CNBC Business News Update - Market Open: Stocks Mixed, Fewer Private Sector Jobs Created in February, Novo Nordisk To Sell Weight Loss Drugs Direct To Consumers 3/5/25

Episode Date: March 5, 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 is mixed this morning after yesterday's Trump tariff-induced selloff and new data that show a slowing job market. The Dow up 62 points, 3M shares leading it higher. They're up 1 percent. The S&P 500 index is up a point. The Nasdaq's in the red, down 17 points. Nvidia this morning is down three-tenths of one percent. Investors are hoping. Commerce Secretary Howard Lutnick knew something when he said on Fox yesterday that the White House could soon announce a deal with Mexico and Canada on tariffs. Whispers also out of the White House that a Ukrainian deal could come as well.

U.S. officials are rushing to revive a mineral resources deal with that country. ADP says far fewer jobs were created in the private sector last month than expected. A big miss on ADP coming in at just $77,000 for the month of February. That's the smallest monthly gain since July. CNBC senior economics reporter Steve Leesman, here's ADP economist Neila Richardson on CNBC. This is the first time, and I looked through the data last night actually, this is the first time that goods have outperformed services since 2018.

So that could be the bright spot in a rather downbeat report. Goods hiring means jobs and businesses that make something like a product. Services hiring includes things like consulting or design firms, hair salons, restaurants. ADP saw a drop in job creation of 28,000 in education and health care last month. This is the sector that could be responding to federal policy around funding. So in the sector, we have healthcare, we have social assistance, we have education, and all of that bucket is impacted by grants. And so, yeah, there seems to be some uncertainty

in that sector. You can see the breakdown on hiring at CNBC.com. Don't worry about an audit. A popular meme on social media today after reports that the IRS is drafting plans to cut as much as half of its 90,000 person workforce. Novo Nordisk taking a page out of the Eli Lilly playbook, launching the NovoCare website for direct to consumer sales of its weight loss drugs. Lilly already has Lilly Direct.

Novo Care Pharmacy, that's going to lower the cost of all doses of Wigovia. It's going to offer the weight loss drug at a discounted low, low price of $499 a month to uninsured or eligible patients with insurance who do not have coverage for obesity medicine. CNBC's Robert Frank. Southwest Airlines closing crew bas and Austin in a cost cutt been slashing unprofitabl crews in some cities. It'

of its jobs at its corpor the airlines first ever m of fan dual parent flutter expected quarterly results. It's equal payday, highlighting the pay gap between men and women. It shows how many days women need to work after a full year and into the next year to earn the same that men earned in just that full year in the exact same job. Jessica Edinger, CNBC. Weeknights.

I think bonds represent safety in a world where the president of noninflation has become same job. Jessica Erringer CNBC.