Dow Hits Record High Despite Apple Pullback, Bracing for the Fed, Oracle's Ellison "Begged" Nvidia 9/16/24

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 16 September 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber focused on a big week ahead for the markets, as Wall Street debates how deep the Fed could cut rates on Wednesday. Apple shares under pressure after a well-followed analyst said overall pre-orders for the iPhone 16 lineup indicate weaker than expected demand. That news did not prevent the Dow from hitting an new all-time high. The anchors also explored the AI trade after last week's surge -- and reacted to Oracle Chairman Larry Ellison's comment about "begging" Nvidia CEO Jensen Huang for AI chips. Also in focus: Jim's "dream" week in San Francisco, DirecTV-Disney agreement ends a blackout, Boeing strike Day 4, a second apparent assassination attempt on former President Trump. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street. Don't miss a minute of the action. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintaniel with David Faber here at Post 9 of the New York Stock Exchange. Kramer's a one market in San Francisco, a head of Dream Force, which gets underway tomorrow. Pre-market is mixed as we come off the S&P's best week of the year. A lot to tackle
0:21.7	with retail sales tomorrow. The Fed on Wednesday, 10-year 365, and Empire manufacturing
0:27.2	was a beat. Our roadmap begins with the Fed on deck, with the case for 50 gaining some steam
0:32.7	today. Plus, we're keeping an eye on shares that happen with this. Most the biggest laggers on the S&P, at least in the pre-market.
0:39.4	This follows reports of weak iPhone pre-order demand, that is, for the iPhone 16.
0:45.4	And while Larry Ellison and Elon Musk are begging in Vitties, Jensen Wong, to please take our money.
0:52.5	We'll give you the details.
0:54.2	Let's begin with Jim this morning and his very big week in San Francisco.
0:58.6	You're going to work hard this week, Jim.
1:00.6	Oh, I've got to tell you, we've got everything from Hock Tan today, Broadcom.
1:05.4	We have Renee Haas from Arm.
1:08.0	These right are in the center of what's happening right now.
1:11.6	If you look at the crawl underneath us, those stocks are all down.
1:15.4	But, you know, Enterprise Software is the real focus, and that's Salesforce.
1:18.8	And I think, and David, you know this.
1:20.9	Enterprise Software has been the big bust of 2024.
1:24.8	Let's find out why, because it's supposed to be so integral to AI.
1:30.6	Yeah, all of it integral to AI. I mean, I think, I don't know, should we take bets on how often
1:36.4	that's going to come up in every single conversation you have, or at least will you say anything
1:40.9	but AI, AI, AI, AI, a verb, and noun AI? What's the matter of saying generative AI? Why do we have to limit it to AI? It's true. It's true. I didn't even think of that. More of a descriptor in front of it, which of course is what we're talking about. And we'll be talking about and continue to talk about. and it's going to fuel everything there.
2:02.9	You know, what about Salesforce itself, Jim? I mean, when it comes to obviously the big event that they put on and the questions about,
2:09.2	and we dealt with this when the company reported earnings and then remember that Klarna call
	...

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