headed to 4000 CNBC's Joe Kernan retail sales for March had their biggest gain in more than two years. But when you take out

auto sales, the numbers were just okay. Americans dove in to buy pre tariff new cars. You can't escape the idea that there's some front running in here. And this is making it very difficult to figure out what's going on in the economy. I think the good news is we believe that consumers have the wherewithal to spend if they're going to spend. And they apparently did some spending ahead of time before the tariffs. CNBC senior economics reporter Steve Leesman. JP Morgan Chase is suing more customers who it says stole cash in that infinite money glitch that flew around social

media last year. Homebuyers are rushing into riskier loans as the tariff turmoil pushes mortgage rates higher. The share of borrowers applying for adjustable rate loans jumped to the highest in more than two years. The average rate on a 30-year fixed home loan today? Just under 7 percent, according to Mortgage News Daily. United Airlines shares popped on better than expected quarterly results. It's calling the economy impossible to predict. United is cutting flights in the U.S. as travel demand slows. Here's CNBC's Phil LeBeau with United's CEO.

Do you think we're headed towards a recession? I don't know is the short answer. I mean, we have slowed down. You're cutting your capacity by 4% starting in the third quarter, but it's all domestic. Where are you noticing the weakness? I think this is what typically happens in recessions is the high end consumer does relatively well. We've seen the weakness on the low end. The weakest region that we have is domestic. The second weakest region is Canada US and Canada US is down 5%. United Airlines CEO Scott Kirby on CNBC. The NBA

play-in tournament on with two games tonight. Jessica Ettinger CNBC. Welcome to CNBC Plus. Market destination. CNBC Plus. On the go access to global market data, news and analysis as it happens. Start streaming at CNBC.com slash plus.