More Market Records, Tesla Aims For a "Perfect 10," How Low Can Nike Go? 7/9/24

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 9 July 2024

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber covered all of the bases on another record-setting day for the S&P 500 and Nasdaq, along with various big tech names. Apple and Microsoft are in a race toward a $3.5 trillion valuation, while Tesla looks to extend its daily win streak to ten – which would be its longest since June 2023. Hear what Cramer had to say about Nike –now the worst performer on the Dow so far this year. Also in focus: What to expect from Fed Chair Jerome Powell's Capitol Hill testimony, Paramount-Skydance deal aftermath, Novo Nordisk falls on study pitting its Wegovy obesity drug against Eli Lilly’s Mounjaro, Jim's "Mad Dash" meets Formula 1. 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. Don't miss a minute of the action. Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kinteneer with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. Future is pretty steady as the S&P comes off the 35th record close of the year, takes aim at a 36th. Busy day on the hill with both Powell and Yellen and testimony.
0:22.6	Powell's last appearance before lawmakers ahead of the election.
0:25.6	Our roadmap begins with the S&P's longest winning streak since January.
0:28.6	Big Tech continues to rally and eyes more gains at the open.
0:31.6	Plus Tesla's nine-day win streak.
0:33.6	The shares have surged 27% this month alone. and Nike's not so good, very bad year.
0:40.3	Shares have tumbled more than 30% here today, so what about a turnaround?
0:46.3	Let's begin with the markets, though, aiming for more milestones as we await the Fed
0:49.6	shares Capitol Hill testimony after new record closes for the S&P NASDAQ, as well as all-time highs for
0:55.7	Apple, Amazon, Meta. What else was there yesterday, Jim? Royal Caribbean, TJX, Costco? I mean, yesterday is, yes, by the way, Costco, there's a couple of notes we've been seeing. There's just have-have-have-nots developing in so many different industries. When you look at food and staples, well, it's
1:11.8	Costco and it's Walmart, and yes, it's Amazon. And then when you look at David, we need
1:16.1	at movie, it's streaming, well, there it is again. It's Amazon and Alphabet. When you look at the
1:21.3	next iteration of the iPhone, I mean, people are talking about very big numbers for Apple. This
1:26.2	group, David, has a hard time not getting analysts to love them.
1:30.2	Some of the parts break up by Brentville on Amazon gives you some number that's absurd.
1:35.5	But, hey, you know what?
1:36.7	I call the ass night and say, they're going to break it up.
1:39.2	I demand that Leon Con break up.
1:41.8	Yeah.
1:42.4	Well, they are still.
1:43.5	I want to take her up. Enroiled in antitrust litigation that uh... i suppose
1:48.4	could if it came to it results in some sort of a breakup which to your point
	...

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