CNBC Business News Update - Market Open: Stocks Mixed, Dow Extends Losses, Nvidia and Tesla Shares Higher, B Of A Says Consumer Spending Measured In Feb 3/11/25

Episode Date: March 11, 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 Evinger, CNBC. President Trump raises tariffs higher. Stocks extend their losses. All major averages in the green, the Dow now down 440 points, 1 percent being led lower by shares of Verizon. The S&P 500 index down 44 points, that's three quarters percent. And the Nasdaq is now down 88 points. It had been higher, but it's down a half percent late morning trading. Shares of Nvidia have turned around. They are in the red by a half percent. Tesla shares still keeping their head above water. President Trump is raising Canadian steel and aluminum tariffs now to 50 percent to

retaliate for new duties on Ontario energy. Canada supplies many states in the U.S. with much of their power. We're taking a little bit of air out of the balloon, but we don't see a recession at this point. You know, President Trump, he's making an omelet and he's breaking some eggs. What did we think was going to happen here? I'm not really that surprised. Stief's Ron Krushevsky on CNBC

After yesterday's plunge though CNBC mad money host Jim Cramer had this to say on his show last night I would not jump back into the magnificent seven because as of tonight There is no mag seven came up with that name Scrapping it right now the S&P 500 is down 5.7 percent so far this month and more than half of all 500 stocks in that index 68 percent are lower for the month. It's a broad decline but the mega caps still have a disproportionate drag on the S&P 500. Bond yields are lower the 10-year at 4.1 percent which could help bring

mortgage rates down today. Southwest Airlines will charge for checked bags for the first time in its history for flyers without top tier tickets. Shares are popping today. But passengers are posting on Reddit writing things like private equity strikes again and it's not love anymore. Southwest also says some flight credits

and rapid rewards miles will expire. Consumers are still spending in the new Bank of America consumer checkpoint report, which monitors credit card spending on B of A cards. For February, spending came in at a measured pace. Credit and debit card spending per household dropped 2.3 percent year over year last month. It was higher in January. Ex-formerly Twitter CEO Elon Musk blaming a massive cyber attack for yesterday's recurring outages on the platform.

Meantime, President Trump posting, he plans to buy a Tesla to support Elon Musk as the company Tesla faces repeated protests at stores around the country. The president said radical left lunatics are illegally and collusively boycotting Tesla. The company is worth almost half what it was at the start of this year.

Tesla shares down 45%. It's been a dark time for Tesla shareholders, especially this year, right? I mean, because when it comes to Musk, it's not just brand issues, it's distractions. And I think it really starts now to become almost the symbol in terms of the sell-off. I think this is gonna be one of those periods

for Musk, for Tesla, they really need to navigate because this is gonna be a key three to six months ahead. There's so much innovation ahead, and we continue to be so bullish, but no doubt, this has really been a, you know, a really a white-knuckle moment for Tesla shareholders. Wed Bush is Dan Ives on CNBC. Jessica Edinger, CNBC.