CNBC Business News Update - Market Open: Stocks Mixed, Nvidia Shares Drop Nearly 5%, Weak ADP Job Market Data Out 11/25/25

Episode Date: November 25, 2025

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I'm Jessica Eddinger, CNBC. Markets are mixed out of the gate this morning on Wall Street. The Dow is up 185 points, 4 tenths of a percent. Honeywell shares leading the Dow higher. They're up 1.3%. The S&P 500 index is down for the NASDAQ, also in the red, down 87 points. Shares of Nvidia are down almost 5% this morning out of the gate on a report that Facebook parent meta may use Google AI chips and not Nvidia chips.

It's the jitters. It's the AI jitters. All this bubble talk, all the debate of we're in an AI bubble. I think the market is so sensitive right now to any news around semiconductors, chips and artificial intelligence. Any kind of news that may suggest Nvidia could face more competition and maybe that outlook isn't as strong. So that's what you're seeing here at this point in time. CNBC's Arjun Carpal in London. inflation rose slightly at the wholesale level in September and the new PPI producer price index report that was delayed because of the government shutdown. Retail sales for September also out today. Disappointing. Retail sales, headline number up two-tenths. This is half of what we're looking for. Up two-tenths is definitely on the light side, but this is lighter than expectations. And finally, the core retail sales, or what we call the control number, comes in as a minus, minus one-tenths.

We're expecting a positive three-tenths. CNBC's Rick Santelli. Meantime this week, the National Retail Federation says a record 187 million Americans will shop, even if they're spending very little and less than last year. Private payroll job losses accelerated in the last four weeks, down by about 13,000 jobs a week in the new ADP data. If people aren't shopping and spending, then businesses don't hire. The biggest wild card in terms of employment and hiring right now is,

the consumer. A downbeat consumer, will that resilience that has fostered growth in the second quarter of this year, will it continue? And that's what we're seeing in these hiring numbers. They are delayed, possibly curtailed, but the momentum is not what we're used to seeing at this time of year. ADP chief economist Neela Richardson on CNBC. Dick's Sporting Goods will close some underperforming foot locker locations. It's trying to protect some profits. Best Buy raised its sales for cast. That's one chain that's part of a cashback service. Rakuten and customers are looking to save even a few dollars on every item they can that may be helping Best Buy. Abercrombie and Fitch shares are popping on strong growth for its Hollister brand in the last quarter. Apple cutting sales

jobs. USA Today says those losing their jobs work as account managers serving businesses, schools, and government agencies. I'm Jessica Eddinger, CNBC. Join the club with Jim's best deal of the year at CNBC.com slash Club Black Friday. Terms and restrictions apply.