CNBC Business News Update - Market Open: Stocks Mixed, S&P 500 Is Almost Back To February Peak, Treasury Sec. Says Ball Is In China's Court On Tariffs 4/28/25

Episode Date: April 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 Edinger CNBC. Wall Street is now mixed. The Dow is up 242 points being led higher by shares of Boeing, which are up 2%. The S&P 500 index up 10 points. The NASDAQ in the red down 17. Nvidia shares pulling back 2.5% this morning. A pretty consequential spot here. The S&P 500 has regained almost exactly half of what was lost from the February peak down into the early April decline and it's kind of taken us right into the gap that was left by the huge sell-off April 3rd after the details of the the tariff plan were described. So basically you're kind of trying to figure out if we've had this reset and if it is justified. CNBC's Mike Santoli.

Investors are waiting for big earnings reports coming this week from magnificent seven names that include Microsoft, Facebook, ParentMeta, Amazon and Apple. They're also waiting for almost a full week of employment data on the way to check on the labor market. It'll be capped off with the April jobs report from the Labor Department, which comes Friday morning. Investors are waiting for movement on tariffs to the Treasury secretary told CNBC the ball is in China's court. I believe that it's up to China to de escalate because they sell five times more to us than we sell to them. And so these 125, 145% tariffs are unsustainable. Treasury Secretary Scott Besant on CNBC. He added that many

countries have put forth very good proposals on trade and a deal with India could be announced soon. Agriculture isn't nearing a trade war tariffs crisis. It's already in a full-blown crisis, farmers tell CNBC. American farmers are being punished by the Trump tariffs, especially as China buys fewer farm products. A farm group says massive losses are racking up canceled orders as China stops buying pork, hay, straw and lumber. One farmer tells CNBC no one can replace all the volume that China buys.

An eye-popping list of just how Tesla CEO Elon Musk can benefit from his government doge work from Senator Richard Blumenthal. It's to the tune of billions, according to the senator. Senator Richard Blumenthal's memo alleges that Elon Musk may avoid at least $2.37 billion in potential financial liability as of January 20th, the memo says, Musk and his companies were subject to at least 65 actual or potential actions by 11 different federal agencies, including $1.19 billion in potential liability from Tesla's allegedly false or misleading statements about self-driving features. $633,000 in fines from SpaceX's failures to follow rocket launch requirements.

$713,000 in fines from 29 OSHA citations against SpaceX, Tesla, and The Boring Company. And $281 million in potential liability from Neuralynx alleged false or misleading statements about its product risks. CNBC's Eamon Javers in Washington. Domino's Pizza shares lower on mixed quarterly results. Sneaker maker on shares were higher. Citi upgraded the stock saying the brand is so strong if it has to raise sneaker prices, it could pass them down to consumers with little pushback. Warner Brothers Sinners won the weekend box office and a re-release of Star Wars

Revenge of the Sith beat the brand new accountant too for ticket sales to come in second place. Jessica Ettinger CNBC. CNBC Plus, the new streaming platform from the number one source in business news. Start streaming go to CNBC.com slash plus now.