November Markets and Fed Decision, AMD's AI Message, Musk on the Cybertruck and Zuckerberg 11/1/23

Squawk on the Street

CNBC

Investing, Business, News

4.1 • 567 Ratings

🗓️ 1 November 2023

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

With major indices now in the midst of a three-month losing streak, Carl Quintanilla, Jim Cramer and David Faber discussed what to expect from the markets in November – as well as the Fed's Wednesday decision on interest rates and policy statement. AMD shares erased losses sparked by soft Q4 guidance, rebounding after CEO Lisa Su said her company is forecasting $2 billion in AI chip sales next year. Also in focus: Treasury refunding, Tesla's Elon Musk spoke about his Cybertruck forecast and slammed both Meta's Mark Zuckerberg and X rival "Threads" on Joe Rogan's podcast, Stanley Druckenmiller on why he was "completely wrong" about the stock market this year, Cramer's eye-opening comments about Estee Lauder shares tumbling, "Faber Report" on a potential sale of Hulu and an update on the actors' strike against Hollywood studios and streamers. 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 Squawk on the Street.
0:04.7	Don't miss a minute of the action. Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Cantonia with Jim Kramer, David Faber, post-9 of the New York Stock Exchange. It's Fed Day. Futures trim some losses, yields back off as the Treasury refunding announcement and ADP come in a bit light. Plenty of corporates lowering guidance including DuPont, Estee Lauder, and others.
0:23.9	Our roadmap begins with Fed. refunding announcement and ADP come in a bit light. Plenty of corporates lowering guidance, including DuPont, Estée Lauder, and others.
0:23.9	Our roadmap begins with Fed and Market Watch.
0:26.1	The central bank is expected to pause for the second consecutive month.
0:30.2	Private payrolls come in light.
0:31.7	Stocks coming off their first three-month decline since 2020.
0:35.3	Plus, AMD delivers a soft quarter, fourth quarter guidance.
0:39.3	It does say it expects to sell $2 billion worth of AI chips next year.
0:44.3	And we're going to check in on what's been a rough ride for Tesla stock lately.
0:48.3	It's the worst of the magnificent seven in terms of performance over the last quarter. Shares, though,
0:55.1	look to be bouncing this morning as CEO Elon Musk ups his forecast for cyber truck reduction.
1:03.7	Let's begin, though, with the new month. Talk about the markets on this Fed Decision Day. Jim,
1:08.6	I wonder if you think the setup is any better for November than it was for October?
1:12.6	I do, if only just because this time we know that things are going to be rough.
1:18.6	If it's tech, what we hear is about there's optimization, which means that orders are slowing.
1:25.6	If it's industrial, that means there's de-stocking, which means there's too much inventory.
1:30.9	We're coming in with expectations that those are the two things that are happening.
1:36.1	And I like it when expectations are lowered.
1:39.1	David, there's a piece this morning, maybe the most important piece I've read.
1:42.6	Morgan Stanley figuring out fiscal policy basically saying it's over, that the money important piece I've read, Morgan Stanley figuring out fiscal
1:44.4	policy, basically saying it's over, that the money coming from the Fed is over, federal
	...

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