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Squawk on the Street

After the Sell-off: Cramer's Six Reasons, iPhone 15 Hits Stores, UAW Deadline 9/22/23

Squawk on the Street

CNBC

Investing, Business, News

4.1567 Ratings

🗓️ 22 September 2023

⏱️ 42 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber led off a busy program with markets after the worst day for the S&P 500 since March. Jim explained why he believes the markets are too negative and outlined the six reasons investors are selling stocks. The anchors also discussed what to make of the Apple iPhone 15 launch in stores worldwide. Also in focus: Deadline day for the UAW as it considers expanding its strikes against Detroit's "Big 3" automakers, Microsoft clears a key hurdle for its deal to acquire Activision, new stocks slump: Arm, Instacart and Klaviyo hovering around their respective IPO prices after strong opening day gains. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Moving Insight and Analysis.

0:02.0

Join Jim Kramer, David Faber, and me, Carl Kainteneah, on the opening bell hour of CNBC Squawk on the Street. Good Friday morning, welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, David Faber, the New York Stock Exchange. Stock's trying to stabilize here after the worst S&P day since March. First one and a half percent sell-off in more than 100 sessions. Busy Friday, global

0:22.6

PMIs watching for a possible expansion of the auto strike. A roadmap's going to begin with

0:27.3

Wall Street's no good, very bad week. Stocks poised for some steep losses. S&P NASDAQ both on track

0:33.2

for their worst week since March. Plus Apple shares the rallying a bit that says it's flagship iPhone 15 hit stores worldwide.

0:41.3

Tim Cook at the GM building in Midtown today, breeding people.

0:45.3

Questions, though, about demands still remain.

0:47.3

Oh.

0:48.3

All right, well, I'd set it there, sorry.

0:49.3

You have to just, I mean, what do you need?

0:51.3

What is it at that?

0:52.3

What kind of demand do you have to have to have a quick? No, no, mind. We're keeping an eye on strikes. Hollywood studios and the writers are going to be again today. UAW preparing to possibly expand its walkout from Detroit's Big Three. Yeah. Let's begin with the markets after Thursday's sell-off gym. Selling Rosh Hashanah definitely worked. Do you buy Yom Kippur?

1:14.5

Actually, I came out last night with a piece by Larry Williams, so I think it's the foremost market historian who said, be careful.

1:20.5

September is going to be terrible.

1:22.5

And he came into me this week, and he said, okay, cover your shorts yesterday, buy today. He looked at cycles

1:31.0

for short, medium, and long, and they all say that today, next week, we bought them.

1:37.3

Look, when you come in and you say September's going to be awful, and then suddenly you say

1:41.6

it's time to buy, I think that guy has gravitas. Okay. If you say so. It looks like Harvey Kitell today, doesn't it? Winston Wolf? I'll do a little, I'll do a little Kitell for you later. I've got to hear him and then I can. 30 minutes, I'll be there in 10. Yes, I think that Larry Williams, who is the market's foremost historian, is saying buy.

2:01.9

And I love the fact that we went out on the show and you said, look, September is going to be awful.

2:06.6

And boy, September has been hideous.

2:09.9

And now, David, time to buy.

2:12.6

Time to buy.

...

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