Red October: Q4’s Worst Start Since Financial Crisis & Wall Street’s Elizabeth Warren Fear Factor

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 3 October 2019

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, David Faber & Jim Cramer discuss recession fears, economic uncertainty and Q4’s worst start for stocks since the financial crisis. Plus PepsiCo CFO’s gauge of the consumer: “doing just fine.” And are Wall Street’s Elizabeth Warren fears overdone?

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CNBC Squawk on the Street.
0:04.6	Don't miss a minute of the action.
0:13.0	Good Thursday morning. Welcome to Squawk on the Street. I'm Carl Kington-A-Oa. Jim Kramer, David Faber at the New York Stock Exchange.
0:18.6	Future is just south of the flat line after the first
0:20.9	back-to-back 1% declines of the year for the S&P. Everyone's on watch, as Joe says, for ISM
0:26.9	services in an hour, which did fall into contraction in the UK. Europe is mixed right now.
0:32.2	Ten-year yield close to a one-month low. Jobless claims tick up slightly to 219K.
0:40.3	Our roadmap begins with Red October. Stocks off to their worst start to a fourth quarter since the crisis. Futures point to another lower open.
0:45.4	Plus, after the worst reading on manufacturing in a decade, investors awaiting a key read on the
0:50.2	services sector. That's coming this morning. And shares of PepsiCo popping ahead of the bell, fueled by sales growth and a nice earnings beat.
0:57.5	CFO, Hugh Johnson, is going to join us first on CNBC in just a few minutes.
1:01.9	Markets having a rough time shaking off the jitters amid signs of an economic slowdown.
1:06.2	A second straight sell-off resulted in the Dow falling more than 800 points in the past two days.
1:11.9	S&P lost 63% of its gains from Q2 and Q3 combined.
1:16.8	Investors will be paying close attention to services data in less than an hour from now.
1:22.2	Jim Sockgen, I think, says of the two times that ISA manufacturing is contracted, we haven't had a recession because
1:30.3	services held in. Well, last night I had Marty Musie on from Paychecks. Now, paychecks is a small
1:36.7	and medium-sized business. And it's my old colleague Larry Cudlow, now the chief economic
1:40.7	supervisor of the president said that is where the job growth comes. It's not like GM creates a lot of jobs.
1:46.1	And he said that this is one of the best times they've ever had.
1:50.3	And that September was a very strong month in the country and was constrained because of not being able to find more employees.
1:58.1	And it's kind of like there's just two worlds here. Like Marty's talking about
	...

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