Fed Decision Day, Wholesale Inflation Shrinks, AI Chips: AMD Battles $1T Nvidia 6/14/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 14 June 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber discussed what Wednesday's Fed Decision on rates could mean for the markets. Should policymakers pause -- or implement an eleventh-consecutive interest rate hike? Ahead of that decision, the Producer Price Index fell in May on a month-to-month basis for the third time in four months. On the AI front: Tuesday was the first time Nvidia closed trading with a $1 trillion valuation, while AMD unveiled its new AI chips -- looking to challenge Nvidia's dominance. Also in focus: Health insurers in sell-off mode after UnitedHealth warns of higher medical costs, Tesla aims for a record 14-day win streak, A judge temporarily blocks the Microsoft-Activision deal, new developments surrounding the PGA Tour-LIV Golf merger. 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.
0:04.7	Don't miss a minute of the action.
0:07.7	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintiniah with Jim Kramer, David
0:11.5	Fabry at Post 9 of the New York Stock Exchange. It is Fed Day. Decision at 2 o'clock Eastern.
0:16.3	And for the moment, futures mixed as the Dow notches six consecutive gains, longest streak since January.
0:22.6	Producer prices come in cool, up one-one year-on-year. That's the lowest since 2020.
0:27.2	A roadmap begins with stocks. The S&P eyeing its highest open in about 14 months.
0:32.3	Investors banking on a Fed rate hiking pause later today.
0:35.8	Plus, AMD sets its sights on
0:37.5	NVIDIA in the battle for AI
0:39.6	dominance, but is the company's
0:41.3	new chip too late to the game?
0:45.6	That got a groan from Jim.
0:47.1	And a warning from United Health.
0:48.4	It is weighing on all the, many of the stocks
0:51.3	in the overall health insurance sector
0:53.2	ahead of the open. The company's saying it expects a spike in medical costs in the second quarter.
0:58.6	Let's begin, though, with producer prices and the Fed.
1:01.3	Policymakers do to announce their decision, as we said,
1:03.9	2 o'clock Eastern today, followed by the chair's news conference, Jim,
1:07.6	a lot of discussion on just how bad Fed days have been for stocks, especially, well, this year, but really under Powell overall. Yeah, and what happens is you've got a two-part, just a one-two punch. Yet the statement comes out, and then immediately the futures go down, and then they try to recover, and then the press conference comes down. Nowid i don't know i was the editor of the high
1:28.9	school's springfield chronicle nice and uh i i'm like a lot of high school representatives now are at
	...

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