Powell's Rate Message and the Markets, United Soars, "Mag 7" CEOs in the Spotlight 4/17/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 17 April 2024

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

With the S&P 500 and Nasdaq in the midst of 3 day-losing streaks, Carl Quintanilla, Jim Cramer and David Faber discussed the markets digesting Tuesday's comments from Fed Chair Powell, who suggested interest rates could remain higher for a longer period. The anchors also reacted to United Airlines shares surging after the company posted quarterly results. CEOs of "Magnificent 7" companies in the news: Apple's Tim Cook in Indonesia considering manufacturing in that country, Tesla urges shareholders to ratify Elon Musk's 2018 pay package, Nvidia's Jensen Huang makes the "Time 100" list. Also in focus: President Biden calls for higher tariffs on Chinese steel, the stock dragging the chip sector lower, lap of luxury, Boeing's woes and the whistleblower, Paramount deal update. Squawk on the Street Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0	Market Moving Insight and Analysis joined Jim Kramer, David Faber, and me, Carl Kainteneah, on the opening bell hour of CNBC Squawk on the Street.
0:08.0	Good Wednesday morning, welcome to Squawk on the Street. I'm Carl Kaintena. Bands back together as Kramer returns with David Faber here at post-9 of the New York Stock Exchange. S&P is trying to snap a three-day losing streak amid a series of corporate misses today.
0:21.0	U.S. Bank Corp,
0:22.2	ASML, Travelers, J.B. Hunt. Market's still digesting Powell's hawkish comments from Tuesday.
0:27.6	A roadmap begins with the fight against inflation, as the Fed Chair says there's been a, quote,
0:31.7	lack of further progress this year. Plus, United is one of the biggest gainers on the
0:35.6	S&Pree in the pre-market, this on the back
0:38.0	of strong earnings. Airline also slashing its expected deliveries amidst Boeing's quality crisis.
0:44.5	And Tesla is asking its shareholders to reinstate Elon Musk's $56 billion pay package. That was back in
0:51.2	2018. This effort for Delaware court avoided that compensation
0:55.4	earlier this year. Let's begin with the markets, is set to open higher after the Dow ended six
1:01.4	straight sessions of declines. S&P NASDAQ Russell did extend their daily losing streaks to three.
1:07.6	Yesterday, as you know, the Fed share suggested that rates could remain higher for a longer
1:11.8	period. Here's what he had to say about battling inflation. More recent data show solid growth and
1:18.0	continued strength in the labor market, but also a lack of further progress so far this year on
1:23.1	returning to our 2% inflation goal. The recent data have clearly not given us greater confidence
1:29.0	and instead indicate that it's likely to take longer than expected to achieve that confidence.
1:35.1	That said, we think policy is well positioned to handle the risks that we face.
1:40.2	First off, Jim, welcome back. Oh, thank you. You're a site for sore eyes.
1:43.3	Oh, thanks a lot. It was great doing a little fishing.
1:46.2	You know what? I listen to this, and I keep saying, all right, so we've all been saying this. We've all been saying that he is pragmatic. We've all been saying that we have a problem with inflation. So when he verifies it, I don't think we can say, well, this is a sea change for the Fed.
2:03.9	I think that the Fed. that we have a problem with inflation. So when he verifies it, I don't think we can say,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from CNBC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of CNBC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.