CNBC Business News Update - Market Open: Stocks Lower, Investors Wait For Tomorrow's Tariff Announcement, TikTok Limbo 4/1/25

Episode Date: April 1, 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 Ettinger, CNBC. Wall Street's in the red to start April trading. Investors waiting for some clarity on tariff announcements coming tomorrow from the White House. The markets are coming off their worst quarter in years amid the Trump tariff chaos. The S&P 500 index and the Nasdaq each suffered their worst three month losses in three years in Q1. Right now, the Dow is down 217 points, a half percent being led lower by shares of Johnson & Johnson. They're down 4%.

The S&P 500 index down 20 points. The Nasdaq is down 56 points. Nvidia shares pulling back 1% this morning. This market's beating the devil out of a lot of people. I mean, I would be a little bit patient. There may be some more downside to be had. So I would be a little bit cautious here. And I would definitely be nimble

if you're able to get a really nice profit in something you may wanna try to take some money off the table. Howard Capitals, Vance Howard on CNBC. Gold is coming off its 18th new record high of the year and ticking higher again today. The White House has scheduled a Rose Garden ceremony to announce tariffs tomorrow. I think it's inflation, inflation, inflation.

And I think the tariffs are inflationary and that that's what people are really thinking about. And I think that's extending to our market, which therefore means that there's not as much spending, which means the consumers pull back, which means you got to be careful. CNBC Mad Money host Jim Cramer. Job cuts today at the U.S. Department of Health and Human Services and the FDA's tobacco director has been forced out. Big Pharma waiting to see what the White House says about tariffs on prescription drugs. A third of all drugs prescribed in the U.S. are imported. Many generics come from India and China.

And you may not realize where most of the big brand name drugs that are imported are made. Ireland is the main hub. That country represented 20% of pharma imports in 2023 per ING. Germany, Switzerland, those are other hotspots. Last year, the U.S. imported at least $127 billion of pharmaceuticals from European countries.

That's according to data from Import Genius. And that makes medicine our largest European import. So we talk about other things like wines and whiskeys, but it's really pharmaceuticals that is the biggest import. CNBC's Angelica Peoples. TikTok's supposed to be banned or sold by this Saturday after President Trump extended the deadline of a law passed by Congress.

Creators and marketing firms tell CNBC they're stuck in limbo. Restaurant chain Hooters filed for bankruptcy in Texas. The plan is to sell all of the company owned locations to a group led by the company's founders. McDonald's has new meals on the menu tied to the new Warner Brothers Minecraft movie that'll be out this weekend. A Minecraft movie meal and a happy meal are being offered. Tesla CEO Elon Musk again at the top of the Forbes World's Richest Billionaires list for the first time at number two.

Facebook parent meta CEO Mark Zuckerberg rounding out the top five are Amazon's Jeff Bezos, Oracle's Larry Ellison and LVMH's Bernard Arnaud. Jessica Edinger, CNBC. April 5th, Tampa, Florida. Join Becky Quick and Alex Sherman for a live, in-person CNBC sport event inside the business of women's basketball. Request an invite now at CNBCEvents.com slash sports biz. Sponsored by JP Morgan Chase.