More Rate Hikes? Apple of My AI, Billionaire Battle 8/7/23

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 7 August 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber started the hour by breaking down the broader markets, with the S&P and Nasdaq both coming off their worst weeks since March. Investors also worked with new Fed commentary, as Governor Michelle Bowman said more rate hikes will likely be needed. The anchors also turned to Apple, coming off its worst week of 2023, with new reports saying the company is boosting its AI efforts for iPhones and iPads. Also in the mix: an update to the cage match between Mark Zuckerberg and Elon Musk, as the two CEOs traded jabs on their respective social platforms over the weekend. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market Moving Insight and Analysis.
0:02.1	Join Jim Kramer, David Faber, and me, Carl Kintanilla, on the opening bell hour of CNBC Squawk on the Street. Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintanio with Jim Kramer, David Faber, all back at post-9 of the New York Stock Exchange. Pre-markets getting back some of Friday's downside reversal. A big week for inflation data. CPI Thursday earnings this week,
0:22.7	UPS, Disney, Baba, Under Armour, Roblox, and more. Roemapen begins with the macro picture. S&P
0:28.3	NASDAQ looking to rebound from some four-day losses as investors digest some conflicting Fed
0:33.5	rate hike commentary. Plus, Scher shares Apple are looking to bounce back.
0:37.6	They are off of what was the worst week and day of the year.
0:41.3	The company reportedly looking to boost its efforts in AI.
0:45.9	And Elon Musk and Mark Zuckerberg seemingly agreeing to that cage match, but some hurdles
0:51.9	still ahead.
0:53.3	We'll fill you in on all the fight details.
0:56.1	Let's begin with the markets, though.
0:57.7	S&P NASDAQ, as we said, coming off their worst week since March, Jim, that reversal Friday
1:02.9	didn't feel great.
1:04.7	Oh, my, it took your breath away.
1:07.2	And I was watching, I'm just saying, what happened?
1:10.1	Is there some event?
1:11.2	Did something happen that was exogenous?
1:13.8	But then again, I mean, look, let's remember, well, the Bond's having a nice move today.
1:17.3	I mean, they were down 30 ticks.
1:18.8	Now they're only down 11.
1:19.8	But I thought that Friday was one of those days where people just said, okay, we've had a great year.
1:26.1	Now let's just sit here and sit on our hands.
	...

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