CNBC Business News Update - Market Open: Stocks Rally, Trump Says He Won't Fire The Fed Chair, And Says China Tariffs Will ‘Come Down Substantially' 4/23/25

Episode Date: April 23, 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. The Dow up 861 points out of the gate, more than 2% being led higher by shares of Boeing, which are up 8% this morning. The S&P 500 index up 139 points. That's 2.5%. The Nasdaq soaring 569 points. That's three and a half percent. President Trump eased investors fears over his trade war with China, saying the tariffs will come down substantially. He also flip-flopped on the Fed chair after posting that Jay Powell's termination couldn't come fast enough. The president now says he won't. Mr. President, I don't want to talk about that because I have no intention of firing it. Bitcoin topped 94,000 for the first time since early March. Gold pulling back from its fresh record high. Watch Boeing shares today. As we mentioned, they are soaring. It's out with a

smaller quarterly loss than expected, and it plans to seek FAA approval this year to increase production of its 737 MAX jets. It's been delivering more new planes as the company's worked to stabilize production. The Trump trade war, though, is hurting Boeing's deliveries to China. But the CEO has a plan. They have, in fact, stopped taking delivery of aircraft. We'll give the customers an opportunity if they want to take the airplanes. That's what we prefer to do.

But if not, we're going to re- gonna remarket those airplanes people want them. Boeing CEO Kelly Ortberg on CNBC. Zip-bound and Manjaro maker Eli Lilly suing four companies selling compounded versions of terzepatide. That's the active ingredient in Lilly's weight loss drugs. Lilly claims Mochi Health, Fela Health, Willow Health and Henry Meds are all deceiving consumers and turning them away from Lilly's FDA-approved medicines. Mortgage rates hovering around a two-month high for a 30-year fixed home loan, right around 7 percent according to Mortgage News Daily today. And weekly mortgage demand plunged last week would be home buyers are worried about the

broader economy and losses in their stock portfolios. Tesla shares popping higher. Even after one of the worst quarterly reports for the company in years, investors like that CEO Elon Musk was not only on the earnings call after the report last night, he revealed that the amount of time he spends with Doge in DC will decline significantly. Small business owners are suing the Trump administration over tariffs. Here's the CEO of Learning Resources. It's a family-owned toy company, along with CNBC's Becky Quick.

I've used plenty of your toys in our house. If you talk to supporters of the president, they'll say, look, this is a problem. Americans got addicted to cheap imports and we're better off finding manufacturing and sourcing here in the United States. What's your response to that? That's infuriating. Our company exists because we're able to deliver those products to you at a price you're willing to pay and that you think provides a value.

So that means that the jobs we've created don't matter. By raising the cost of these products to force us to make these products in the U.S., which we believe is impossible, you'll shrink the size of our market, and you and everyone else in this country will be impoverished because your money just won't go as far. I don't, I honestly don't understand why people think it is a good strategy to make me raise my prices 70 percent. Who benefits from that? I won't. I'm just raising money from you to pay them. It's a tax.

Learning resources, CEO Rick Waldenberg on CNBC. Jessica Erringer, CNBC. from the number one source in business news. Watch live or on demand. Access any market, anytime, anywhere. Start streaming. Go to cnbc.com slash plus now.