SOTS 2nd Hour: Live: US Steel CEO, Jensen Huang’s CES Keynote, Apple & Tesla Downgraded 1/7/25

Squawk on the Street

CNBC

News, Investing, Business

4.1 • 567 Ratings

🗓️ 7 January 2025

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Carl Quintanilla, Sara Eisen and David Faber began the show by discussing the key takeaways from Nvidia CEO Jensen Huang’s keynote at CES. His comments pushed the stock to a new record high before giving up some gains. The anchors also interviewed US Steel CEO, David Burritt on his decision to sue the Biden administration following the company’s failed merger with Nippon Steel. Also in the mix: the desk discussed the big tech downgrades of Apple and Tesla.

Transcript

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0:00.0	Good Tuesday morning. Welcome to another hour of Squawk on the Street. I'm Sarah Eisen with Carl
0:04.1	Kintania and David Faber. Live, as always, from Post 9 of the New York Stock Exchange.
0:08.0	Mixed picture for stocks. S&P 500 is a little bit higher, and it is not technology today leading
0:14.1	the way. It's actually health care for a change, which is up 1.3% as a sector. Materials,
0:19.7	consumer staples. So all the laggards from last year are actually at the top of the market. Energy, utilities, higher as well. Technology is under pressure. It's why the NASDAQ is down a third of 1%. But again, we're still coming off of a strong rally yesterday. Treasuries, maybe the culprit here, we are seeing higher yields across the board the 30 year yield at the highs of the
0:38.0	year the 10 year and the two year the 10 years at the highest since may and then the spread
0:43.0	really steepening there at the highest since May 2020 that's the difference between the two
0:48.2	year and the 10 year we'll talk about it 30 minutes here into the trading session here are
0:52.5	three movers we're watching and video is down right now but did did hit a new all-time high following CEO Jensen Wong's speech
0:58.5	last night. We're going to break it down, discuss what's next for that stock. Apple also trading
1:03.4	lower stock downgraded to sell at Moffat Nathanson, $188 price target. The firm citing China
1:10.0	concerns mainly
1:10.9	and the government's antitrust lawsuit versus Google.
1:14.1	We're also keeping an eye on META.
1:15.4	The company's scrapping its third-party fact-checking program
1:18.5	and implementing a community notes model
1:21.4	similar to the one that exists on Elon Musk's X.
1:24.6	Meta also adding UFC's Dana White to its board. Very interesting. Getting some important
1:30.4	eco-data crossing the tape. Let's get to Rick Santelli this morning. Hey Rick. Hi, Carl, indeed. Look at
1:36.2	those rate zooming. Watch stocks making session lows. What's going on? Jolts. Job opening labor
1:43.3	turnover surging. We're expecting the number around
1:46.4	7,750,000. 8,098,000. 8,098,000. That is the biggest job openings amount going all the
	...

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