SOTS 2nd Hour: Palantir Slumps, CNBC Recession Odds and Milken: Day 2 with Ares CEO, Morgan Stanley Co-Pres. 5/6/25

Squawk on the Street

CNBC

News, Business, Investing

4.1 • 567 Ratings

🗓️ 6 May 2025

⏱️ 43 minutes

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Summary

Carl Quintanilla discussed the biggest headlines for stocks alongside Sara Eisen and David Faber – who both joined the broadcast live from the Milken Institute’s investment conference in Beverly Hills this hour. Citi CEO Jane Fraser and Treasury Secretary Bessent both pointing out a resilient consumer when it comes to the data… But CNBC’s latest Fed Survey raising recession odds to 55% from 22% at the start of the year – what’s driving the action. Plus: Goldman’s Chief U.S. Equity Strategist gave his take on where markets go from here – and whether the Mag-7 tech trade can hold up. Also in focus: the latest from the ground at Milken – as the street’s top CEOs, leaders, and regulators convene in California. David sat down with the CEOs of Ares (the firm manages $500B+ in assets) and Morgan Stanley Co-President Dan Simkowitz. 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 Kingtonia, live at Post Night of the New York Stock Exchange, alongside Sarah Eisen and David Faber, both live in LA for another day of blockbuster coverage over at Milken Institute's annual conference.
0:12.0	Coming up this hour, not one but two big interviews, the CEO of Ares Management and Morgan Stanley co-president Dan Simkowitz.
0:19.4	Meantime, quick check on the market says we got some pretty negative breadth this morning.
0:22.8	Only one name on the Dow is green, Verizon.
0:25.6	S-P down a full percent, NASDAG down a little bit more, 10-year 435.
0:30.0	Some of the big movers were watching, Palantiers under pressure.
0:32.5	Despite this beat on sales and raised guidance, earnings coming in right in line, shares trading at a forward price to earnings multiple near 200 still.
0:41.1	Ford pulling its forecast for the year because of uncertainty over tariffs, saying they could cost the company about $1.5 billion.
0:48.2	And a number of fresh report cards on the consumer front, Mattel, planning price increases, plurox cutting forecasts on some weak
0:55.5	demand. Marriott says travel spend remains healthy, but they did see a slowdown in March.
1:01.6	Guys, let's send it out to you in L.A.
1:05.4	Thanks, Carl. Well, good morning from Milken Day 2, where we've had a lot of great conversations
1:10.2	about what's happening in the macroeconomic economy.
1:14.2	One thing that surprised me, David, so far from what I've heard, is that people are relatively
1:19.6	calm.
1:20.3	I think in the financial world, in the CEO sector, if this were happening a few weeks ago,
1:25.6	I think there would be a lot more worries and panic.
1:29.0	But between the market recovering, the stock market, the bond market stabilizing, and so as the dollar,
1:35.3	and some of the de-escalation moves that the administration has put in place, it's a different tone.
1:40.4	There's certainly uncertainty and risk that people are aware of, but it's not a doom and gloom kind of crowd or even necessarily a recession.
1:48.2	You know, yesterday I spoke to Jane Frazier, the CEO of City Group, and asked her for an update on what she's seeing from the consumer as far as card spending.
1:55.0	Listen to this.
	...

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