Sell-Off Calls: a Rate Cut, a “Growth Scare,” & Buffett’s Slash 08/05/24

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 5 August 2024

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

U.S. stocks take a significant hit, mirroring a worldwide market downturn driven by fears of an impending U.S. recession. Part of the global market sell-off, Japan's Nikkei 225 experienced a dramatic plunge, marking its steepest drop since 1987. Tom Lee, managing partner and head of research at Fundstrat Global Advisors, offers insights into the latest market moves and the broader implications of the sell-off on the Federal Reserve’s interest rate decisions. Then, Jeremy Siegel, professor emeritus of finance at the University of Pennsylvania’s Wharton School of Business and chief economist at Wisdom Tree, is calling for emergency rate cuts from the Fed. And Axios co-founder Mike Allen gives an analysis of the 2024 election and the potential impact of Vice President Kamala Harris’ upcoming vice-presidential pick. Plus, Warren Buffett dropped over 49% of Berkshire Hathaway’s stake in Apple. Tom Lee - 12:15 Jeremy Siegel - 23:14 Mike Allen - 35:27 Tom Lee, @fundstrat Mike Allen, @mikeallen Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:04.0	This is Squackpot from C and I'm producer Cameron Costa.
0:09.0	On today's episode, a global market sell-off.
0:13.0	We don't want to scare people, but I mean, when you see the NASDAQ down 800 points,
0:16.8	when it's down after that week we had last week.
0:19.0	Fears of a U.S. recession, frustration with the U.S. Federal Reserve, and a surge in volatility, but
0:25.6	Funstrats Tom Lee says only time will tell how long lasting it all is.
0:30.9	With interest rates falling, the consumer is still in pretty good shape.
0:34.0	I think on the other side of this it'll look like a growth scare.
0:38.3	And Wharton's Jeremy Seagull, calling on the Fed to take action right now.
0:44.0	I'm calling for 75 basis point emergency cut in the Fed funds rate with another 75 basis point
0:52.0	cut indicated for next month at the September meeting.
0:56.6	Plus Vice President Kamala Harris set to announce her running mate.
1:01.3	Axios co-founder Mike Allen has the scoop on the hill.
1:04.8	CEOs have felt that this White House has not been good listeners and that's a place
1:09.8	that Vice President Harris could make an overnight difference.
1:13.0	It's Monday, August 5, 2024, and Squawk Pod begins right now.
1:19.0	Stand under by in three, two, one, Q, Andrew.
1:25.0	Good morning and welcome to Squackbox right here on C and B.
1:28.0	We are live at the Nasdak market in Times Square.
1:30.8	I'm Andrew Ross working back from Paris, along with Joe Kern and Becky's off today.
1:34.8	Welcome back.
	...

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