Roaring Into March: Trump Crypto Effect, Tariff Deadline Looms, Tesla from "Top Pick" to Protests 3/3/25

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 3 March 2025

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

On the first trading day of March, Carl Quintanilla, David Faber and Sara Eisen explored the whirlwind of activity coming out of the White House. President Trump's strategic crypto reserve plan sparked a weekend rally in digital currencies, followed by a Monday surge in crypto-related stocks. He also ordered a probe into imported lumber, while Canada, Mexico and China brace for Tuesday's tariff deadline. The anchors reacted to comments from Treasury Secretary Bessent and Warren Buffett about tariffs. Also in focus: Morgan Stanley's Adam Jonas names Tesla a "Top Pick," anti-Elon Musk protests outside Tesla showrooms, Kroger CEO steps down amid internal probe, Canada's energy minister talks tariffs ahead of Tuesday's deadline. Squawk on the Street Disclaimer

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0:00.0	Market insight and analysis. You're listening to the opening bell of CNBC, Squawk on the Street.
0:05.8	Good Monday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with David Faber, Sarah Eisen,
0:09.7	at post nine of the New York Stock Exchange. Kramer has the morning off. Future is pretty solid,
0:13.7	as the S&P does come off the fourth negative week in five, but the best day since mid-January on Friday. Busy week, retail and tech earnings,
0:23.4	of course tariffs possibly tomorrow and a job's number Friday. Our robot begins with the White
0:28.1	House, the president talking about a crypto reserve and ordering an investigation into
0:32.7	lumber imports as we do approach tomorrow's deadline on tariffs. Also ahead, Tesla's
0:37.4	shares are getting a lift this morning this after Morgan Stanley's
0:39.8	Adam Jonas reinstates that EV maker as a, quote, top pick in the auto sector.
0:45.5	Plus, a stunner out of Kroger.
0:47.4	The company says Rodney McMullen is out as CEO following a board investigation of his
0:52.4	personal conduct.
0:55.3	We'll have a lot more for you.
1:00.3	Let's begin with the president announcing these digital currencies that will make up a strategic crypto reserve on a truth social post. He listed XRP, Solana and Cardano, along with Bitcoin and
1:06.8	Ethereum. And that news has sparked a crypto rally started yesterday. The group pulling back
1:11.8	a bit this morning, but Sarah, Bitcoin is going to be up 20% from last week's lows.
1:17.6	This is good news, obviously, to the crypto bulls who were wondering what's going on because
1:21.7	crypto had gone back down to 80,000 post-election. There's going to be a summit on Friday,
1:26.0	and there are questions about what this look like, this will look like. How. There's going to be a summit on Friday. And there are questions about what this
1:28.7	look like, this will look like. How much are they going to aim to buy in the crypto reserve?
1:34.2	I think it's interesting and somewhat surprising that they are including other crypto coins,
1:38.9	according to President Trump in there, mentioning Solana and a few others shot up in yesterday's trading.
	...

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