CNBC Business News Update - Market Open: Stocks Lower, Nike Tanks 8%, Disney's "Snow White" In Theaters 3/21/25

Episode Date: March 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. It's Friday morning in the red for stocks as major averages pull back. It's also a quadruple witching day on Wall Street. Certain options and more are expiring. That's creating some volatility for stocks. Possibly the Dow down 352 points, almost 1% being led lower by shares of Nike. They're down almost 9%. The S&P 500 index down 43 points. That's three quarters of a percent. The NASDAQ is down 141 points, eight tenths of a percent. Checking shares of Nvidia. They're tanking 2%. The only magnificent seven name that's holding on to any of its gains this year is Facebook parent Metta. All the others are lower for the year. That's Microsoft, Amazon, Apple, Google parent, Alphabet, Nvidia and Tesla.

In fact, Tesla shares are on track for their ninth losing week in a row. Tesla this morning, however, is popping higher, up 2%. Investors are still hoping for interest rate cuts from the Fed. They held rates study this week. They want to see money cheaper to borrow for companies, which is going to boost profits. President Trump called for the Fed to cut at its next meeting to help head off the pain of tariffs. If we get past this bumpy period of some uncertainty, I still think when the unemployment rate and the job market are settled in at what looks like full employment, if we can continue to make progress on inflation over

the long run, I believe that rates 12 to 18 months from now will be lower than where they are today. President Austin Gulsby on CNBC. Travel chaos today from London to New York and beyond as London's Heathrow Airport is closed because of a severe fire. Airlines have been scrambling today, so are passengers. Nike, the iconic American company, expects sales to plunge in this current quarter as it faces tariffs and consumer confidence, which is tanking. It reported quarterly results after the closing bell last night for the holiday quarter.

Nike, actually shares were higher after Nike reported because it was less worse than feared. And there were actually some signs of progress under new CEO Elliot Hill. Sales only down 9%. They were expected to be down 11%. Yes, China was worse than expected, but North America was only down four, and that was better. They saw good launches like the Peg premium, the new running shoe. They saw some progress with the wholesale relationships. But then on the call, I guess the talk of the macro was a reminder to folks that Nike does have a long way to go. CNBC's Sarah Eisen. FedEx shares were lower after it slashed its full year guidance citing

weakness in the U.S. industrial economy. Cleveland Cliff's shares are down. The Minnesota Star Tribune reported that the steel producer will idle two of its factories and cut hundreds of jobs. This comes as carmakers have reduced orders amid uncertainty tied to President Donald Trump's tariffs. New in theaters? Shudder's new horror film, Ash Avenue's horror film, Locked, Warner Brothers crime drama, The Alto Nights, and Disney's live action version of Snow White. Universal's Wicked and Neon's Anora, which is the Oscar winner for Best Picture, well they're both on streaming platforms this weekend.

Universal's a sister company to CNBC. Jessica Edinger, CNBC.