CNBC Business News Update - Market Open: Stocks Lower, PCE Inflation Hot For February, Novo Threatens Legal Action To Force Copycat Weight Loss Drugs Off Market 3/28/25

Episode Date: March 28, 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 Wall Street with a sell-off now. The Dow plunging 376 points, almost 1%. Amazon shares leading the Dow lower, they're down 3%. The S&P 500 index down 57 points, more than 1%. The Nasdaq plunging 252 points, it's just about 1.5%. Nvidia shares have turned lower. They're down more than 1 percent this morning. Investors trying to game out just how much the Trump auto tariffs and a looming trade war will impact the U.S. economy and consumer

spending. We're in this incredible period of uncertainty. And I think the data, particularly corporate data over the next couple of months, is going to reflect the fact that people are sitting on their hands. You're in this period of stasis and uncertainty. Black Rock's Rick Reader on CNBC. Inflation came in hot last month in the PCE report. That's personal consumption expenditures.

It's the one the Fed likes to watch. February PCE, slightly hotter PCE numbers. Core now in a month over a month expected up three tenths up four tenths. That would be the warmest going back to, wow I'm gonna have to go, that'll be the warmest basically in a year. January of 24 if we look at core year over year expected 2.7 it's a tenth warmer as well. CNBC's Rick Santelli and here's CNBC senior economics reporter Steve Leesman. You're stuck hot on the core side at 2.8. Tell the tape here on core. December 2.8, January 2.6 and now 2.8 in February. So you went up, you went down, you're not making any progress. Lululemon shares falling today after the CEO of the Canadian company said tariffs and a cautious consumer are weighing on the maker of yoga wear.

Canadian Prime Minister Mark Carney saying the old Canada-U.S. relationship is over and vows to fight American tariffs with retaliatory trade actions that will have maximum impact on American business and consumers. Meantime, the EU reportedly working on new retaliatory tariffs as well to hurt Americans. Tariffs, levies or fines in retaliation for President Trump's new auto tariffs. Now, the expected move coming as the EU has already unveiled extra tariffs on $28 billion worth of U.S. goods in response to the steel and aluminum tariffs. CNBC's Sylvana Hanau. Novo Nordisk says copycat compounders are hurting Wigovie sales, and it's threatening legal action to protect its FDA-approved weight loss drug. The compounding

pharmacies and third-party sellers like Roe and Eden were allowed to sell copies of the drugs when they were in short supply. They are not FDA approved, but they're no longer in short supply and companies like Novo want those copies pulled off the market. MLB TV went down for thousands of baseball fans on opening day yesterday. Variety says most of the complaints were from fans trying to watch games on the MLB app. The outage lasted about a half hour. New in theaters this weekend, Amazon MGM's thriller A Working Man, A24's horror thriller Death of a Unicorn, and Focus features the ballad

of Wallace Island. Jessica Edinger, CNBC. June 5th, CNBC.