SOTS 2nd Hour: Stocks Fall, Trump Vs. Powell, and Apollo’s Recession Odds 4/21/25

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 21 April 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Dow, S&P, and Nasdaq kicking off the week in the red - with all the Mag-7 sitting firmly lower. Sara Eisen, David Faber, and Carl Quintanilla broke down the latest for stocks after a weekend of growing calls from President Trump for Fed Chair Powell to be fired… and ahead of huge IMF and World Bank meetings in DC. What investors need to know, and where things stand (on jobs, inflation, consumer sentiment and more) heading into the action, including a breakdown of CNBC’s latest All-America Economic survey results. Plus: a deep dive with Apollo Chief Economist Torsten Slok, on the heels of a new note from the firm arguing there’s a 90% probability of a US recession this year – and more with one former U.S. Trade Representative who calls tariffs an “exit ramp” for better policy. Also within the hour: a Netflix bull-bear debate post-results, the latest out of DOJ Vs. Google, and a live report from the Vatican as tributes roll-in for Pope Francis. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Monday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl Cantanilla and David Faber, live as always from post-9 of the New York Stock Exchange.
0:08.0	Markets are tumbling this morning. We are kicking off the week here with a decline that is deepening. The NASDAX now down 2 and a quarter percent. The S&P down 1 and 3 quarters percent. Every sector is lower right now. Hardest hit. Consumer discretionary and technology. But as I mentioned,
0:23.1	widespread sell-off. Take a look at what's happening in bonds right now. Sell off in the U.S.
0:27.8	dollar, mixed picture in the bond market. There's buying in the short end of the curve with the two-year
0:32.0	yield lower, but the 10-year and the 30-year yield higher. It's kind of that sell America story again reverberating through the
0:38.9	markets. The focus today on whether the president can fire Jay Powell and whether that's a new
0:44.3	source of uncertainty out there. Meantime, we're also watching this breaking news out of Rome today.
0:49.3	Pope Francis has passed away at age 88. The Vatican announced the news earlier this morning.
0:54.9	This is a live look at the Vatican.
0:56.9	The Pope's death, of course, comes after that recent bout of double pneumonia and bronchitis.
1:01.7	We will head live to the Vatican later on this hour.
1:05.4	Meantime, we did get some economic data that just crossed the tape.
1:09.7	Let's get to Rick Santelli for that. Rick.
1:12.6	Yes, David. Leading economic indicators for the month of March are leading into the red.
1:18.5	Mine is 7 tenths of percent. That's a bigger negative than we were expecting. And that means
1:24.8	36 out of the last 39 months have been negative and four in a row.
1:31.8	So this is not a very strong number.
1:34.7	As a matter of fact, it's the weakest since October of 23.
1:37.8	And something else is going on, of course.
1:40.2	And that is the 2's 10 spread, currently hovering at 62 basis points, meaning a 10-year and a two-year yield are separated by 62 basis points.
1:50.2	It hasn't been that wide since Feb of 22, and the dollar index should they close at these levels, down over percent, will be the weakest since March of 22.
2:05.6	And should the euro currency close where it's currently traded, it will be the strongest since September of 22.
	...

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