Detour After Markets’ 5-Week Win Streak, Bitcoin Hits 20-Month High, Gold's Record Run 12/4/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 4 December 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

After five consecutive weeks of gains for the major indices, Carl Quintanilla and Jim Cramer discussed stocks moving lower, gold hitting a record intraday high and bitcoin surging past $42,000 for the first time in 20 months. Jim explained why he finds it "worrisome to see gold so high and to see bitcoin so high." Also in focus: Alaska Airlines agrees to acquire Hawaiian Airlines and pays a huge premium, Ford U.S. auto sales fall in November despite strong demand for EVs, Uber shares pop on S&P 500 inclusion, Spotify surges on layoffs, a not so "Marvel"-ous development for Disney. 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 Monday morning. Welcome to Squawk on the Street. I'm Carl Kintaneda with Jim Kramer at post-9 of the New York Stock Exchange.
0:10.8	David Faber is the morning off. As they said, on Squawk, stocks coming off five straight weekly gains, longest streak for the Dow in almost two years.
0:18.9	But futures are backing off ahead of a busy week,
0:21.7	including a job's number on Friday. A roadmap begins with stocks on that tear. Fed Chair Powell says
0:26.4	any talk of rate cuts is premature. Bitcoin 20-month high, gold at an intraday record today,
0:33.3	and Uber shares up 5%. Company is set to join the S&P 500 in a couple of weeks.
0:39.0	Let's begin with the markets, Jim.
0:41.1	What do you think the reticence is about today?
0:43.2	Well, I think there's, let's say, incredible speculation,
0:46.8	whether Bitcoin, gold.
0:49.2	And I think that scares people.
0:50.7	I think people say, you know what, maybe we're overdone.
0:53.2	We have had such a huge
0:54.9	rally, Carl. So I think that anybody who thinks that we can just continue just because we have
1:00.2	momentum has to take pause. When you hit Bitcoin hitting 40,000, 41, what happens is that people
1:08.0	say, whoa, 42,000 overnight, too crazed.
1:13.6	It's too crazed.
1:14.2	So it's the fear of speculation returning to the market, and then the possibility the Fed would have to react to that.
1:20.4	Yes.
1:21.6	Now, I think that the Fed doesn't want to, look, why tip your hand?
1:26.9	But at the same time, Carl when i'm on it is it is so
	...

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