SOTS 2nd Hour: CPI Wrap-Up, Bank Earnings Breakdown, & the Road Ahead for LA Real Estate 1/15/25

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 15 January 2025

⏱️ 44 minutes

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Summary

Carl Quintanilla, Sara Eisen and David Faber broke down the market rally following this morning’s better-than-feared CPI print. Key gainers included categories like Gas, Cars, Airfares and more – with not a single category falling on the month. What does it mean for the Fed and rates? Also in focus: results out of the financials. The team discussed what to do with stocks like JPMorgan and Citi with an analyst from RBC – plus brought the latest headlines out of Goldman and Wells Fargo’s conference calls, underway during the hour. Additionally, the team talked the latest out of those LA wildfires, with a fresh read from the ground in Pasadena plus “Selling Sunset” agent Jason Oppenheim’s take on the road ahead.

Transcript

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0:00.0	It's Jim Kramer here. You're listening to the opening bell of CBC squawk on the street.
0:04.7	Don't miss a minute of the action.
0:13.6	Good Wednesday morning. Welcome to money, a squawk on the street. Money Movers next hour. I'm Sarah
0:19.2	Eisen with Carl Cantia and David Faber
0:21.4	here at Post 9. Take a look at the markets right now. We are in celebratory mode after the more
0:28.2	benign CPI report. The S&P 500 up 1.7 percent. NASDAX up 2% right now. We've got every sector
0:35.5	higher. Financials are leading the charge up 2.3%. Real estate,
0:40.0	also with a nice gain of about 2%. Why? Because rates are moving south. Interest rates in the
0:46.1	market, that is. Yields coming down off of those very elevated levels, bonds rallying off the
0:52.2	better cues that the market is taking from this CPI report.
0:56.1	Tenure yield, 465. So a little bit of relief there for yields and equities as well.
1:02.8	Keeping a close eye on the Supreme Court this morning as the justices debate whether to step in
1:07.4	and block this potential TikTok ban from going into effect on Sunday. That SCOTUS decision could happen this hour. We're going to bring that to you immediately if we get more. We are 30 minutes here into the trading session. Here are three big movers we're watching. Big banks kicking off another busy earnings season. J.P. Morgan, Goldman Sachs, Wells Fargo City, all on the move. We're going to break down the numbers for you in just a moment.
1:29.4	But they're all higher right now.
1:34.2	More volatility in the quantum stocks, all gaining this morning as Microsoft calls 2025,
1:37.3	the quote, year to become quantum ready.
1:40.2	And then watching BlackRock, big gainer on the S&P,
1:42.4	after reporting a record year of net inflows,
1:44.8	taking their assets under management to a record $11.6 trillion. Just gigantic. And now a big mix of public and private. But guys, the big story
1:53.2	today is CPI, inflation. And the markets are celebrating this number, as I mentioned. Why?
1:58.8	Well, here's the good news. Core CPI, which takes out food
2:02.0	and energy, was better than the economists expected. The core figures come in at 0.2% increase on the month.
	...

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