CNBC Business News Update - Market Midday: Stocks Plunge, Investors Worried About Tariffs And Looming Government Shutdown 3/13/25

Episode Date: March 13, 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. It's another volatile day on Wall Street. The major averages all in the red, investors digesting another Trump tariff threat. This time on French champagne and other EU spirits like wine, as much as 200%. The Dow plunging 460 points, more than 1%, led lower by shares of Salesforce, down almost 5% now. The S&P 500 index this afternoon, down 66 points, more than 1%. The Nasdaq is down 291 points now, that's 1.5%. The major averages are all lower for the week, the month, and the year.

In fact, the Dow is below 41,000 today for the first time since last September. Treasury Secretary Scott Besson spoke with CNBC's Sarah Eisen today about the market pullback. Last week, he told CNBC the U.S. is in for a detox. Eisen asked him today if that means recession, and he didn't rule it out. 62% of Americans own stocks.

I mean, it's near 20-year high. So how can the White House not be concerned about hardworking Americans for a one K plans? So I didn't say we're not concerned. I'm not concerned about the a little bit of

volatility over three weeks, because if you look over the long term, the reason stocks are a safe and great investment is because you're looking over the long term. Here's Evans May wealth's Lizzie Evans on CNBC. I certainly don't think the volatility is over and we aren't out of the woods yet.

If you look at the S&P 500, we've had a 9% drawdown since the all-time highs. But now the question is, will we enter a recession? Evans May Wealth's Lizzie Evans on CNBC. Wine and champagne producers in the EU are facing this new post from President Trump adding a 200% tariff on alcohol they ship to the U.S. I've been working all morning on the tariff, the possibility, the 200% tariff. I'm in the liquor business, my wife's in the liquor business. With champagne, it's actually devastating.

You know, 200% tariff would roughly double the shelf price. 200% double the shelf price. Well, I'm not going to be drinking Vivica Golf. It's like, you know, twice what it's for. So it's pretty punitive. CNBC Mad Money host Jim Kramer. Inflation at the wholesale level came in well below forecast. Many economists believe as producers pay lower input costs, they might pass that down. And that can help the final price for consumers. February producer price index, the wholesale version of inflation on the headline expecting up three tens, up zero, goose egg.

Boy, that is progress. We haven't had a number that low. We equaled it in July of last year when we had another zero. CNBC's Rick Santelli. Canada challenging a new U.S. rule, requiring Canadians who are in the United States for longer than 30 days to register with the government. And Americans living in Canada today are worried about retaliation there. Would-be home buyers now have more than 40 housing markets out of the largest 200 in the U.S. where there are more homes for sale right now

than there were in 2019 before the pandemic. So-called active inventory has rebounded in the single digits in Houston and Tampa, but it's dramatically more in places like Punta Gorda, Lakeland, Winterhaven, and Ocala, Florida, Colorado Springs and Boulder, Colorado, Huntsville, Alabama, Memphis, Tennessee. The data are from Rezzy Club and Fast Company. Jessica Edinger, CNBC.