CNBC Business News Update - Market Open: Stocks Mixed, Nvidia Slips, Fed Governor Lisa Cook Sues The President To Keep Her Job 8/28/25

Episode Date: August 28, 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 Eddinger, CNBC. We've got mixed markets out of the gate this morning. Wall Street already record setting. The S&P 500 index hitting a fresh new high. The Dow is in the red this morning. It's down 50 points. Johnson and Johnson shares are leading it lower. They're down 1%. The S&P 500 index up 6 points. The NASDAQ is up 75 points. InVIDIA shares were higher. They're down 2 tenths of 1%. 1% now. The AI chipmaker reported better than expected quarterly results after the closing bell last night. It came up short in the data center revenue area, though, spooking some investors. The company says AI spending isn't slowing anytime soon. CNBC's David Faber and mad money host Jim Kramer had this take on NVIDIA. When we saw Microsoft go to $4 trillion, we said, fine, it's software. That's what happens. The old days when we saw Exxon become the number one cut. Well, it's oil. That's what happens. At one point, we had Merck. Okay, what's farming. Right now, we have to accept the fact that this is hardware with the software component,

and it's changing the world, and the most important number is that they're talking about a total addressable market that's going to triple in the next four years. And if that's a case, then revenues could triple. And then you'd say, well, even though it's hardware, this is the greatest growth story ever told. And by the way, you'd also look at their margins at 72.4% and 72.7% that's gap, non-gap. and you'd say, wow, that's a business I wouldn't mind being in as well. Fed Governor Lisa Cook has officially sued President Trump after he moved to fire her. The issues will now go to court, and perhaps the Supreme Court,

the president wants control of the Fed to get interest rates lowered. The U.S. economy notched its best growth in almost two years in the second quarter, rebounding in the spring from a first quarter downturn caused by fallout from President Trump's trade wars. The Commerce Department says U.S. gross domestic product, the nation's output of goods and services, expanded at a 3.3 percent annual pace. This was between April and June after shrinking in Q1. First quarter, second quarter GDP. We're running, and I was just checking this. It looks like 2.2 percent on the Atlanta Fed GDP now in the third quarter. That's a better measure. CNBC senior economics reporter Steve Leesman. Dick's sporting goods out with better

than expected quarterly results. It's also raising its outlook. Best Buy said it had a modest sales recovery in the last quarter and back to school sales looking good, but it warned that tariffs are making things harder. Best Buy said it's just affirming its guidance for the full year due to the uncertainty of potential tariff impacts down the line. Those shares, again, down by about 13% or 14% so far in 2025. CNBC's Dominic Chu.

Dollar General shares popped on strong quarterly results. it raised its full-year earnings growth forecast, and shares of peers like five below Ollie's bargain outlet and Dollar Tree were also higher. Watch Tesla shares today. Sales of new Tesla vehicles plummeted in Europe as sales of new BYD EVs, which are made in China, have tripled. Tesla is fighting intense competition in Europe as well as brand reputational damage. BYD is called the world's hottest car company making affordable EVs, but they're not sold,

in the U.S. because of a 100% tariff on each one designed to make them unaffordable, so they won't compete with automakers here. Pop Mart's new mini-Laboo keychains go on sale tonight, 10 Eastern, and they're for sale on its website. These key chains come in blind boxes. They're $24 each, not including tax and shipping. Jessica Eddinger, CNBC. We have concerns with lots of American companies that come on, squat and box, that do business with China. You should be concerned with the companies that don't come on. Squawk box. Squackbox, weekdays 6 a.m. Eastern and streaming on CNBC Plus.