CNBC Business News Update - Market Open: Stocks Sharply Lower After Wednesday Rally, Consumer Prices Unexpectedly Drop, CarMax Shares Slide After Disappointing Forecast 4-10-2025

Episode Date: April 10, 2025

The latest in business, financial, and markets news and how it impacts your money, reported by CNBC's Peter Schacknow

I'm Peter Schack, now CNBC. Stocks have opened sharply lower, although not nearly enough to wipe out yesterday's enormous gains. The S&P 500 is coming off its best day since 2008, the Nasdaq since 2001. But today, the Dow is down 718 points at 38,890. The S&P 500 tumbling 2.3% or 123 points, and a 490 point slide for the NASDAQ or 2.9 percent. Consumer prices fell a tenth of a percent last month, surprising economists who had

predicted a one-tenth of a percent gain. Figured without food and energy, the CPI was up one-tenth of one percent, half of what was expected. The lower CPI number largely reflected lower energy costs. It also came ahead of the full impact of the tariff controversy. A Bank of America Institute study shows a somewhat mixed message in terms of upcoming tariffs impacting consumer behavior. But with one important exception, according to Institute head Liz Everett-Crisberg.

Where there was no mixed message though was in autos. And auto sales went up fairly significantly, but if you look at the daily data, so in those six days between the 26th when they were announced and the second when they were going into account, our applications for vehicles, for consumer vehicle loans, was up 23% in just those six days. One other economic number out this morning.

First-time claims for jobless benefits rose 223,000 last week in line with consensus forecasts. Among stocks on the move this morning, CarMax is down about 7.5% after the used car retailer reported quarterly earnings that fell short of analyst expectations. U.S. Steel is sliding 11 percent after President Trump reiterated he did not want to see Japan's Nippon Steel buy U.S. Steel. And Spirits Maker Constellation brands down 4 percent after the company issued a weaker than expected fiscal 2026 forecast. Peter Schacht now CNBC. Weeknight. I think bonds represent safety in a world where the president non-inflation has become the chief impediment to higher stock prices. Too Peter Schack now, CNBC.