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Squawk on the Street

Nvidia and a New Market Week, Commerce. Sec. in China, 3M Jumps On Settlement Reports 8/28/23

Squawk on the Street

CNBC

Investing, Business, News

4.1567 Ratings

🗓️ 28 August 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla and David Faber kicked off a new market week after a Friday in which the Dow posted its best day in about three weeks and Fed Chair Powell delivered his Jackson Hole speech. What should investors make of Nvidia erasing last week's gains from its blowout quarter? Also in focus: Commerce Secretary Raimondo's visit to China and that country's moves to boost its capital markets, 3M shares up sharply on reports the company is near a $5.5 billion settlement related to its earplugs, the FTC pauses its challenge to Amgen's $27 billion deal to acquire Horizon Therapeutics. Squawk on the Street Disclaimer

Transcript

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0:00.0

Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kintanilla,

0:05.0

on the opening bell hour of CNBC Squawk on the Street. Good Monday morning, welcome to Squawk on the Street. I'm Carl Kintanaia with David Faber at post 9 of the New York Stock Exchange. Kramer has the morning off. Future steady as the Bulls finally put together a winning week on the S&P. ECOata is going to dominate this week. Jolt's tomorrow,

0:21.7

jobs number on Friday, two-year does hit 5-1. That's almost a two-month high. A roadmap begins with

0:27.5

Commerce Secretary Romando in Beijing today telling the Chinese it is, quote, profoundly important

0:33.4

for the two countries to have a stable economic relationship. Plus 3M is one of the biggest ganners on the S&P this morning.

0:40.3

The company reportedly agreeing to pay about $5.5 billion.

0:43.3

It would settle those cases over defective earplugs sold to the U.S. military.

0:48.3

And we will have the latest around M&A as the FTC suspends that challenge to block Amgen's $27 billion deal for Horizon

0:58.2

therapeutics. I'll have a lot more on that and what it means, Carl, in just a moment. Let's kick off

1:03.2

the markets, though, with a new week. Action on Friday, actually, coming out of Powell's speech,

1:08.0

not too terrible. A lot of discussion on Friday, David, about

1:11.5

optionality, balance, something for everyone. But on the Dovish side, talking about some of the

1:18.1

lagged effects of prior hikes that maybe haven't hit the economy yet.

1:22.2

Yeah, I mean, you know, reading all the commentary, I'm not sure that I understand anything

1:25.7

more than I did when I, before Jackson Hole in some way in terms of what it truly means for the movement

1:30.5

of interest rates but you can see a positive responses for this morning this morning thus

1:34.1

far

1:35.0

uh... before we get started trading about twenty nine minutes from now carl

1:39.3

uh... you know in my world a lot of talk about the lack of response that viti a

1:43.6

quarter not necessarily jackson

1:45.2

whole as much as in terms of market action what does it mean when it not just exceeds but greatly

1:51.6

exceeds the already dramatically improved expectations and guidance and yet the stock did not really

...

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