SOTS 2nd Hour: Food Fallout, New Boeing CEO’s First Earnings, Exclusive: Coke CEO 10/23/24

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 23 October 2024

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Sara Eisen and David Faber began the hour with an exclusive interview with Coca-Cola CEO James Quincey, where they discussed the company’s quarterly results, the state of the consumer and how the 2024 election will impact prices. Staying with the consumer space, the desk broke down the prelim results out of Starbucks and the E. coli outbreak linked to McDonald’s. Also in the mix: The anchors highlighted Boeing’s latest quarter, with new CEO Kelly Ortberg saying the company is setting its sights on a ‘leaner’ future following a quarterly loss of more than $6 billion. Squawk on the Street Disclaimer

Transcript

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0:00.0	Back to Squawk on the street. I'm Diana Olik with breaking news from the National Association of Realtors.
0:05.4	Existing home sales in September fell 1% month to month to a seasonally adjusted annualized rate of 3.84 million units.
0:12.7	That's right along expectations, but it is the lowest level since October of 2010.
0:18.0	Sales down 3.5% from September of last year and sales fell in all regions except the
0:22.8	West. Now, this count is based on closing, so contracts signed likely in July and August.
0:27.7	Mortgage rates started July, close to 7% on the 30-year fixed, then fell slowly through August
0:32.6	to just below 6.5. Rates are now a full percentage point lower than they were a year ago.
0:38.2	Inventory rose one and a half percent from August to 1.39 million homes for sale. That's a
0:43.2	4.3 months supply. And the pressure continues on prices. The median price of an existing home sold in
0:48.8	September, $404,500. That's up 3% year over year and the 15th consecutive month of annual price gains.
0:57.1	And that's why cash is king, 30% of sales, which is unusually high.
1:01.5	Homes are sitting longer and average 28 days compared with just 21 days a year ago.
1:05.8	And first-time buyers really fell out, just 26% of September sales.
1:10.5	That matches the all-time low from August. Sarah?
1:14.8	Okay, Diana, thank you very much on existing home sales. And good Wednesday morning, everyone.
1:19.5	Welcome to another hour of squawk on the street. I'm Sarah Eisen here with Carl Cantania and David Faber,
1:24.2	live at post nine of the New York Stock Exchange. Stocks are under a little pressure this morning.
1:28.3	S&P is down 4 tenths of 1%. The strength is in utilities, real estate, industrials, and materials. Energy just popped into the green as well. Everything else is weaker. You've got tech under pressure. That's why the overall index is lower. Same with the NASDAQ. Right now, it's pulling back.. So we are actually now tracking for a loss on the week.
1:46.0	Would be the first time if we continue through Friday in the last seven weeks or so.
1:52.1	But part of the reason is we're seeing higher treasury yields. That's been a constant theme.
1:55.9	Look at the 10-year yield. We're hovering around 4.2% above there.
1:59.3	So now we're looking at the highest yield since back in July, two-year yield above 4%.
	...

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