SOTS 2nd Hour: CPI Market Takeaways w/Moody's Chief Economist, All Eyes On Beijing, & Game Over For GME's Ryan Cohen? 5/12/26

Squawk on the Street

CNBC

News, Investing, Business

4.0 • 566 Ratings

🗓️ 12 May 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Consumer inflation coming in hotter-than-expected for April: Carl Quintanilla, David Faber, and Seema Mody broke down what it could mean for the broader rally with Michael Santoli - along with Bespoke Investment's Paul Hickey and Moody's Chief Economist Mark Zandi... While also debating whether dotcom bubble comparisons are valid. Plus: more on the latest software name getting hit post-results (Zoominfo), what it portends for an already battered software sector... along with details on the China side of big tech ahead of the President's face-to-face with Xi Jinping later this week. Elsewhere this hour: a look at some extremely bullish action within the options market, details on Ebay's rejection of Gamestop's takeover offer, and other key movers in the early trade like Wendy's and Under Armour. Squawk on the Street Disclaimer

Transcript

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0:00.0	Good Tuesday morning. Welcome to Squawk on the Street. I'm Carl Kintanao with David Faber. Seym
0:09.4	Modi's here post night at the New York Stock Exchange. Sarah Eisen's off today. Coming up this hour,
0:13.9	Apple and Nvidia both hitting record highs in the last week. But only one of those company CEOs
0:18.6	is heading to China with President. We'll talk about why tech might be a big focus of this high-stakes trip. Moody's chief economist Mark Zandis with us. We're going to break down what he calls a worrisome inflation print on CPI today. And zoom info and get lab, the latest software names to see some big swings on earnings. We'll take a look at why the sector is seeing so much volatility lately.
0:39.4	Let's start with the market, of course. The NASDAQ is pulling back after what's been a furious rally.
0:43.7	We've seen record highs, of course, and we've made some comparisons to the dot-com bubble of the late 1990s.
0:49.9	CNBC's senior markets commentator, Mike Santoll is here at post nine. Mike, I don't know,
0:56.6	what do you make of the action? I guess we're to start. Well, I mean, first of all, I think it does
1:00.1	make sense that we're at least making the, going through the exercise of saying, does this
1:04.3	look like something that was super euphoric, speculative momentum that ended in a bad place?
1:10.7	Some technical extremes require that debate, I think.
1:13.6	One is how crazily overbought and dominant semis are.
1:17.6	You have to go back to 2000 and before that 95 for a further extreme.
1:22.6	And then just the absolute way that the new era thinking in tech stocks are stealing all the oxygen from
1:29.7	the rest of the market. And if you squint and say you have stocks up, volatility, firm or higher,
1:35.9	yields up, it has this kind of very kinetic high metabolism look of a possible overheat in
1:41.8	CAPEX that we saw back then, too. But we're nowhere near it, right?
1:45.6	In terms of the magnitude and velocity of the surge in the NASDAQ, I always keep pointing this
1:50.6	out. From the 98 low to the March 22,000 high, 18 months, it tripled and more than tripled.
1:57.4	So here we've had a NASDAQ in the last three years that's doubled, right?
2:01.6	So twice as long, one-third the gain.
2:04.6	Obviously people talk to it's earnings-driven, it's not as much just pure air.
	...

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