New Market Week, Dell Layoffs and Tesla's 2023 Rally Rolls On 2/6/23

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 6 February 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Jim Cramer and David Faber led off the by discussing what's ahead for the markets, with the Nasdaq in the midst of a five-week win streak. The anchors reacted to a pair of Wall Street notes: Goldman Sachs raised its three-month S&P 500 price target on hopes of a soft landing, while Bank of America said recent earnings revisions are "better than feared." More tech layoffs: Dell announced plans to cut more than 6,600 jobs or 5% of its workforce. Also in focus: Tesla extended its big year-to-date rally after hiking prices of its Model Y SUVs, a legal victory for Elon Musk, plus M&A news sparking some of the day's biggest movers.

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.
0:22.7	Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kington-A. with Jim Kramer, David Faber, post-night of the New York Stock Exchange. A bit of a soggy pre-market on some sell-side downgrades, some disappointing corporate results today and yields back to 3-6 on the 10-year. Either way, Fed speakers return this week, including the Fed share tomorrow.
0:22.7	Our roadmap begins with the Rising Hope. and yields back to 3-6 on the 10-year. Either way, Fed speakers return this week, including the Fed share tomorrow.
0:25.9	Our roadmap begins with the rising hopes for a soft landing.
0:31.5	Goldman ups its near-term S&P target, and tech stocks wore back so far this year. But there is still pain out there.
0:33.6	Nestle is warning of more price hikes ahead.
0:36.1	Tyson is challenged by cost, and Dell is cutting 5% of its workforce saying, quote,
0:41.0	market conditions continue to erode.
0:43.9	Plus, Tesla's surge, Musk and the company found not liable in a securities class action suit.
0:49.5	Shares are up yet again after that 54% surge so far this year. Let's start with the markets and this new
0:57.3	week of trading, Jim, all weekend long. There were dissections of the yolo we got on Thursday,
1:03.3	whether single stock call option volume or short covering best in 10 years. Look, I thought it was
1:10.2	a remarkable day because it should have been down.
1:12.4	I mean, it's almost like we got to do over today.
1:15.9	Today focuses on the idea, interest rates two this morning,
1:18.9	that this is going to be a very much more heavy tightening cycle
1:23.1	and that maybe quarter point wasn't enough.
1:26.0	And David, one of the things that amazes me is that we still had the long rates,
1:32.7	be very low, much lower than short rates, because people feel that he's going to throw,
1:37.6	pals are going to throw some recession.
1:39.3	And yet we had some of the greatest job creation ever.
1:41.8	How can we have some of the greatest job creation and a recession? Well, people say, wow, well, you know what? He's really angry and he's going to take it down. People are now saying, don't worry about the recession. We're just in 2024. We'll be back. Including, of course, the Treasury Secretary, Janet Yellen, who says the basic thing. I guess we can let her say it for herself how can you know how can you
	...

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