CNBC Business News Update - Market Midday: Stocks Mixed, Fed Chair Is In No Rush To Lower Rates, Steel & Aluminum Makers Shares Higher On Trump Tariffs 2/11/25

Episode Date: February 11, 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 this afternoon is mixed. We've got the Dow popping into the green. It's up 35 points, being led higher by shares of Chevron, which are up 1.5%. The S&P 500 index down 9. The Nasdaq also in the red, down 89 points. Nvidia shares have turned lower. They're down 1% this afternoon.

There are companies whose shares have hit fresh record highs today. That includes KFC and Taco Bell parent Yum Brands, Costco, and Palantir. Look, there's a lot of news coming out. And we think the growth to the policies initially are sort of growth negative, which is, you know, immigration sort of enforcement and, of course, the tariffs. So we're just digesting that. Morgan Stanley's Mike Wilson on CNBC. Fed Chair Jay Powell's been testifying on Capitol Hill. He says the central bank doesn't need to be in a hurry to lower interest rates any further. President Trump signed an order imposing 25% tariffs on steel and aluminum imports. These steel and aluminum tariffs are out. And

guess what? All the steel makers are up. This is great news for them. They welcome this sort of thing because they have to compete. And just for some facts here, steel and aluminum, we do import a lot of. We're net importer. We are net importer of both of them. It hurts Canada the most. By the way, we're not going to build a single new aluminum smelting plant. So in other words, this is an industry where there's kind of global overcapacity and the tariffs are about kind of protecting and subsidizing your domestic producers. CNBC's Mike Santoli with Sarah Eisen. North of the border, Canadian restaurants now advertising they're not using American cheese. The U.S. move on tariffs could trigger a major trade war as the European Union now eyes

countermeasures to back up Canada against the U.S. Coca-Cola and AutoNation shares popping higher on better-than-expected quarterly results. Cosmetic and beauty company Cody shares were down on disappointing numbers. Neasles is back in Texas with at least 15 cases reported in a West Texas county with a high rate of vaccine exemptions. The cases are mostly school-age kids. The measles outbreak in Texas, hopefully they will get control of. This is an outbreak in an isolated community that had particularly low vaccination rates because of religious exemptions that that community secured. Texas overall has high vaccination rates for measles, mumps, and rubella, probably about 94 percent, still well above the national average. Former FDA Commissioner Dr.

Scott Gottlieb on CNBC. And the Super Bowl set an all-time ratings record for the second year in a row. Fox says an average of 126 million people watched across all platforms, according to early figures from Nielsen. Jessica Ettinger, CNBC. CNBC. Live ambitiously.