CNBC Business News Update - Market Open: Stocks Lower, Tech Selloff Continues, Airline CEO Calls For Government To Reopen 11/7/25

Episode Date: November 7, 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 Jessica Ettinger. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

I'm Jessica Eddinger, CNBC. Wall Street continuing its slide this morning out of the gate. Major averages all in the red. The Dow is down 146 points, 3 tenths of a percent being led lower by shares of Caterpillar down more than 2.5%. The S&P 500 index down 40 points. That's a half percent. The NASDAQ down 264 points more than 1%. NVIDIA shares down more than 2% this morning. Microsoft's down seven straight sessions. Metas down five of the past six. The NASDAQ has had three, one percent pullbacks in the last six sessions. It's the worst weekly performance since April 4th when it was down 10%.

It feels like we've hit a bit of an inflection point this week, don't you think? CNBC's Scott Wapner. No, Thursday jobless claims data today from the federal government because of the shutdown. down again, but CNBC has done the work to gather some data from the states. Let me give you the jobless claims data. It's gathered individually from the states, seasonally adjusted by behavior analytics, our data provider, rising by 10,000 on the week. Still a modest 229. It's the top of the range where they've been the past several months. Though continuing claims, that keeps edging higher together with that surge in mass

layoffs that we reported yesterday from Challenger, well, I suggest maybe some further weakening ahead that bears watching. We do have a slew of alternative job reports. giving an impression of a labor market, I would say cooling, but not crashing. None of the indicators are giving runaway signals either way. CNBC senior economics reporter Steve Leesman. The CEO of American Airlines, Robert Isam, telling CNBC, he's asked Congress to reopen the federal government on this day 38 of the shutdown, the longest in history. Airlines have been forced to cancel flights by the FAA, and they're poised to lose a lot of revenue.

The FAA is trying to ease the burden on air traffic. controllers who are working unpaid. So far, airlines have canceled about three percent of their flights today. The University of Michigan's preliminary consumer sentiment reading will be released later this morning. Inflation has been steadily rising since April. It sits at three percent and sentiment has been going down. Shares of Tesla trading lower today after shareholders approved a trillion dollar pay package for Elon Musk if he hits the series of targets for the company. The 68th Grammy Awards nominations will be announced later today as the music industry banks on nominations to help sell concert tickets, many tours already on sale for next year. Consumers have to consider whether to put tickets under the Christmas tree.

New in theaters, Disney's Predator Badlands, Artisans Boxing Movie Christie, and Sony's drama Nuremberg. The Mega Millions Jackpot for tonight is pushing a billion dollars. at $843 million. Jessica Eddinger, CNBC. CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.