Markets Brace for Jobs Friday, Nvidia and the DOJ, Mark Cuban: Harris is "Pro-business" 9/5/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 5 September 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and Jim Cramer set the stage for Friday's key jobs report, exploring market reaction to Thursday's weaker-than-expected ADP payroll report. Hear what Cramer had to say about a September Fed rate cut. Nvidia also in the mix after shares fell 11% in two days. The chip giant denied reports stating it has received a subpoena from the Justice Department. The anchors also discussed Vice President Kamala Harris' capital gains tax proposal -- and billionaire investor Mark Cuban telling CNBC the Democratic presidential nominee is "pro-business." Also in focus: Verizon buys Frontier Communications, President Biden reportedly plans to block the Nippon Steel-U.S. Steel deal, J.P. Morgan downgrades China, Ford auto sales, Tesla's self-driving boost, CNBC's official NFL team valuations. 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.
0:08.5	Good Thursday morning, welcome to Squawk on the Street. I'm Carl Kainteena with Jim Kramer at post-9 of the New York Stock Exchange.
0:13.3	David Faber has the morning off. Pre-market's a bit soggy as the focus shifts to the macro.
0:18.4	ADP with a big miss. First sub 100 print in nearly three years.
0:22.9	Yields lower across the board as the odds of a half-point Fed cut gets some more traction.
0:27.4	A roadmap begins with stocks looking to stabilize following that rough start to September.
0:31.5	Invidia is under a bit of pressure again.
0:33.2	The company denying reports that it received that subpoena from DOJ.
0:37.1	The vice president proposing a 28%
0:39.5	tax on long-term capital gains, lower than the president's 40. Mark Cuban calls into squawk today,
0:45.4	saying Harris is, quote, pro-business. And the steel deal in danger, the Biden White House
0:50.5	reportedly preparing to block Nippon Steel's deal for U.S. steel.
0:55.9	First, though, let's get to the markets this morning in ADP and productivity, Jim, and unit labor costs a lot today.
1:02.2	I think that there's a whole new thesis that's going on in the market.
1:05.8	It started actually with the invidious conference going to Chundam, which is that when we now see any weak numbers,
1:12.1	we sell the semis, and we sell tech.
1:14.7	I have Caterpillar on tonight.
1:16.0	Caterpillar actually holds up better than the semis.
1:18.7	I saw, in Viti, I saw Broadcom, which reports tonight, dropped very quickly when we had that weak ADP.
1:25.7	And how this is happening is beyond me, because these companies trade on inventory.
1:29.7	They don't trade on GDP.
1:31.8	But it doesn't matter.
	...

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