CNBC Business News Update - Markets Midday: Stocks Stage Strong Rebound, Consumer Sentiment Slumps, Liquor Industry Pleads For Tariff Solution

Episode Date: March 14, 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, now CNBC. First, the good news. Stocks are rallying with the S&P 500, seeing its best one-day gain since early November. The bad news, that's not nearly enough to make up for the week's losses, which are still considerable. The S&P had slipped into correction territory yesterday, falling more than 10 percent

from its all-time high in February. Right now, the major averages near-session highs, the Dow up 600 points at 41,413, the S&P 500 adding 1.9 percent or 103 points, and the Nasdaq up nearly 400 points or about 2.3 percent. Worries over tariffs and economic policy and a possible recession continue to hang over market sentiment. The spirits industry is one of those caught in the tariff war, but the world's top spirits maker is suggesting

a solution. Diageo officials are suggesting new rules that would give preference to drinks whose ingredients are substantially sourced within the US. Chris Swanger, president and CEO of the Distilled Spirits Council, says any solution would be of great benefit. Our heads have been on a swivel the last couple of weeks. We recognize the broader issues that President Trump is trying to grapple, but we also need him to cut a deal because this industry and American jobs and American economic vitality will only thrive

when we have fair and reciprocal trade, and that includes zero for zero tariffs. Worries over tariffs and other economic matters are taking a toll on consumer sentiment. The University of Michigan's Mid-Month Sentiment Index came in at 57.9, the lowest since November of 2022 and well below forecasts. Ulta Beauty is the leading gator in the S&P 500, jumping more than 12 percent on better than expected earnings. Investors are shrugging off a tepid full-year forecast by the cosmetics retailer. And at least one of the Magnificent Seven is still living up to its billing, Nvidia up nearly 5 percent today and on track for its best week in a month. Peter Schack now, CNBC.

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