CNBC Business News Update - Market Open: Stocks Mixed, Jobs Report Weaker Than Expected, Amazon Shares Under Pressure 2/7/25

Episode Date: February 7, 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 and reported by CNBC's Jill Schneider.

I'm Jill Schneider, CNBC. Stops opened little change today as traders digested the latest jobs figures. The Dow is down 16 points, the S&P up 8, the Nasdaq up by 52. Job creation was weaker than expected last month. The Bureau of Labor Statistics says the economy added just 143,000 jobs in January. The unemployment rate fell to 4 percent. The report also had some significant revisions to the 2024 totals that saw substantial downward changes to the previous payrolls level. Shares of Tesla dipped after the automaker's sales in China fell

more than 11 percent amid greater competition from Chinese rivals. Amazon shares are under pressure this morning. The tech giant provided weak guidance for the current quarter after cloud revenue missed expectations. Brad Erickson, RBC Capital Markets senior analyst, says it's just a piece of a huge puzzle. It's a very large moving ship, obviously, and it's not going to course correct, I would say, on a dime or anything. So I don't worry about some big shock to numbers upcoming. It's not going to course correct, I would say, on a dime or anything. So I don't worry about some big shock to numbers upcoming. It's just a matter of whether they can continue to hit those EBIT expectations, maintain that cloud growth. Amazon saying it will ramp up spending this year to $100 billion as it rushes to build more data centers and hardware to meet the incredible demand for AI. Bipartisan legislation has been introduced by Democrat Congressman Josh Gottheimer and Republican Congressman Darren LaHood to ban DeepSeek

from government devices. Congressman LaHood says, as with TikTok, security and espionage risks are the major concerns. China has a plan to replace the United States. They're working at it every single day. They want to beat us technologically, militarily, economically, diplomatically. And you've seen pattern after pattern of CCP related companies that steal data, steal information, steal our intellectual property, abide by a different set of rules and standards than every other industrialized country in the world. Shares of a firm popped after the payment company beat earnings and revenue expectations for the fiscal second quarter. A firm provides buy now, pay later loans. Pinterest was a bright spot among the notable reports. It said quarterly revenue grew 18 percent year over year and monthly active users rose nearly 3 percent quarter over quarter.

The third time may not be the charm as interest appears to be waning for the Kansas City Chiefs in the Super Bowl. GameTime, a site for last-minute tickets, says the lowest-priced tickets for Sunday have dropped about 45 percent since last Friday. They're still not cheap, though, the lowest at about $3,500, but that's well below $8,700 just before the game last year. Jill Schneider, CNBC. The Investing Club. We're not about trading. We're about investing. Get invested. Join the last year. Jill Schneider, CNBC.