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Squawk on the Street

Powell and a Big Market Week, China's Cautious Growth Target, Tesla Cuts Auto Prices ... Again. 3/6/23

Squawk on the Street

CNBC

Business, Investing, News

4.1567 Ratings

🗓️ 6 March 2023

⏱️ 42 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, David Faber and Mike Santoli discussed events which could move the market this week, including Fed Chair Jerome Powell's Capitol Hill testimony on the economy beginning Tuesday -- and Friday's key February jobs report. In the mix: A report from on the ground in Beijing after China announced a cautious 2023 growth target of around 5%. The anchors also reacted to Tesla's latest price cuts in the U.S. involving the Model S and Model X. Also in focus: Goldman Sachs initiates Apple at "Buy”, M&A news including Altria's deal to acquire e-cigarette maker NJOY after exiting its Juul stake, Morgan Stanley's note on a "$6 trillion AI internet opportunity."

Transcript

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0:00.0

Market moving insight and analysis.

0:02.4

Join Jim Kramer, David Faber, and me, Carl Kaintena, 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, Mike Santoli at the New York Stock Exchange. Kramer has the morning off. Bull is gonna try to seize the opportunity after last week's bounce. Important week ahead with Chair Powell on the hill.

0:21.3

We got jolts, got Jobs Friday, tenure is back to 3-9.

0:25.0

Our roadmap begins with the macro picture and the market implications.

0:28.6

Mary Daly sounding a clear warning on the inflationary threat

0:31.7

as investors await Powell's testimony in the latest read on jobs.

0:35.3

Plus, China gets cautious.

0:36.8

Beijing announcing its lowest economic growth target in a quarter century.

0:42.1

And Tesla cuts prices again.

0:44.7

This time it's on its top selling U.S. cars.

0:47.7

That is the fifth cut in prices this year.

0:51.4

Let's begin with a new week for the markets, including Powell on the Hill and Friday's

0:55.0

key jobs report, and Mike, where the estimates somewhere in the 230 range, nowhere near the 517

1:00.6

from last month. No, and, you know, obviously we'd have to brace for something much stronger than that

1:05.9

at this point. That's the mode we're in. Yeah, last week's bounce, kind of happened right where and when it probably

1:12.2

had to to keep the February pullback from seeming very routine and having absorbed this big

1:17.7

move in yields and Fed expectations. So when you have all the Fed speak now and you have Powell

1:21.2

on the Hill tomorrow, the market has already kind of gone beyond what the standing Fed stale December-based outlook for rates was, right?

1:31.2

So when Mary Daly comes out at San Francisco Fed and says, well, we're going to have to do more than we thought we were going to,

1:37.0

that's a good reminder that the economies remain strong and inflation's been stickier than we'd like, but it's also not news to the market.

1:43.4

So I think that's where we are.

1:44.8

If Powell seems alarmed that he really opens up the possibility of a half percent in March,

...

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