October and Q4 Markets, Powell's Rate Cut Message, Port Workers Go On Strike 10/1/24

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 1 October 2024

⏱️ 43 minutes

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Summary

With the Dow and S&P 500 entering October and the fourth quarter at record closing highs, Carl Quintanilla, Jim Cramer and David Faber explored the road ahead for stocks. The anchors also reacted to Fed Chair Powell's comments about the path for future rate cuts. Carl, Jim and David discussed dockworkers going on strike at ports from Maine to Texas – and what's at stake for the economy. Also in focus: CVS to conduct a strategic review amid activist pressure, the CEOs of Charles Schwab and Signet Jewelers to retire, Boeing reportedly considers raising at least $10 billion by selling new stock, the Wall Street note that's weighing on Apple shares. 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, on the opening bell hour of CNBC Squawk on the Street.
0:08.0	Good Tuesday morning, welcome to Squawk on the Street. I'm Carl Kintanao with Jim Kramer, David Faber, post 9 of the New York Stock Exchange.
0:14.0	We kick off the month of October after four straight quarters higher for the S&P, longest streak in three years.
0:20.0	Plenty of macro to watch today and an East Coast port strike.
0:24.8	A roadmap begins with a new market month.
0:27.2	The Dow and the S&P heading into October at record closing highs.
0:30.7	With that in mind, Fed Chair Powell indicates there could be gradual interest rate cuts
0:36.3	by the end of this year.
0:38.5	Also ahead,
0:44.2	tens of thousands of dock workers are on strike at East and Gulf Coast ports. We are going to explore exactly what will be at stake for the economy. Markets are set to kick off a new month
0:49.7	and quarter of trading at the open. S&P hitting its fourth positive quarter in a row, and another
0:54.4	record close as investors look ahead to this last stretch of the year. The Fed chair yesterday,
1:00.0	spelling out the direction of rate cuts. This is not a committee that feels like it's in a hurry
1:06.9	to cut rates quickly. If the economy performs as expected, that would mean two more cuts
1:12.4	this year, a total of 50 more. He pointed out, Jim, the tension between some of the growth
1:18.9	data on GDP and income versus labor. Right. And it just crushed the market. In the old market,
1:25.1	the market that people seem to think were in, that'd be it. But you then was working on an interview and came back, working from 3.30 to 4. I said, geez, what happened? Nothing. People just said, this is a buying opportunity. Larry Fink came out from BlackRock with some great comments about how, let's get rid of the soft landing, hard landing. It's just doing exactly what we want, which is it's slowing down.
1:46.3	There's no inflation.
1:47.0	David, when I look at the list of the companies that did the best in September,
1:53.1	it's about as broad as I've ever seen.
1:55.1	It's textbook.
1:56.4	So unless it's hard to find.
	...

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