CNBC Business News Update - Market Open: Stocks Rally Higher, Investors Hopeful Some Tariffs Won't Happen, 23AndMe Files For Bankruptcy 3/24/25

Episode Date: March 24, 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 popping this morning. Investors are hoping that President Trump will hold back on some tariffs. The Dow soaring 457 points. That's more than 1%. It's being led higher by shares of Home Depot, which are up more than 2%. The S&P 500 index up 76 points, that's 1.3%. The NASDAQ up 284 points, that's 1.5%. Nvidia shares are up 2%.

Tesla shares popped higher, they're up 6% to start the week, after it notched a ninth straight week of losses last Friday. A lot of investors are optimistic about tariffs. New tariffs from the Trump administration expected early next month could be more narrow of losses last Friday. Lot of investors are optimistic about tariffs. New tariffs from the Trump administration expected early next month could be more narrow and targeted than previously thought.

This is published reports that came out over the weekend. They say despite significant tariffs said to be announced on April 2nd, sector specific tariff announcements likely won't be unveiled that day. Things could still change. The Wall Street Journal says a group of 15 nations with regularly large trade imbalances with the U.S. will be the hardest hit. Treasury Secretary Scott Bessent referred to those

nations last week as the dirty 15. CNBC's Joe Kernan. South Korea's Hyundai set to make a big investment in the U.S. Sources tell CNBC that South Korean auto giant Hyundai will announce a $20 billion investment in the United States when its chairman visits the White House today. Sources say that that pledge includes $5 billion set for a steel plant in Louisiana with plans to hire 1,500 employees and produce next generation steel for Hyundai and Kia cars. CNBC's Becky Quick. 23andMe shares were plunging on a Chapter 11 bankruptcy filing. The CEO stepping down.

23andMe has struggled since a massive customer data breach. The Ancestry DNA company has partnered with drug makers to use customer data for drug development. United Airlines raising annual fees for lounges and for its rewards credit cards. Coming on the heels of Southwest's plans to raise money by charging for checked bags. United upping the yearly lounge membership fee to $750. Credit card fee increases include $150 a year now for the United Explorer card instead of $95. United Quest cards go to $350 a year.

And the United Club Infinite card goes to $695 a year. The acting Federal Aviation Administrator spoke on CNBC today about the air traffic controller shortage. It's about 3,000 workers and fewer than 200 people right now are in the hiring process. We just went through a hiring surge at the Air Traffic Controller Academy out in Oklahoma City under Secretary Duffy's leadership. We put out a surge call and we've had over 10,000 applications for the positions themselves. About 7,500 of those have been referred for testing.

So, you know, obviously our focus is to get controllers, the best and the brightest into the Academy and get them out to the facilities as soon as possible. Acting FAA Administrator Chris Rochello on CNBC. Canada's oldest company, Hudson's Bay, will liquidate all but six stores. Starting today, Hudson's Bay has been called the Macy's of Canada, and it was founded in 1670, CNN says.

It also owns the Saks Fifth Avenue chain in Canada. Jessica Ettinger, CNBC. CNBC has the most affluent audience in television, but money itself doesn't have any meaning. It's how you make it and what you do with it that gives it purpose.