Fed Rate Decision Eve, Market Records Watch, Intel's AI Boost 9/17/24

Squawk on the Street

CNBC

Business, News, Investing

4.1 • 567 Ratings

🗓️ 17 September 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber explored the market landscape ahead of Wednesday's key Fed decision, as Wall Street debates the depth of a rate cut. The Dow hits a new all-time high as the S&P 500 aims for its own record milestone. Chips in the spotlight: Intel jumps on its foundry business strategy and agreement to produce AI chips for Amazon's AWS. The anchors reacted to what the CEOs of Broadcom and Arm Holdings told Jim Monday night on "Mad Money." Also in focus: Retail sales' positive surprise, Microsoft's dividend hike and new share buyback of up to $60 billion, Amazon's new return-to-office mandate, Oracle Chairman Larry Ellison surpassed Jeff Bezos as the world's second richest man, Cramer highlights a stock he says is a "rate cut winner" 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.
0:05.7	Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with David Faber
0:09.0	at post-9 of the New York Stock Exchange. Kramer is at one market in San Francisco. Dreamforce kicks
0:13.8	off today. S&P looks to take aim at some record highs of the Open following the Dow's all-time
0:18.8	high yesterday. Retail sales solid Fed meeting begins,
0:22.5	plenty of Mag 7 news from Microsoft to Meta to Amazon. Our roadmap begins with the Fed decision,
0:28.6	though, just a day away as the street debates how deep a cut to expect. On the tech front,
0:33.2	shares of Intel are up sharply, at least in the pre-market, lots of developments surrounding the company,
0:38.1	including its agreement to produce AI chips for Amazon Web Services. Plus, Microsoft announces a
0:44.1	dividend hike, authorizes a new stock repurchase. It's up to $60 billion in potential buybacks.
0:51.1	Let's start, though, with the markets. S&P is riding a six-day win streak ahead of the Fed's
0:56.0	decision tomorrow. Jim, and futures here look a little spicy? Right now, we know that the
1:01.1	industrials have had a little bit of run. The banks have been okay. Healthcare is all right. These were
1:06.6	all today and Friday, but this look, and yesterday, but this looks like today, we're already
1:12.5	setting up, maybe it's perhaps because of the Microsoft buyback, a very good tone, as we
1:17.5	remember that these companies have a lot of power and have a lot of money. David, when you see
1:23.0	a usual dividend boost, but a gigantic buyback, don't you think, well, wait a second, they can buy back $60 billion. Isn't that bigger than most companies? That kind of thing does create a level of confidence. Yeah, the buyback $60 billion, not to mention what their cap X spend is and only going higher. Where are we in the $50 billion plus, at least? Now, listen, I mean, the numbers are extraordinary.
1:45.7	I pointed out I'm like a broken record around earnings every time
1:48.5	because I'm just so wowed by just the numbers themselves, Jim.
1:52.2	But we make the point, and I think it is worth making.
1:54.7	These companies, the enormity of their balance sheets,
1:57.3	the enormity of their capital structures,
	...

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