Dow Hits Record High, Nvidia's Big Week, FTC vs. Kroger-Albertsons 8/26/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 26 August 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jim Cramer and David Faber kicked off a new week with the Dow hitting a new record intraday high after Friday's Fed-fueled rally. The anchors also engaged in a wide-ranging discussion about Nvidia. The chip giant due out with earnings after Wednesday's close of trading. Also in focus: Kroger and Albertsons head to court as the FTC looks to block their $20 billion merger deal, Cramer on playing the big banks with JPMorgan Chase at an all-time high, "Faber Report" on Edgar Bronfman's bid for Paramount, Temu parent PDD plunges. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Insight and Analysis.
0:01.8	You're listening to the opening bell of CNBC, Squawk on the Street. Good Monday morning. Welcome to Squawk on the Street. I'm David Faber, alongside Jim Kramer. We are live from Post 9 at the New York Stock Exchange. Carl has the morning off. And then look at that. Joe was preparing you for this moment. Yeah, I like that. We are going to look at those futures.
0:24.7	And you can see they haven't changed very much from when Joe just did them 30 seconds ago.
0:29.7	No, it's incredible. It's incredible. Let's get to our roadmap. That's also incredible.
0:35.0	It begins with the markets post Powell and Jackson Hole. Of course, those comments from the Fed share adding to investor optimism. Well, we're getting a September rate cut. I think we're pretty certain on that. How big is a question? Also ahead, the spotlight. This week, it's all about NVIDIA. Wall Street is gearing up for the company's quarterly results due out after the bell on Wednesday. So we still have a couple more days to talk about them. We need a countdown. I mean, if we're going to put, like, post...
0:55.1	How about a countdown clock?
0:56.3	Salana, which is a coin nobody trust or believes. I'm sure someone... I got to finish the rundown here. I think we ought to put in video account. We finished the rundown. Because we want to also talk about Proger and Albertsons. Jim and I talked a lot about this deal previously, but now it's heading to federal court.
1:11.2	The FTC, of course it's heading to federal court.
1:11.2	The FTC, of course, trying to block the merger, and it's worth spending some time.
1:16.6	Oh, yeah.
1:17.1	But the first thing that we're going to spend a little time on is the markets, of course,
1:20.1	following Friday's rally.
1:21.3	That was sparked by this comment from Fed Chair Powell at Jackson Hole.
1:26.8	The time has come for policy to adjust.
1:30.7	The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming
1:35.9	data, the evolving outlook, and the balance of risks.
1:41.2	All right, you are out on Friday, enjoying a well-earned summer Friday. Thank you so much.
1:45.0	Give us your thoughts in terms of the market reaction.
1:48.0	Obviously, we're getting a cut in September.
1:50.0	There's virtually no doubt about that.
1:52.0	There is still some debate as to whether it's going to be 50 basis points or 25.
1:56.0	Well, I will say that there was a belief coming into the meeting
	...

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