Markets Rally on Inflation Data, Oracle CEO Exclusive, Big Win for Microsoft-Activision 7/12/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 12 July 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla and Jim Cramer discussed the cooler-than-expected June CPI inflation data that resulted in fresh 52-week highs for both the S&P 500 and Nasdaq. Are the markets overbought? In an exclusive, Jim interviewed Oracle CEO Safra Catz on the floor of the NYSE after her company rang the opening bell. Also in focus: Microsoft and Activision after a federal judge rejected the FTC and gave the companies’ merger deal a green light, Domino’s shares surge on the company’s partnership with Uber, playing the “Magnificent 7” stocks, Jamie Dimon on Fed tightening, a look ahead to David Faber’s exclusive interview with Disney CEO Bog Iger from Sun Valley, Idaho on Thursday. 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. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer at the New York Stock Exchange. David Faber's on assignment. Heading to Sun Valley, as Joe says, where he'll have an exclusive with Iger tomorrow at 8 a.m. Eastern time. Meantime, the Bulls get their wish as June CPI comes in cool.
0:24.6	Lowest monthly core in more than two years.
0:27.6	Yields are dropping two year near 475 as a second rate hike this year is now in question.
0:32.6	Our roadmap begins with that print.
0:34.6	Inflation falling to its lowest annual rate in more than two years as well.
0:38.6	Plus, game on from Microsoft.
0:40.1	After a judge rules, the company can close its deal to buy Activision.
0:44.6	And Domino's shares are surging, leading the S&P and the pre-market,
0:47.7	announcing this new partnership delivery with Uber.
0:51.4	Let's begin, though, with market reaction to CPI. As we said, coming in lighter than
0:55.4	expected, Jim, airfares down eight, used cars down five-tenths. Well, there's a lot of oddities.
1:03.3	I mean, there's a couple of real wins that people aren't thinking about. You've got, I mean,
1:09.2	well, again, you definitely have the used cars very good, but shelters down a little bit.
1:13.6	And what's interesting is what's up is almost, I don't want to say it's meaningless.
1:17.6	But bakery, bakery products, I mean, you can easily trade down on that, right?
1:22.6	Fresh whole chicken. So, I mean, switch over to beef.
1:26.6	Eggs down seven. Yeah, I mean, sugar and sweets. Well, good. We should have less of those
1:31.1	anyway. The ones that are up, I am telling you, are going our way to. Because there are things
1:36.9	that, frankly, are not, if you really got to go granularness, pal's winning. Because the things
1:42.1	that are up are not nearly as important as the things that are down.
1:45.6	We still have to worry about wages. I'm doing a lot of work on wages and it's not good.
1:50.5	IRA infrastructure, number of plants being built, battery plants, those are not going his way.
	...

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