Markets' Losing Streak, Amazon's $4B Bet on AI, Writers-Hollywood Studios Tentative Deal 9/25/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 25 September 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Courtney Reagan and Mike Santoli kicked off the final week of September and Q3 with a look at the markets: Major indices trying to avoid a five-day losing streak. Canaccord Genuity strategist Tony Dwyer joined the conversation. Amazon confirmed it plans to invest up to $4 billion in a startup rival to OpenAI. On the labor front: Media stocks rose after the Writers Guild and Hollywood studios announced a tentative agreement that could end a months-long strike, while the UAW's strike against Detroit automakers entered a second week. Also in focus, consumer and health-related stocks under pressure, Meta's chatbot push, Citi CEO's overhaul message, a Taylor Swift sighting on NFL Sunday. Squawk on the Street Disclaimer

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC Squawk on the Street. Don't miss a minute of the action. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Courtney Reagan, Mike Santoli at the New York Stock Exchange. Kramer and Faber have the morning off. Final week of September and Q3, futures red as we come off the worst week for the S&P NASDAQ since March.
0:21.7	Busy a few days ahead with global inflation data. Fed speak, some earnings from Nike and Micron.
0:26.5	Ten year four-five is a new cycle high.
0:28.5	Our roadmap begins with the last trading week of the quarter.
0:31.0	S&P poised to drop further from this three-month low at the open.
0:35.0	Plus, strike watch, Hollywood, reaching a deal with riders while the auto walkout
0:38.7	enters its second week. Ford says significant gaps still remain. And Amazon's AI move
0:45.1	investing some $4 billion in a chat GPT rival. Let's begin, though, with a new market week
0:52.3	for after four days of losses, Mike, and we lost
0:55.3	the 100-day moving average on the S&P.
0:57.7	Yeah, new market week, very similar dynamics so far.
1:00.8	You have the 10-year yield poke above 4.5 percent.
1:03.9	We close pretty close to the lows on Friday.
1:07.5	And now I think it's become the debate point is, yes, we knew and expected that we were going to have some seasonal weakness.
1:14.6	We came into August, overbought and overloved and everybody embracing the soft landing scenario.
1:20.6	Now we've had a little bit of corrective mindset to that.
1:23.6	How deep we have to go is a good question in terms of trying to account for where rates are
1:28.9	and why they're there. So last week, I wasn't necessarily that alarmed at the specific changes
1:34.8	the Fed made, where they sort of took away two notional rate cuts from next year and, you know,
1:39.5	essentially higher for longer, they've been saying for a very long time. But the market reaction,
1:44.1	the 10-year yield reaction, caused people to say, wait very long time. But the market reaction, the 10-year
1:44.5	yield reaction caused people to say, wait a second, yields aren't going up because the economy's
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