Moody's Cuts China Credit Outlook, Apple Rallies, Starbucks' Cold Brew: An 11-Day Losing Streak 12/5/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 5 December 2023

⏱️ 43 minutes

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Summary

Carl Quintanilla, Jim Cramer and David Faber explored what to make of the markets extending losses after the worst day for stocks in almost a month. The anchors also reacted to Moody's cutting its China credit outlook to "negative" from "stable" -- and discussed the ramifications. The "Magnificent 7" in the spotlight: Apple jumps after Morgan Stanley says a smartphone recovery is "not yet priced into shares." Also in focus: Starbucks shares' eleven-day losing streak, "Investor Day" guidance from Johnson & Johnson and CVS Health, Nokia tumbles on news of an AT&T-Ericsson network deal, the new "Grand Theft Auto" trailer gets leaked. Squawk on the Street Disclaimer

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0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintanilla,
0:04.9	on the opening bell hour of CNBC Squawk on the Street. Good Tuesday morning, welcome to Squawk on the Street. I'm Carl Kintanao with Jim Kramer, David Faber, post nine of the New York Stock Exchange. Futures are adding to losses after breaking that four-day win streak. Busy morning already with bank CEOs presenting at the Goldman Conference. Ten-year, now below 4-2.
0:22.7	That is a three-month low. Our roadmap begins with this rally pause. Stocks are coming off their worst
0:27.2	day in a month. Futures are pointing to a lower open. Plus, China's growing debt risks. Moody's
0:32.4	cuts the country's credit outlook to negative, citing persistent lower growth and the overhang of a
0:38.2	property sector crisis. And CBS shares, they're rallying this morning. The company raised his
0:43.5	revenue guidance for 2024 also upped its quarterly dividend by nearly 10%. Let's get to the markets
0:50.6	poised to extend yesterday's losses here at the Open Jim. You've been pretty vocal about the expected chopy thinks coming this month. Look, I mean, I think that we've been down for a couple of days. We've had a couple of stocks that has some good news. J&J, big analyst meeting, as everyone can see. CBS wasn't bad. I know that Eli Lilly, they've now announced a set bound, is available for adults living with obesity in our country.
1:11.6	I like a bunch of the research calls.
1:13.6	I don't think it's, I think that this is just another day where interest rates are going down a little.
1:18.6	People want to take some profits.
1:20.6	I mean, I was working on Nvidia again last night, which I do every single night.
1:23.6	I mean, they've got strong demand in Japan.
1:25.6	There was nothing new from Secretary of Commerce from Mundo.
1:29.9	Nothing new at all that was picked up as something new.
1:32.6	And yet it's down again.
1:34.0	And I'm starting to think, all right, getting interesting again.
1:38.2	Everyone hates it in video all of a sudden.
1:41.0	Look, China would be lucky if it got any chips, even if they were allowed to get
1:44.8	you. So you're not falling for this line? I think it was the MS desk yesterday, that even the
1:49.5	age 20 might not be compliant with whatever additional rules. Commerce comes up with.
1:55.8	They are saying, Nvidia is saying point blank. There's nothing new. This zone, this green zone is not changed. David, there is
	...

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