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Squawk on the Street

Huge Week Ahead, Trump’s Crypto Plans, McDonald’s Big Miss 7/29/24

Squawk on the Street

CNBC

News, Investing, Business

4.1567 Ratings

🗓️ 29 July 2024

⏱️ 42 minutes

🧾️ Download transcript

Summary

David Faber and Jim Cramer began the show by looking ahead to the big week for investors, which includes a flood of big tech earnings and a Fed decision on deck. The anchors also discussed former president Trump’s speech at the Bitcoin 2024 Conference, where he pledged a national Bitcoin stockpile and his plans to fire SEC Chair Gary Gensler if re-elected. The desk also hit quarterly results from McDonald’s, which missed analyst expectations for earnings and revenue. The fast food giant’s same-store sales also fell for the first time since 2020. During the opening bells, the anchors also mentioned Morgan Stanley analyst Adam Jonas and his decision to replace Ford with Tesla as his ‘Top Pick’ for the auto sector. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street.

0:08.2

Good morning. Good Monday morning. Welcome to Squawk on the Street. I'm David Faber with Jim Kramer.

0:13.3

We're at Postline of the New York Stock Exchange. Carl has the morning off. Let's give you a look at futures as we get ready to start another week.

0:19.8

The last week in the month of July,

0:22.2

right? We turned to August already. What's happening to the summer? Come on, don't be existential.

0:28.1

I'm sorry. I'm sorry. All right. We're upbeat here. We're upbeat. So's our roadmap because it

0:32.6

starts with the Fed and Mega Cap Tech on deck coming off a wild week of trading futures, as you saw, pointing,

0:39.5

though, to those continued gains at the open.

0:41.7

We're also going to talk McDonald's.

0:43.1

Those shares actually not moving that much.

0:45.6

Oh, it's fine.

0:46.4

Given the numbers, falling, same store sales.

0:50.0

That was the first time they've seen that since the pandemic.

0:53.1

And Trump's crypto conversion, Bitcoin climbing back near 70,000, this after the former president pledges a national Bitcoin stockpile. Yeah. Also says he's going to fire Gary Gansler. We actually just covered what we were going to say. I don't know that we need to do that anymore. Yeah, yeah, we got a lot of stuff this week.

1:12.6

We could dissect that.

1:13.6

Could we? All right. Well, let's start with the markets. We have a big week ahead. We always say that, but it actually is true. We also have a Fed meeting. There's four big weeks here. We've got the Fed meeting here. some important obviously earnings this week from the likes of Microsoft and

1:28.5

meta, and we can go on from there.

1:30.1

You can take a look at the board, what we got coming up.

1:32.5

It really gets going there.

1:33.6

You see midweek and then Amazon.

1:36.9

There's Microsoft tomorrow.

1:39.2

Yeah, Jim, you know, give me a roadmap here on the actual market, especially, of course, given the

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