CNBC Business News Update - Market Open: Stocks Lower, Investors Fear Trump Will Fire The Fed Chair, Dollar Weakens To 3 Year Low 4/21/25

Episode Date: April 21, 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. An ugly morning out of the gate for Wall Street. Investors are waiting for any progress on trade deals. China has vowed retaliation against any country that follows the U.S. call to isolate it. The Dow plunging 413 points, more than 1 percent, led lower by shares of Nvidia, which are down three and a half percent. The S and P 500 index down 68 points. That's one and a third percent. And then NASDAQ down 273 points. That's one and a half percent this morning. Market sentiment seems to be focused on whether the president will attempt to fire the Fed chair.

The dollar is the weakest in three years. Gold hit another record high already today. If you look around the world, the reason why in countries where there is not Fed independence or central bank independence, the inflation rate is higher is because when there is interference over the long run, it's going to mean higher inflation, it's going to mean worse growth and higher unemployment because there's just going to be a little less willingness to step up and do the hard things. Chicago Fed President Austin Coolsby on CNBC.

President Trump's approval rating on the economy has dropped to the lowest of his presidential career in a new CNBC survey. A plurality of Americans think across the board tariffs are a bad idea with most believing they will hurt jobs and be worse for inflation. And the public's having a hard time believing there's payoff at the end of the process. The public also has not embraced the president's concern about our allies representing an economic threat to the country. Mexico, Japan, Canada, the EU and the UK, all overwhelmingly seen by the public as more of an economic opportunity than an economic threat. Only China is seen by more Americans as a threat. CNBC senior economics reporter Steve Leesman.

Oil companies on the edge of not making that much money with oil at about $63 a barrel today. The price range was in a $70 to $85 range. Now it's looking at $60 to $70. And once you get down under $60, you're starting to put real pressure on U.S. production because companies have a social contract to return money to investors.

They also have to reinvest to keep up production. And that gets harder as you go below $60 a barrel. So we're kind of on the edge right now. S&P Vice Chairman Dan Juergen on CNBC. A big week for earnings ahead. Tesla reports tomorrow, Boeing on Wednesday. Google parent Alphabet reports on Thursday. China, meantime, may have sent a brand new Boeing 737 MAX

back to the U.S. It was intended for China's Xiamen Airlines, but it landed back at Boeing's U.S. production facility over the weekend. DHL pausing its overseas deliveries to the U.S. for goods valued at $800 or more because of tariffs. Morning Brew says packages valued below $800 will be delivered until May 2nd. That's when the White House closes that loophole. Chinese retailers Taimu and Xian use DHL often to ship to U.S. shoppers. Volvo Group plans to cut hundreds of workers in the U.S. because of the Trump tariffs.

The cuts are coming at the Mack Truck facility in Pennsylvania and two Volvo facilities in Virginia and Maryland. On this Patriots' Day, more than 30,000 people are running the Boston Marathon this morning. Warner Brothers with the number one and number two movies. Over the weekend at the box office, Sinners was number one, with steep competition though from a Minecraft movie in second. Jessica Ettinger, CNBC. The new streaming platform from the number one source in business news watch live or on demand Access any market anytime anywhere start streaming go to CNBC comm slash plus now