CNBC Business News Update - Market Open: Stocks Mixed, Investors Wait For Tariff News, Social Security Overpayments To Be Clawed Back At 100% 3/26/25

Episode Date: March 26, 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 out of the gate this morning mixed the Dow popping 159 points being led higher by shares of IBM which are up one and a half percent the S&P 500 index is up two points the NASDAQ in the red down 40 points Nvidia down 2% this morning President Trump says tariffs coming next week will probably be more lenient than reciprocal. I mean we're at this moment where the president's playing rope-a-dope and you hear that it's going to be good and there may be some exceptions and you hear there's no exceptions. Anything to keep us off guard

while we wait and I just find that that is something that the stock market does want. It is every day best to not think about it, best to focus on companies because you can't fathom what the president's going to do. Mad Money host Jim Cramer on CNBC. Mortgage demand from home buyers came in higher last week than the same week a year ago. That's with mortgage rates for a 30-year fixed home loan around 6.7 percent. Rates are a touch higher this week, 6.8 percent today according to Mortgage News Daily. Elon Musk's Doge Department of Government Efficiency is targeting the Treasury Department. The Treasury Department is expecting layoffs that

one official has described as substantial. That language is from a legal filing in which a Department HR official also said that workforce cuts would disproportionately affect probationary employees who've been ordered temporarily reinstated to their jobs after the Trump administration tried to fire them. Court filing from yesterday said that the Treasury Department is finalizing plans in response to President Trump's executive order last month on streamlining government operations. CNBC's Joe Kernan. 100% of Social Security overpayments will be clawed back from recipients starting tomorrow. Miscalculations or

income changes that weren't updated can cause overpayments. Benefits will be withheld from recipients until the overpayment is recovered. Without a doubt, we have to address Medicare, Medicaid, and Social Security. The Social Security Inspector General last year highlighted 72 billion dollars of improper payments just in Social Security. There's a lot of waste and fraud and abuses within the federal government. billion of improper payments just in Social Security. There's a lot of waste and fraud and abuses within the federal government. We need to create efficiencies.

That's Representative Jason Smith of Missouri. He's the chair of the Ways and Means Committee on CNBC. Canada has frozen electric vehicle rebate payments to Tesla buyers, and the carmaker's been banned from future rebate programs to Tesla buyers. And the carmaker's been banned from future rebate programs because of new tariffs imposed by the U.S. on Canadian products. Advance auto parts opening at least 100 new stores

over the next three years. USA Today reports that the new locations come after it closed 700 older underperforming locations. Amazon testing a new health assistant and a new shopping assistant, each using generative AI. Dollar Tree selling off the family dollar chain for a billion dollars. It paid nine billion for that. Copper hit an intraday all-time high as investors anticipate new tariffs on copper. Consumers could be impacted if

home builders end up passing through higher costs for them to the buyers. Jessica Ettinger, CNBC.