AI and the Tech Rally, SEC's Crypto Crackdown, CNN CEO Steps Down 6/7/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 7 June 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim Cramer and David Faber delved into the AI-fueled tech rally on a day in which the Nasdaq hit a fresh 52-week high. The anchors reacted to Bernstein's call for Amazon to re-focus capital and Tesla aiming for a nine-session win streak. Also in focus: Coinbase CEO Brian Armstrong responded to the SEC's lawsuit against the crypto platform one day after SEC Chair Gary Gensler appeared on "Squawk on the Street," Chris Licht steps down as CNN Chairman & CEO, Fiserv CEO Frank Bisignano joined Jim and David at Post 9 to discuss the payments industry, the consumer and transferring the company’s listing to the NYSE from the Nasdaq. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.8	Good Wednesday morning. Welcome to Squawk on the Street. I'm David Faber with Jim Pramer. We're live from post nine of the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures. We get started with the trading day. It's a hump day, right, Jim? Yeah, it's Wednesday. Oh, you bet it is.
0:19.3	Yeah, baby.
0:20.2	All right, now you see, we look like we may have a bit of a higher open.
0:22.8	Let's get to our roadmap this morning.
0:24.4	We'll start with the markets. The S&P 500 posted its highest closed since August of 2022. You're going to want to hear with Treasury Secretary Yellen as well told CNBC about the economy. Yep. Also, I had cryptos and the crosshairs
0:38.9	in the wake of those SEC lawsuits
0:40.7	against Coinbase and finance.
0:43.7	Of course, we were joined by Chair Gensler of the SEC
0:46.5	on this very program yesterday.
0:48.1	We'll give you the latest.
0:49.7	Plus the AI effect on stocks,
0:52.1	what Goldman Sachs is saying
0:53.4	about the chances for further upside.
0:58.3	All right, let's start with that market rally. S&P coming off with its highest close in months.
1:03.3	The NDX, that's riding a four-day wind streak. Some other stocks, Tesla riding a significant
1:09.4	win streak. Oh, and Netflix. You know, it's like the old days. When you say it's like the old days, what does that mean? It means that analysts don't have anything to say. It's early June. They have to put out these thumb-sucking pieces, raising targets to Netflix, raising targets Amazon. We'll get to this one on Amazon from Bernstein at a minute, too.
1:29.3	They get paid.
1:30.3	Yeah, they got to do something. They have to do something. By the way, we sit here, we got to do something too. We often do something. Yes. I think it's important. It's good to be busy. Yeah. Or at least try to be busy. I'm just trying to breathe. Frankly, I'm just trying to breathe.
1:41.8	So, yeah, it's not that easy to do that.
1:44.0	Who knew these Canadian wildfires?
1:47.0	Back to the market, my friend. Frankly, I'm just trying to breathe. So, yeah, it's not that easy to do that. Who knew these Canadian wildfires?
	...

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