CNBC Business News Update - Market Open: Stocks Gain After Upbeat Nvidia Report, Salesforce Forecast Pressures Stock, Jobless Claim Rise

Episode Date: February 27, 2025

The latest in business, financial, and market news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schachnau, CNBC. Stocks have opened mostly higher, though futures did come off their highs briefly after President Trump announced that tariffs on Mexico and Canada will go into effect on March 4th as scheduled. The Dow adding 83 points at 43,516. The S&P 500 a half percent higher or 28 points. The Nasdaq jumping three-quarters of a percent or 140 points, the Nasdaq jumping three quarters of a percent or 140 points. The stock market has been struggling recently, although the S&P 500 and Nasdaq broke losing streaks yesterday with small gains. Market Bellwether and Nvidia up 2 percent this morning after the chipmaker reported

better than expected quarterly profit. CEO Jensen Wong says the entire AI market was helped by the first release, known as R1, of China's DeepSeq AI model. DeepSeq was fantastic. It was fantastic because it open-sourced the reasoning model that's absolutely world-class. Just about every AI developer in the world today has either incorporated R1 or using techniques that have been open sourced out of R1 so that their models could be a lot more capable. Across the world, AI has become better. Dell component sales force is down two and a half percent after issuing a

weaker than expected revenue forecast. Higher prices for various food items, particularly coffee, helped JM Smucker report better than expected profit. However, the company lowered its annual sales forecast, helping push the stock lower by nearly 3 percent. First-time claims for jobless benefits rose by 22,000 to 242,000 last week, a slightly bigger increase than economists had anticipated. Later this morning, we'll get the latest figures

on pending home sales, a measure of home sale contracts signed, but not yet closed. Peter Schacht now, CNBC.