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Squawk on the Street

Jobs Report Reaction, A Holiday Lulu, Amazon CEO on Dangers of AI, Honeywell CEO Exclusive 12/8/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 8 December 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber discussed what investors should make of the better-than-expected November jobs report ahead of next week's Fed meeting -- and as the stock markets aim for a six-week win streak. Retail and the consumer also in the spotlight: Lululemon posted a Q3 revenue beat but holiday quarter guidance came in soft. Also in focus: What Amazon CEO Andy Jassy told Cramer about the dangers of AI, Honeywell CEO Vimal Kapur joined the program to discuss his company's $5 billion acquisition of Carrier's security business, anchors react to Paramount's rally, mortgage rates hit a four-month low. 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 Kintania, on the opening bell hour of CNBC Squawk on the Street.

0:08.5

Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer, David Faber, Post 9 of the New York Stock Exchange. final jobs number of the year one hundred ninety nine thousand for november slightly above estimates unemployment

0:19.0

three seven that's a four month low and the best participation rate since the pandemic we'll get to it all

0:24.4

it's where our November, slightly above estimates. Unemployment 3-7, that's a four-month low, and the best

0:21.8

participation rate since the pandemic. We'll get to it all. It's where our roadmap begins,

0:25.8

that jobs report, of course, November numbers topping estimates. Futures try to climb higher

0:30.0

following initial drop. Plus, Lulu Lemon is the biggest laggard on the S&P this morning. That's

0:35.3

following its pepid holiday outlook. We'll give you more

0:37.7

details. And Honeywell agrees to buy carrier security business. The price tag is $5 billion. We're going to

0:44.0

speak exclusively for Honeywell CEO. That'll be later this hour. Let's get some reaction to the

0:50.2

jobs number. As we mentioned, some of the metrics, Jim. Lowest annual wage growth in a while.

0:56.7

Right.

0:57.4

And as we said, participation is encouraging.

0:59.7

Major focus is exactly where you just said.

1:02.9

And I want to say something that it's really bugging me.

1:06.7

There's so many people who are looking for a rate cut in this weird world that we're in, in finance. You look at what we've got here with these numbers. And if you're J.Pagher, you're saying, let's just play it out. But why do we have to start cutting? We have good numbers. Let's be sure. Let's have six month with numbers like this. And David, it's only on Wall Street that they look at something.

1:29.3

They have to make a decision.

1:30.3

No one wants to say, hey, you know what?

1:32.8

There's no trade here.

1:34.3

Right.

1:34.7

They have to.

1:35.8

I guess they have to.

...

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