Inflation Watch and Tech Rebound, Joe Tsai Interview, Cleveland-Cliffs CEO on Steel Tariffs 3/12/25

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 12 March 2025

⏱️ 42 minutes

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Summary

After two straight days of losses on Wall Street, Carl Quintanilla and Jim Cramer led off the show with market reaction to tamer-than-expected February CPI -- and what tariffs could mean for inflation. The anchors also weighed in on chip stocks leading a tech sector rebound. At CNBC's Converge conference in Singapore, David Faber interviewed Alibaba Chairman Joe Tsai about tariffs, China's President Xi and the Chinese consumer. Cleveland-Cliffs CEO Lourenco Goncalves joined Jim and Carl at Post 9 to discuss President Trump's steel tariffs going into effect. Also in focus: Goldman Sachs lowers its S&P 500 target, Morgan Stanley cuts its Apple price target, President Trump defends Elon Musk and touts Tesla cars. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis. Join Jim Kramer, David Faber and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Kintanaia with Jim Kramer at Post 9 of the New York Stock Exchange. David Fabers on assignment. Stocks do look to get back some of Tuesday's losses as February CPI comes in cool, up to 8 on headline.
0:21.4	That's the lightest since November.
0:23.1	The EU, though, retaliating with some tariffs 10 years back above 4.3.
0:27.3	Our roadmap is that CPI print helping fuel this pre-market bounce.
0:31.3	The president's tariffs on steel and aluminum take effect today.
0:34.3	The CEO of Cleveland Cliffs going to join us to discuss the fall out there.
0:38.4	And Goldman Sachs lowering its year-end S&P target. Tech stocks, they say, are now transforming into
0:44.2	the Maleficent Seven. Let's begin, though, with market reaction to CPI after those back-to-back
0:49.7	negative days for stocks. Jim, not bad. Shelter 4-2 year-on-year, food away from home, 3-7. Right. And food away from home, if you had a raise-in-price, and I deal with a lot of the restaurants, that's going to come down. The numbers for those who raise price or have high price, the sales are very, very bad. Sales aren't that good at Walmart. I mean, so what are you going to do if you raise your price of food? I do think, by the way, medical care intractable and rent untractable,
1:15.9	wish I had positive reasons on that. Obviously, airline tickets, well, say goodbye to that.
1:21.1	We know from Delta yesterday, you're not going to be able to keep that price up.
1:24.7	Food is going to benefit from the fact that eggs have cratered. Energy's fine.
1:28.7	Great stuff by the way, by Brian Sullivan yesterday. Really fabulous reporting. People should
1:33.5	recognize his serious stuff is just a plus. You know what? I kind of, I really like it here.
1:40.3	I really like the market. Mark, it's good.
1:43.9	Meaning you think it's gotten cheap enough without fundamentals completely falling apart?
1:49.6	Yeah, absolutely.
1:50.7	I mean, you have to watch Tesla.
1:52.0	I think Tesla's bottom.
1:54.8	You have to watch Nvidia.
1:56.9	It sells at the market multiple that it always seems to bounce at.
1:59.8	And, of course, they got GTC next week.
	...

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