RFK Jr. Impact on Vaccine Stocks, Stock Markets' Fed Angst, Musk's xAI Gets a $6B Boost 11/15/24

Squawk on the Street

CNBC

Business, Investing, News

4.1 • 567 Ratings

🗓️ 15 November 2024

⏱️ 42 minutes

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Summary

Carl Quintanilla, Jim Cramer and David Faber engaged in a wide-ranging discussion about the Trump transition -- including the President-elect's choice of Robert F. Kennedy Jr. to become Health and Human Services secretary, news which sent shares of vaccine makers sharply lower. Also in focus: Stocks extend Thursday's losses on Fed Chair Powell's rate cut comments, a "Faber Report" on Elon Musk's xAI raising as much as $6 billion in fresh capital, tech earnings from Alibaba to Applied Materials, Warren Buffett's Berkshire Hathaway discloses its stake in Domino's Pizza, a special visit from the chairman of a company whose stock is up 150% this year. Squawk on the Street Disclaimer

Transcript

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0:00.0	Market moving insight and analysis join Jim Kramer, David Faber, and me, Carl Kintanilla,
0:05.0	on the opening bell hour of CNBC Squawk on the Street.
0:08.0	Good Friday morning, welcome to Squawk on the Street. I'm Carl Kintanae with Jim Kramer, David
0:12.0	Fabry at Post 9 of the New York Stock Exchange. Stocks continue to unwind some of this post-election rally,
0:17.0	as Powell on Thursday suggests the economy signaling no hurry to cut.
0:22.2	December cut odds fall below 60 percent, even as October retail sales pretty solid.
0:27.9	Ropat begins with the Trump transition trade, shares of vaccine makers extending their declines
0:32.5	after the president-elect nominates vaccine skeptic Robert F. Kennedy Jr. to lead HHS. Plus, always keeping an eye on
0:39.5	China. Shares of Alibaba are rallying. This is the e-commerce giant beat profit expectations with its
0:45.4	latest earnings. And the chips boost. Taiwan 70 is securing billions in government subsidies.
0:50.5	It's continuing to build out three big new fabs in Arizona.
0:56.1	Let's begin with this Trump transition. The president-elect announcing vaccine skeptic
1:00.3	RFK Jr. It's his choice to become Secretary of Health and Human Services. News of that
1:05.1	selection weighing on shares of vaccine makers on Thursday, including Moderna, Pfizer,
1:10.0	Biontec, and Novavax. Jim, it extends a bit to
1:13.0	some packaged food to some government contractors yesterday, certainly defense. Wow, defense.
1:19.1	They took aim at all these companies, the lidosis of the world, SAIC.
1:23.9	KBR as well, right? KBR, these good companies. Look, I think that, let's just back up for a second before we decided to sell all stocks because it's kind of weird. We need to see the economic team. The economic team, I think, is if they demonstrate a kind of a, not mainstream, I don't want mainstream, but if they demonstrate people who are of the orb of what we talk about,
1:45.1	then I think we'll be fine because otherwise, as Mayor Bloomberg wrote, the idea that this man is in charge of HHS, RFK,
1:53.7	with its giant setback. And if you read the Pfizer Annual, the Pfizer Annual says that vaccines are the greatest single invention of the 20th century.
2:04.1	David, that would seem to be at odds with what RFK is saying.
2:08.1	Just saying.
	...

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