CNBC Business News Update - Market Open: Stocks Higher, Trump Promises Steel Tariffs, McDonald's Releases Mixed Results 2/10/25

Episode Date: February 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 and reported by CNBC's Jill Schneider.

I'm Jill Schneider, CNBC. Stocks have opened higher on Wall Street. The Dow is up 207 points, the S&P 500 is up 28, and the Nasdaq is higher by 145. Steel and aluminum stocks are surging after President Trump said he will impose a blanket 25 percent tariff on all imports of the metals into the U.S. Alcoa, Nucor, and U.S. Steel all higher. Cleveland Cliffs is surging 13 percent. McDonald's is out with mixed quarterly results,

meeting estimates for earnings but falling short of expectations for revenue. The company's worldwide same-store sales were up, but sales in the U.S. took a hit due to an E. coli outbreak. Sarah Senator, Bank of America Securities Senior Restaurants Analyst, says same-store sales in the U.S. are key for the fast food giant. McDonald's wants to be of value to all of its customers. And frankly, if you have as many stores, 14,000 stores in the U.S. as McDonald's does, you do need to have broad appeal. And that requires price points and value that are attractive to everyone.

What we've said is that this is going to be a reset year for their same-store sales in the U.S. You're going to have check pressure, and then you hope to grow from here. Tesla shares are lower. Stiefel lowered its price target on the stock, citing mixed fourth-quarter results and pricing concerns. That follows a drop of more than 3 percent on Friday. Shares of GameStop and MicroStrategy are on the rise today after Ryan Cohen, CEO of the video game retailer, posted a photo with Michael Saylor, co-founder and chairman of the largest corporate holder of Bitcoin. Cohen uploaded the photo, sparking speculation that GameStop is plotting another strategy around crypto. Meanwhile, shares of video game maker

Take-Two Interactive surged at the end of last week, the company reiterating its guidance and saying Grand Theft Auto 6 is still on track to launch this fall. Strauss Zelnick is chairman and CEO of Take-Two Interactive. He spoke with us about the company's use of AI. We've been using digital tools since the very beginning. So I would say the interactive entertainment business is an innovator within what people call AI now. And I don't doubt that we'll continue to innovate. I think it's worth noting, though, that the genius is human. And the tools may be digital, but the creative genius is human. Shares of Semtech plunged nearly 30 percent in early trading after the semiconductor manufacturing company

warned in an 8K filing that fiscal 2026 net sales from its Copper Edge products are now due to underperform. Semtec also said it doesn't expect any ramp up over the course of that fiscal year. BP stock jumped more than 6 percent after a Wall Street Journal report that Elliott Management has taken a stake in the British oil giant. President Trump says he's ordering the Treasury Department to stop minting new pennies because they cost more to make than they're worth. The U.S. mint lost $85 million in the past year on the nearly 3.2 billion pennies it produced. It costs nearly four cents to make and distribute each coin. The higher costs partly due to rising prices of zinc and copper. Jill Schneider, CNBC.