SOTS 2nd Hour: Consumer Concerns, On The Home Front, and Berkshire’s Big Moves 5/16/25

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 16 May 2025

⏱️ 44 minutes

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Summary

Carl Quintanilla, Sara Eisen, and David Faber discussed the latest for stocks as they try to hold onto gains – and consumer concerns grow. The latest read on sentiment coming in at the top of the hour: falling to its 2nd-lowest reading on record… but consumer earnings commentary telling a different story. The team broke it all down with JPMorgan Asset Management’s Chief Global Strategist. Plus: how to play the homebuilders with one guest who says they’re still a buy here – and more on the outlook for energy as President Trump says the U.S. is “very close” to a nuclear deal with Iran. Also in focus: the road ahead for Novo after its surprise CEO resignation; deal details on this possible Charter-Cox merger; Berkshire’s biggest moves according to a new 13F filing; and the big win for wealth taxpayers hidden in the GOP’s “big beautiful bill”. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Friday morning. Welcome to Squawk on the Street. I'm Sarah Eisen with Carl
0:11.5	Kintanian, David Faber, live as always from post nine of the New York Stock Exchange. Stocks
0:15.7	are up again today, just a little bit, but we're adding to some significant gains for the week
0:19.5	right now. S&P up 4 and 3 quarters for the week.
0:23.2	NASDAQ up 6 and 3 quarters.
0:25.7	What's strong today?
0:26.7	Well, healthcare is coming back.
0:27.9	Consumer, sorry, communication services and consumer staples all at the top of the list.
0:32.4	Information technology is lagging a bit today.
0:35.2	That's thanks in part to applied materials, which is down 7% off earnings. Treasuries, we've seen this stabilization. We're talking about high yields earlier in the week. Well, they're moving a little bit lower. Got it yesterday, got it today, 10-year yield, 4.4%. So it's come down a little bit, the two-year yield below 4%. Head this hour, J.P. Morgan's David Kelly with us to talk about the standout week for the Bulls and if the rally has legs from here. Plus, Bank of America's energy expert, Francisco Blanche, on how optimism around a deal with Iran will impact the oil market, which has been under a lot of selling pressure lately, Carl. One of the last data points of the week.
1:12.0	Let's get University of Michigan with Rick Santelli.
1:14.0	Hey, Rick.
1:15.4	Hi, Carl, these are some wild numbers here.
1:18.7	University of Michigan sentiment made preliminary read.
1:21.9	And do keep in mind that this data series goes back to 1946 in some form,
1:28.0	and in 2024, they did change the way they collect the data.
1:34.4	They went from cell phone base to web-based,
1:37.6	and many believe that these changes ought to be noted.
1:40.2	So the number, 50.8, well below expectations of 53 and change, and all of the numbers are sequentially lower.
1:48.2	Our last look of 52.2 comes in at 50.8, 50.8.
1:54.6	And that would be the second lowest reading, second lowest reading going back to 1952, so that comps to 50.0, which was June of 22.
2:06.6	I have a database that goes all the way back to 52 on this headline number.
	...

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