meta_pixel
Tapesearch Logo
Log in
Squawk on the Street

Rallying Into the Fed Decision, Pfizer Slides On Guidance, Tesla Recalls 2 Million Vehicles 12/13/23

Squawk on the Street

CNBC

News, Business, Investing

4.1567 Ratings

🗓️ 13 December 2023

⏱️ 43 minutes

🧾️ Download transcript

Summary

Carl Quintanilla, Jim Cramer and David Faber discussed stock markets in the midst of a four-day win streak andat their highest levels of the year, as investors await Wednesday's Fed decision. Pfizer shares tumble in reaction to 2024 guidance coming in below analysts' forecasts. The anchors explored the lackluster performance of the drugmaker's stock over the past 25 years -- and reacted to comments from Ken Langone: The billionaire told CNBC he believes Eli Lilly will become the first trillion-dollar pharma company. Also in focus: Tesla recalls more than two million vehicles due to autopilot software issues, Faber Report: U.S. Steel sale update. Squawk on the Street Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0

Market Moving Insight and Analysis.

0:02.1

Join Jim Kramer, David Faber, and me, Carl Cantonia, on the opening bell hour of CNBC Squawk on the Street.

0:08.5

Good Wednesday morning. Welcome to Squawk on the Street.

0:10.8

I'm Carl Cantonia with Jim Kramer, David Faber, post nine of the New York Stock Exchange.

0:14.5

Final Fed decision of the year.

0:16.2

Futures holding on to gains as we get more signals about disinflation today from PPI, a goose egg,

0:22.1

oil below 68, rent, 10-year yields about 416. Our roadmap this morning begins with inflation

0:27.9

and Fed expectations. Investors await today's rate decision as stock records continue to pile up.

0:34.1

Plus, Joseph FISA are sinking that ahead of the open on week 24 revenue and profit forecasts.

0:42.5

And Tesla has some autopilot concerns.

0:44.3

The automaker is issuing a recall of sorts for nearly all of its vehicles sold in the U.S.

0:50.7

You just called it a recall.

0:52.0

We'll explain.

0:52.8

Well, that's the word that's been used, but it's not really, right? Because it's a software upgrade, isn't it? It's an iOS 17. I got it in the middle of the night. A couple million vehicles. We'll begin with the market rally heading into today's Fed decision. Jim, PPI, encouraging, lowest year on year since June. Yeah, look, I mean, these numbers are all going the right way.

1:12.0

I still think that they're going the right way, so why not have them continue to go the right way?

1:18.1

You just don't know what's possible in terms of what could come back.

1:22.0

So why let it bite you, given the fact that unemployment is still under four?

1:26.5

David, as long as unemployment is under four,

1:28.3

I don't think there's any reason to let up on the fight,

1:32.3

especially because there are some existential issues

1:35.1

of how much debt, what could happen in terms of if there's more spending in Washington.

1:42.0

I mean, I know these things seem small, but they all add up.

...

Please login to see the full transcript.

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.

Copyright © Tapesearch 2026.