CNBC Business News Update - Market Open: Stocks Open Lower, Fed Expected To Keep Rates Steady, Tariff Concerns Persist 5/6/25

Episode Date: May 6, 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 Jill Schneider.

I'm Jill Schneider, CNBC. Stocks are sharply lower at the open as investors await the Federal Reserve's policy decision and watch for signs of progress in global trade deals. The Fed is widely expected to keep rates steady on Wednesday. Still traders will be listening for Fed Chair Jerome Powell's comments on his economic outlook. The Dow is down 275 points. The S&P is lower by 45 and the Nasdaq is lower by 180, about a percent. Tariff uncertainty

continues to weigh on the markets. President Trump will meet with new Canadian Prime Minister Mark Carney at the White House this morning, marking the start of negotiations between the two leaders since Carney assumed office earlier this year. Shares of Ford Motor Company fell more than 2 percent in early trading after the automaker suspended its 2025 guidance,

citing near-term risks, especially the potential for industry-wide supply chain disruption impacting production. Ford CEO Jim Farley tells CNBC he expects President Trump's tariffs to be in place for at least the next few years. We think it's a significant issue for the company. The good news is we build 80 percent of our vehicles in the U.S. So we're the least affected and the most able to absorb them. But they are significant for a company and you know we're doing everything we can to to mitigate them. There's a lot of things that are still unclear and that's why we suspended guidance.

Ford's first quarter earnings and auto revenue came in better than expected. Shares of Neurocrine Biosciences are jumping nearly 10%. The company's first quarter revenue numbers beat expectations and sales of ingress. I its medication used to treat movement disorders gained 8% year over year to $545 million.

Jill Schneider, CNBC. Welcome to CNBC Plus. Market destination? CNBC Plus. On the go access the global market data, news and analysis as it happens. Start streaming at CNBC.com slash plus.