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Squawk on the Street

Markets Rally, Apple Beats, Jobs Jump and Regional Banks Rebound 5/5/23

Squawk on the Street

CNBC

Investing, News, Business

4.1567 Ratings

🗓️ 5 May 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber explored what investors should make of Friday's market rally after four days of selling. Both Apple's earnings and the government's April jobs report beat expectations, easing concerns about the possibility of a recession. Regional banks were in rebound mode, recouping some of this week's steep losses that were sparked by renewed worries about the group. Also in focus: Warner Bros. Discovery's quarterly loss and streaming profit, Lyft tumbles, Icahn vs. Hindenburg, plus reaction to travel earnings from Expedia and Booking Holdings. 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's Squawk on the Street.

0:04.7

Don't miss a minute of the action. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Keentineo with Jim Kramer, David Fabry, at Post 9 of the New York Stock Exchange. Stocks try to assemble some green arrows. Financial is getting a bounce, a key upgrade. And then, of course, April Jobs comes in ahead of expectations, $253,000 with wage growth a bit hot.

0:23.4

It's a 13th consecutive month of better than expected job growth. Our roadmap begins with the

0:28.1

job's number coming in along with that surge in wage growth. On the earnings front, well, we've got

0:33.4

Apple's results and they did exceed what most of the analysts following the company had been

0:37.3

forecasting, find out what Tim Cook told CNBC about the quarter. Plus, wrapping up another

0:42.8

rough week for regional banks. This, of course, amidst worries about many of those banks. Help the

0:48.4

number of the beaten down names though. Well, they look to recoup some of those losses. You

0:53.1

probably saw it in the last few minutes.

0:56.0

A lot of them up double digits.

0:58.0

Yeah, how do you like that?

0:59.0

Come on.

1:00.0

We'll begin with the April jobs number though, as we said,

1:02.0

253 Street was looking for 180.

1:04.0

The revisions though, Jim, kind of make the last couple months a wash.

1:09.0

Yeah, I thought that was interesting because, well, first of all, we're all used to

1:13.3

numbers being accurate.

1:15.7

So in any other business, we would think you run them through, you know, if you had

1:20.0

Salesforce, you had service now, you would never get this kind of thing.

1:22.7

So you have to look at the revisions first, and then you realize, wait a second.

1:26.2

So the economy may not be that hot but

1:28.1

but then we come back to this same these same uh areas keep dogginess we don't have enough people

...

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