Market Streak Snaps, Walmart and FedEx Messages to Investors, J&J's $8.9B Settlement 4/5/23

Squawk on the Street

CNBC

Investing, News, Business

4.1 • 567 Ratings

🗓️ 5 April 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and Jim Cramer discussed what's ahead for the markets one day after the Dow and S&P 500 snapped-four day win streaks. The anchors reacted to weaker-than-expected ADP jobs data, as well as comments from Cleveland Fed President Loretta Mester, who said the rate target needs to go above 5%. Two well-known nameshosting investor events Wednesday: Walmart reaffirmed full-year guidance and outlined a 5-year strategy for profitability, while FedEx hiked its dividend and announced plans to consolidate its operating units into one organization. Also in focus: Johnson& Johnson agrees to pay $8.9 billion to settle lawsuits that claim its talc products cause cancer, Apple's Tim Cook and Disney's Bob Iger to discuss China with U.S. lawmakers, why healthcare stocks are a bright spot, Cramer's three "trading camps."

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC's Squawk on the Street.
0:04.7	Don't miss a minute of the action.
0:07.8	Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintan Air with Jim Kramer
0:11.3	at post nine of the New York Stock Exchange. David Faber has the morning off. After several days
0:15.7	of softer than expected data, ADP now comes in light ahead of Friday's jobs number.
0:20.5	Futures give up some ground and yields fall. Ten year now comes in light ahead of Friday's jobs number. Futures give up some ground
0:21.6	and yields fall 10-year now defending 330. That's close to a six-month low. Our roadmap begins with
0:27.5	the macro picture. ADP coming in below expectations, Walmart affirming its guidance and FedEx
0:33.6	cutting some costs. J&J, upping its offer to nearly $9 billion to settle these cancer lawsuits related to its
0:40.1	baby powder.
0:41.3	And the president's warning on AI, calling it potentially dangerous and urging big tech
0:46.7	to keep it safe.
0:49.0	Let's begin with the markets after the Dow and the S&P snap those four-day win streaks,
0:53.3	Jim, some discussion about
0:54.8	whether directionally market is now using bad news as bad news.
0:59.1	Yeah, I mean, I think yesterday was one of those days where we just said, well, be careful
1:02.3	what you wish for.
1:03.6	Maybe we have more bank failures.
1:05.4	Jamie Diamond's note and the jolts, the job openings, made people say, well, wait a second, maybe we have to have
1:13.9	a real rough patch before we finally get to the promised land.
1:18.2	Then you have Mestre last night, who literally is like on a little pilot.
1:20.8	She's just, you know, she's very powerful, very smart, by the way.
	...

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