Morning After the Sell-off, Nvidia Rally Rolls On, Musk's EV Tariffs Switch 5/24/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 24 May 2024

⏱️ 41 minutes

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Summary

Carl Quintanilla and Jim Cramer explored what's next for the markets and investors after Thursday's sell-off and the Dow’s worst session since March 2023. The anchors also discussed Nvidia extending its post-earnings rally and adding more than $200 billion in market cap after posting its blowout quarter. Also in focus: Elon Musk's about-face regarding U.S. tariffs on Chinese EVs, Tesla reportedly cutting Model Y production in China, earnings bright spots, Burger King joins the value meal price wars, Novo Nordisk's latest Ozempic study, time to consider Eli Lilly for the "Magnificent 7"? Carl and Jim remember long-time CNBC anchor Mark Haines on the 13th anniversary of his death. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street. Good Friday morning. Welcome to Squawk on the Street. I'm Carl Kintania with Jim Kramer at Post-9 of the New York Stock Exchange. David Fabers on assignment. Bulls on the hunt for some signs of stability after the Dow's worst day in more than a year. Benchmark yield still a bit toasty near 449. Durables ran hot, although oil near a three-month low.
0:22.6	Our roadmap begins with the day after the sell-off.
0:25.6	The Dow dropping 600 points on pace to break a five-week win streak.
0:29.6	One name that is moving higher, though, is NVIDIA up again in the pre-market
0:33.6	after adding more than $200 billion in valuation following that big earnings beat.
0:38.7	And then Elon Musk reversing his stance on Chinese EV tariffs, now saying he opposes the U.S.
0:44.6	moves on those autos.
0:46.8	Let's begin with the markets after the sell-off yesterday, Jim.
0:50.0	A lot of things you can point to, PMIs, some concerns about commercial real estate. Well, I'm glad to point out the second one, because what's happened is that we've got this feeling that the reason why the commercial real estate is worrisome is because they're not cutting. And it's kind of a chicken and egg thing, but yesterday it was jarring. And oh, geez, here we go again. Durable's a little too strong. But I think if I were Jensen Wong, I would say, darn it.
1:13.3	I would have been up 100.
1:14.7	Not that he ever looked.
1:15.8	He's actually pretty confident fellow.
1:18.2	But that stock would have been up really huge and carried a lot of other stocks.
1:22.6	But because the bonds, interest rates went up so much, everything reversed.
1:28.3	And the only thing that was still up in semis was Nvidia.
1:33.1	Look, yesterday was a bad day.
1:34.7	It was a really bad day because we got oversold very quickly, by the way,
1:38.2	because we had no leadership.
1:40.3	There was no follower to NVIDIA.
1:42.8	I mean, today we have no doubt on NXP, and that's going to have more pin action than what happened with
1:48.9	Nvidia.
1:49.7	But yesterday, Carl, we're getting this undercurrents about this Starwood S. Reet.
	...

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