CNBC Business News Update - Market Open: Stocks Mixed, Investors Betting Tariffs Will Settle Lower, Norwegian Canceling Cruises 7/8/25

Episode Date: July 8, 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. Markets are mixed out of the gates. Some investors betting tariffs will end up lower than what President Trump has been threatening. The Dow is down 44 points. Nike shares leading at lower. They're down 2% this morning. The S&P 500 index is up 4 points. The Nasdaq up 36 points.

Nvidia shares in the green this morning up 3 tenths of 1%. I think the market is in a surprising place. With regard to tariffs, we've taken the attitude that it could have been worse, which ignores the fact that there's still a real impact, even if we were to pause today, moving from a rate of around 3% average tariff to around 14% average tariff.

And so that's gonna shrink GDP, causes meaningful inflation to consumers. That's Branch Global's Greg Branch on CNBC. Watch Tesla shares today. They are in the green up 1% after falling about 7% yesterday when CEO Elon Musk announced he'd create a third political party in the U.S.

He's disappointed with President Trump's spending bill, which is now law, that raises the U.S. deficit. In order to be a successful third party, typically what you need is a new issue, something that the other two parties aren't talking about. You can claim as your own. You can make inroads into new parts of the electorate that people care about. So he may have some market research that points him in a new direction. The things that he has advocated for are generally traditional Republican talking points, things like

fiscal conservatism, cutting government spending. When he started off with Doge, he raised expectations to a huge degree that he was gonna cut two trillion dollars in spending and he walked away achieving just a huge degree that he was going to cut two trillion dollars of spending and he walked away Achieving just a fraction of that Durham University politics professor David Anderson on CNBC Big retailers holding the big sales Amazon and Walmart started theirs today now Amazon's Prime Day event goes on for four days That's the first time we've seen that ever double what's normal in around 20 countries. But Target, of course, also holding its circle. There's Walmart deals, events from Costco, BJ's wholesale, Best Buy, Kohl's and many others that fall either before, during or after Prime Day. But still eMarketer predicts Amazon's going to claim 75% of all U.S. e-commerce sales during

the event this year. CNBC's Courtney Reagan. Norwegian cruise line shares are slightly higher this morning. The company has canceled more than four months of cruises on two ships because of a fleet redeployment for next year. Guests and travel companies have gotten letters. This is according to USA Today. A Delta flight made an emergency landing yesterday in Fort Myers, Florida because of a possible battery fire inside the cabin. It was in a backpack. The flight attendants handled it. The FAA is investigating.

AMC theaters selling movie tickets at half price on Tuesdays and Wednesdays this summer starting today for members of the AMC Stubbs Rewards Program. McDonald's with spicy McMuffin breakfast sandwiches on menus today nationwide. Jessica Ettinger, CNBC. President's latest, I swear he's watching. Squawk Box, 6 a.m. Eastern and streaming on CNBC Plus.