CNBC Business News Update - Market Midday: Stocks Sell Off, Investors Worried About Recession And Looming Government Shutdown 3/10/25

Episode Date: March 10, 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 Lower, investors worrying about tariffs, a possible recession. We do get new inflation data Wednesday morning, but there is a government shutdown looming Friday night. The markets all tanking this afternoon. The Dow down 530 points, that's one and a quarter percent, led lower by shares of Apple down five and a half percent. The S&P 500 index is down

126 points, that's two and a quarter percent. And the Nasdaq plunging 645 points, three and a half percent. Nvidia shares down more than four percent this afternoon. I think there's some relevance to the fact that we broke the fourth quarter low in the S&P 500 in the first quarter of a new year. Historically that's not great, it's not necessarily disaster. CNBC's Mike Santoli, the treasury secretary on CNBC last week said the economy is slowing, there will be a detox period and over the weekend the president declined to rule out a recession. President Trump, according to the Wall Street Journal,

instead sees a period of transition. If you can't take that thing, get out now. Get out now. Yeah. Because you're just gonna have the same drum beat every day. Yeah. CNBC Mad Money host Jim Cramer and CNBC's Carl Quintanilla. Some investors are warning

a bigger pullback for stocks could be coming. The risks now are rising that we get something worse than a 10 percent drawdown, something say in the 14 to 20 percent range. We haven't pivoted to that but I do think it's an important distinction because you're starting to see other houses start talking about the risks of a recession are rising. RBC's Lori Calvicina on CNBC. Consumer spending dropped for a second month in a row in February in the new CNBC National Retail Federation Retail Monitor. The Retail Monitor powered by real credit card spending data from Affinity Solutions shows retail spending, ex-auto and gas declining by a modest 0.22% after January's sharp decline.

It was the first back-to-back monthly decline for the monitor. We have back data going back to October 2022. The NROF said in its analysis that consumer spending dipped slightly again in February due to the combination of harsh winter weather and increased economic uncertainty caused by tariff and other policies that have started to negatively affect consumer sentiment. CNBC senior economics reporter Steve Leesman. Lots of uncertainty this week over whether the government will shut down this Friday night.

The government runs out of money. It's the deadline for a new funding deal. Democrats are using the moment to try to stop the Trump White House from slashing more workers and canceling more government programs. Businesses who rely on undocumented workers are worried about staffing. Migrants are staying home from various industries as they fear being rounded up on construction sites,

in fields and in other agriculture facilities, and in senior care and hospitality jobs. Jessica Ettinger, CNBC. CNBC.