CNBC Business News Update - Markets Midday: Renewed Tariff Worries Sink Stocks, Capri Holdings Sells Versace, Harley-Davison Shares Skid 4-10-2025

Episode Date: April 10, 2025

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

I'm Peter Schack, CNBC. Stocks are slumping on renewed tariff concerns with the U.S. ramping up tariffs on China, despite the 90-day pause on other countries. The Dow, 1,488 points lower at 39,120. The S&P 500 dropping 4.4%, 241 points. And the Nasdaq, 5.2% lower, or 885 points. The White House says tariffs on China are now at 145%, saying the country has shown a lack of respect

for the world's markets. Fundstrat managing partner Tom Lee acknowledges that we are in a difficult market, but says the so-called Magnificent Seven stocks could stand out in the days ahead. I think that investors are understandably cautious, but I think some things really got washed out. The Teslas and the Mag 7, you know, they basically bottomed on Monday. And so even though the markets were plumbing new lows into Wednesday, they were holding up,

and they've made a big move. So I think there's an argument to me that high beta and the Mag 7 are what you want to watch. I'm kind of in the camp that this is going to extend further, the rally. Among stocks on the move today, Capri Holdings falling more than 10 percent. The luxury goods company is selling its Versace brand to Italy's Prada for 1.4 billion dollars. CarMax is now down more than 20 percent after the used car retailer issued a disappointing fiscal 2026 forecast. And Harley Davidson is off 11.5%. That comes after a board member reside accusing the motorcycle makers management of making decisions

that have damaged the iconic brand. Peter Shack now CNBC. Essential investing tools for wealth management. Plus CNBC global market news and analysis tailored to your holdings. Become a smarter investor with the power of CNBC Pro. Go to CNBC.com slash get pro now.