Alibaba Breaks its Singles’ Day Record, Goldman Sachs’ Apple Card Under Investigation for Alleged Gender Bias & Squawk on the Street Salutes Veterans

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 11 November 2019

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer & David Faber go live to Hangzhou, China and Alibaba’s blowout Singles’ Day event. The Chinese e-commerce giant setting a sales record of more than $35 billion, and still climbing, during the world’s largest 24-hour shopping event. Plus, a closer look at the Apple Card, as it faces an investigation for alleged gender discrimination. And the Squawk on the Street team salutes the troops, as veterans from the U.S. Marine Corps, Coast Guard, Air Force, Navy and the Army are at the New York Stock Exchange.

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action.
0:10.3	Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintana with Jim Kramer, David Faber at the New York Stock Exchange.
0:15.6	Happy Veterans Day. U.S. bond markets are closed for the holiday. Stocks are going to take a breather at the open.
0:20.5	Dow futures down about 125 across after record highs across the board on Friday. A fifth straight week of wins for the S&P. You've got trade uncertainty and violence in Hong Kong, top of mind. Europe is red, as is oil. Tenure, though, still near 195. A roadmap begins with this trade stumble for stocks. Wall Street's on track for a lower open amid some lingering China trade concerns.
0:41.3	Plus e-commerce, boom, Alibaba's 24-hour shopping extravaganza breaks its singles-day record of more than 30 billion in sales, and it's still climbing.
0:51.3	And Goldman, facing an investigation over allegations of sexist credit decisions at Apple Card.
0:57.9	First up, though, after posting fresh record closes on Friday, stocks are set to open lower this morning
1:02.5	on some dampened expectations surrounding U.S.-China trade talks, as well now as this
1:07.6	escalating violence in Hong Kong.
1:09.7	Meantime, the S&P is in the midst of a five-week win streak for the first time since March 6.
1:15.0	If you look at the NASDAQ, Jim, it has been a nice ride over the past month.
1:19.4	It is so amazing because some of the bigger runs are companies that you would expect.
1:24.7	If there's no trade deal, we would unravel a lot of the
1:28.9	companies that do a lot of business in China. It continues to happen. The one thing I would say
1:33.6	is that people seem to care more about the fact that interest rates are going up than they care
1:39.1	about what's really going on in China. So you've got the industrials. There's just not that many
1:43.3	industrials. They are going up.
1:45.2	The banks are tremendous leaders, and those are really involved in the yield curve. And those have
1:49.8	been standouts. I marvel that Apple's much more powerful than people realize. There's a cycle going on
1:57.5	right now. A cycle in the semiconductors that is very unusual to see. And it has to
2:03.0	do with the 11. And it has to do with the genuine belief that there is just much more upside
2:07.9	to cell phones than we've seen. And it's incredible. You got two price target increases of
	...

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