CNBC Business News Update - Market Open: Stocks Lower, Trump Declines To Rule Out Recession, Ricks of Recession Rise 3/10/25

Episode Date: March 10, 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 starts this new week of trading in the red. It's an ugly sell off already as investors worry about tariffs and a possible recession. New inflation data will be out Wednesday morning. A government shutdown looms Friday night. The Dow is down 381 points. That's nine tenths of one percent. It's being led lower by shares of Boeing, down 4 percent this morning. The S&P 500 index down 87 points.

That's one and a half percent. The NASDAQ down 413 points already. That's two and a quarter percent. The major averages are all lower for the year. The S&P 500 index coming off its worst week since September. Last week, the Treasury secretary told CNBC the economy is slowing and there will be a detox period. And over the weekend, President Trump declined to rule out a recession for the U.S., according

to The Wall Street Journal. Instead, he sees a period of transition. If you can't take that pain, get out now. Get out now. Yeah. Because you're't take that pain, get out now. Get out now. Yeah. Because you're just going to have the same drumbeat every day. Yeah.

If we're going to become all Trump all the time, then we're going to be never going to stop. And that's just not true. What you have to do is say, OK, well, who's not involved? People want to panic. And I want people to understand. It's someone who comes in and says, you know what? It's all over.

And get me out. A get out now strategy. And the get out now strategy causes what you see, that you see everything down 2%. CNBC Mad Money host Jim Cramer and CNBC's Carl Quintanilla. Some investors are warning a bigger pullback for stocks could be coming. The risks now are rising that we get something worse than a 10% drawdown. Something saying the 14 to 20% range. We haven't pivoted to that. But I do think it's an important distinction because you're starting to see other houses start talking about the risks of a recession are rising. RBC's lori

calvicina on CNBC consumer spending dropped for a second month in a row in february in the new CNBC National Retail Federation retail monitor. The retail monitor powered by real credit card spending data from Affinity Solutions shows retail spending, ex-auto and gas declining by a modest 0.22% after January's sharp decline. It was the first back-to-back monthly decline for the monitor. We have back data going back to October 2022. The NROF said in its analysis that consumer spending dipped slightly again in February due to the combination

of harsh winter weather and increased economic uncertainty caused by tariff and other policies that have started to negatively affect consumer sentiment. CNBC senior economics reporter Steve Leesman. Bitcoin falling again, hovering now around $83,000. After the executive order, President Trump signed, creating a strategic Bitcoin reserve, disappointed investors.

Big tech CEOs, meantime, scheduled to meet at the White House today with President Trump, as they face pressures from tariffs and stricter export rules. Lots of uncertainty this week over whether the government will shut down this Friday night. The government runs out of money.

It's the deadline for a new funding deal. Democrats are using the moment to try to stop the Trump White House from slashing more workers and canceling more government programs. Businesses who rely on undocumented workers are worried about staffing. Migrants are staying home from various industries as they fear being rounded up on construction sites, in fields and in other agriculture facilities, and in senior care and hospitality jobs. Jessica Spotlight delivers the best videos of the day right to your inbox. Top stories, key highlights and selected daily by CNBC experts. Sign up now for free. Go to cnbc.com slash

spotlight.