Fed Decision Day, BofA Sees S&P 4600, Apple and Goldman Planned iPhone Stock Trading Feature 9/20/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 20 September 2023

⏱️ 45 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed what to expect from Wednesday's Fed rate decision, as well as what Fed Chair Powell and his fellow policymakers might say about the road ahead. The anchors also reacted to Bank of America raising its year-end S&P 500 target to 4600 from 4300. Sources told CNBC that Apple and Goldman Sachs had planned a stock trading feature for the iPhone -- until the markets turned south last year. Also in focus: Goldman in advanced talks to sell its GreenSky consumer lending unit, Cramer's take on peak oil, J.P. Morgan says to "Sell" Dollar General, marketing automation company Klaviyo followsInstacart and Arm into the IPO waters with a Wall Street debut. 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 Squawk on the Street.
0:22.2	Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintanay with Jim Kramer and David Faber at post nine of the New York Stock Exchange. Fed Day has arrived. Decision at 2 p.m. Eastern and with it some optimism for equity bulls. Futures are green as yields come off of these cycle highs. 10-year 434 oils down, UK CPI runs cool. Our roadmap begins with the Fed expected to stand pat on rates today.
0:30.1	But what will the chair say about the road ahead? And speaking of forecast, Bank of America hiking,
0:34.5	its year-end S&P target to 4,600. It had been 4,300. Also, as sources are
0:41.5	telling CNBC that Apple and Goldman Sachs had been planning the launch of a stock trading feature for
0:46.6	the iPhone. Project was shelved last year, after the markets did turn south. I've worked on myself, man.
0:55.6	You worked on it yourself?
0:57.9	No, I'm just going to make up a series of things
1:00.1	because that's exactly what's called for.
1:03.7	We'll get to it with Kate Rooney in a minute.
1:06.3	Let's begin, though, with the markets
1:07.8	ahead of the Fed decision later on today.
1:11.8	Jim, are you encouraged at all by some of the action this morning? Look, I think that if you don't have a rate hike
1:19.4	and he talks tough, everyone's okay. So if he talks to anything less than tough, then we go back
1:25.2	to that scenario where there's that wholly 13% you get when
1:28.9	they're done. I think that there's a perspective that longer, higher, whatever, take off the
1:36.0	higher, maybe a little bit longer. But there's a sense that don't worry, be happy. S&B500
1:42.4	target a piece by Bank of America,
1:44.7	which made me feel so great.
1:46.3	This was like, Dave, this is like a gummy. You know what gummy is? A gummy? Yeah, gummy. Yeah, I do. I decided I was not going to go with NFL reference. I mean, you could do endorphin drip, something like that. Okay, endorphin drip, all right? I don't know what these are, but, you know.
2:00.1	Yeah, Savita has a way of making you feel like everything is going to be okay.
2:03.6	Well, I just read know what these are, but, you know. Yeah, Savita has a way of making you feel like everything is going to be okay.
	...

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